Thursday, July 06, 2023
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) has successfully completed its acquisition of Wesana Health Inc.'s SANA-013 assets, marking a significant milestone in the field of mental health therapeutics. This acquisition strengthens Lucy's position as a leader in innovative drug development research and expedites the development and commercialization of this groundbreaking treatment.
SANA-013 is a promising therapy being developed for various mental health and central nervous system (CNS) conditions, including Major Depressive Disorder (MDD), Migraine, Episodic Cluster Headaches, and Trigeminal Neuralgia (TG). The combination of psilocybin and CBD in SANA-013 acts on the brain and induces an anti-inflammatory effect, resulting in antidepressant effects. According to market research, the global depression treatment market was valued at $12.1 billion in 2019 and is expected to reach $16.1 billion by 2027, with a revenue CAGR of 3.9% from 2020 to 2027.
Lucy Scientific Discovery Inc. is also excited to announce the establishment of Lucy Discoveries Holdings, a new entity dedicated to advancing psychedelic medicine research and development. Lucy Discoveries Holdings aims to expand and diversify Lucy's portfolio of innovative therapies, addressing the unmet needs of patients worldwide.
Richard Nanula, Executive Chairman of the Board at Lucy Scientific Discovery Inc., expressed his enthusiasm for the acquisition, stating, "We are thrilled to finalize the acquisition of Wesana's SANA-013 assets and introduce Lucy Discoveries Holdings. This strategic move significantly enhances our capabilities in psychedelic medicine development, reaffirming our commitment to transforming mental health treatments. We look forward to the opportunities ahead and the potential to make a positive impact on individuals worldwide."
Daniel Carcillo, Wesana founder and Chief Executive Officer, also expressed his satisfaction with the partnership, saying, "I am delighted to announce the sale of our highly anticipated drug development program, SANA-013, to Lucy Scientific Discovery. This partnership allows us to leverage Lucy's resources, expertise, and global reach, solidifying our dedication to making a lasting impact in the mental health field. Our team at Wesana Health has worked tirelessly to develop this innovative program, and I am personally honored to join the exceptional team at Lucy. Together, we will bring hope and healing to individuals worldwide, forging a brighter future for mental wellness."
With the completion of this acquisition and the establishment of Lucy Discoveries Holdings, Lucy Scientific Discovery Inc. solidifies its position as a leader in mental health therapeutics. With a strong pipeline of cutting-edge treatments and a commitment to improving patient outcomes, Lucy is poised to make a profound impact on mental wellness.
