BetterLife Pharma, a Canadian biotech company, has agreed to acquire 100% of the assets of Texas-based Transcend Biodynamics, for $10 million in an all-stock deal.
Transcend Biodynamics is a biotech company focused on addressing unmet mental health needs by developing next generation psychedelic therapeutics, which include the Lysergic Acid Diethylamide (LSD) derivative BOL-148.
Justin Kirkland – Transcend Biodynamics CEO said: “We are deeply excited that the time is right to marry our drug development skills with the strong clinical capabilities of BetterLife to ultimately serve the patient in their quest for health.”
BOL-148 is said to be a nontoxic second-generation LSD-derived molecule. It mimics the therapeutic potential of Lysergic Acid Diethylamide, without the psychedelic effects or hallucinations.
Transcend Biodynamics’ patented process is claimed to enable cost effective manufacturing of BOL-148 without the necessity to make Lysergic Acid Diethylamide. According to BetterLife Pharma, this makes Transcend Biodynamics the only entity that can synthesize BOL-148 without the regulatory hurdles of handling a Schedule 1 controlled substance.
Dr. Ahmad Doroudian – CEO of BetterLife Pharma said: “Psychedelic therapies have come a long way in recent years, from an idea to be studied to the next great revolution in healthcare, and a massive emerging market and biotech asset class.
“As we position BetterLife to be a key player in the med-tech sector, we feel that this acquisition will complement our current clinical initiatives in COVID-19 and human papillomavirus.”