Core One Labs signs definitive agreement to acquire OTC markets from Akome Biotech: CLABF
VANCOUVER, British Columbia, April 29, 2021 (GLOBE NEWSWIRE) – Core One Labs Inc. (CSE: COOL), (OTC: CLABF), (Frankfurt: LD62, WKN: A2P8K3) (the “Company“), A Life Sciences Biotechnology Research & Development Company Focused On Advancing Psychedelic Drugs In The Market, Is Happy To Announce It Has Entered A Definitive Share Purchase Agreement (the”Final agreement”), As of April 23, 2021, pursuant to which it will acquire all of the outstanding share capital of Akome Biotech Ltd. (“Akome”). The Akome acquisition places the company at the forefront of the development of psychedelic drugs for neurological diseases and mental disorders.
Akome CEO, Dr Santiago Ferro has extensive experience leading clinical research teams and has been involved in all aspects of a start-up and the product lifecycle: from product development clinical and regulatory strategies, sales and marketing opportunities with companies such as Sanofi Pasteur, Novartis and Glaxo Smith Klein. Dr Fadia Saad is co-founder of Akome and the inventor of its patents.
Akome’s goal is to develop safe and effective treatments for stroke, Alzheimer’s disease, depression and Parkinson’s disease. 1The global stroke management market was worth $ 22.5 billion in 2016 and is expected to reach $ 36.7 billion by 2023, with a CAGR of 7.1%. 287% of strokes are ischemic strokes. An ischemic stroke occurs when blood flow through the artery that supplies oxygen-rich blood to the brain is blocked. The treatment currently available for acute ischemic stroke is the administration of the thrombolytic agent, tissue plasminogen activator.
3The global Alzheimer’s disease therapeutics market is expected to reach USD 13.57 billion by 2027, up from USD 7.42 billion in 2019, with a substantial CAGR of 9.2% throughout the forecast period . There is currently no pharmacological treatment available today to slow or stop the damage and destruction of neurons responsible for Alzheimer’s disease. No drug has been specifically approved by the FDA to treat the behavioral and psychiatric symptoms that may develop in the moderate and severe stages of Alzheimer’s dementia.
4Depression affects more than 264 million people. It is a disabling disorder, responsible for most of the 800,000 annual suicides. In 2008, the WHO ranked major depression as the third leading cause of the disease burden globally and projected it to be number one by 2030.
5Parkinson’s disease is a global burden and has more than doubled over the past decade. Almost a million people live with Parkinson’s disease in the United States and 10 million people worldwide. The Parkinson’s disease treatment market was valued at $ 3.99 billion in 2016, and by 2022 it is expected to reach $ 5.69 billion. Currently, there is no cure for Parkinson’s disease, but there are therapies available to relieve the symptoms. Levodopa is the main drug used to make dopamine to replenish the brain by decreasing the supply of dopamine mimicking in the brain.
Joel Shacker, CEO of the company, said: “This acquisition will place us at the forefront of research into the use of psychedelics for the treatment of multiple illnesses, elevating our company’s portfolio to be comparable to that of the largest company in the industry. Akome’s seasoned management team has experience taking products from their developmental stage to commercialization. Their current pipeline of four interim composition patents looks forward to expanding into commercial products to help people with Alzheimer’s disease, stroke, Parkinson’s disease and depression, opening us up to to a multi-billion dollar processing market.“
In consideration for all of Akome’s outstanding share capital, the Company is required to issue 3,500,000 common shares to existing Akome shareholders. After issuance, the shares will be subject to the conditions of a pooling agreement, during which they cannot be transferred or traded without the prior consent of the Company.
The company is independent from Akome and each of its shareholders. The Acquisition will not constitute a fundamental change to the Company and will not result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Stock Exchange.
About Core One Labs Inc.
Core One is a life science biotechnology and technology research company focused on commercializing psychedelic drugs through novel delivery systems and assisted psychedelic psychotherapy. Core One has developed a patent-pending thin-film oral tape (the “TechnologyWhich dissolves instantly when placed in the mouth and delivers organic molecules in precise amounts into the bloodstream, maintaining excellent bioavailability. The Company intends to further develop and apply the technology to psychedelic compounds, such as psilocybin. Core One also has an interest in medical clinics which maintain a combined database of over 275,000 patients. Thanks to these clinics, the integration of its intellectual property, the R&D related to psychedelic treatments and new pharmacotherapies, the Company intends to obtain research regulatory approval for the advancement of treatments derived from psychedelics for mental health disorders. .
Core One Labs Inc.
Chief executive officer
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The Canadian Stock Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of the contents of this press release.
The information contained in this press release contains forward-looking statements based on assumptions as of the date of this press release. These statements reflect the current estimates, beliefs, intentions and expectations of management. These are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond the control of the Company. These factors include, among others: risks and uncertainties associated with the Company’s limited operating history and the need to comply with strict regulatory regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the company does not undertake to publicly update or revise forward-looking information.
In addition, psilocybin is currently a Schedule III drug under the Controlled Drugs and Substances Act (Canada) and possession of substances under Controlled Drugs and Substances Act (Canada) without prescription or authorization. Health Canada has not approved psilocybin as a drug for any indication. Core One has no direct or indirect involvement in the illegal sale, production or distribution of psychedelics in the jurisdictions in which it operates. While Core One believes that psychedelics can be used to treat certain medical conditions, it does not advocate legalizing psychedelics for recreational purposes. Core One does not deal with psychedelics except in clinical and laboratory trials conducted under approved regulatory frameworks.
3 https://www.medgadget.com/2021/01/alzheimers-therapeutics-market-to-reach-usd-13-57-billion-by-2027-size-share-industry-analysis-and-global-forecast- at-2027.html