TIDMPSY
RNS Number : 5661S
Psych Capital PLC
07 November 2023
FOR IMMEDIATE RELEASE
PSYCH CAPITAL PLC
("Psych", "Psych Capital", or "the Company")
Psych Capital Plc Announces Completion of 100% Acquisition of
Shortwave Pharma with focus now on Clinical Development to Address
Growing Market for Eating Disorders
Board Changes
London, 7 November 2023 - Psych Capital Plc, a leading global
investment firm specialising in the healthcare sector, is pleased
to announce the completion of its acquisition of life science
company Shortwave Pharma Inc. ("Shortwave Pharma").
Shortwave Pharma is developing breakthrough therapies to address
unmet medical needs in mental health, particularly in the field of
eating disorders.
Shortwave Pharma is developing a transformative clinical
solution for anorexia nervosa, the most fatal eating disorder, and
a complex and often underserved area of healthcare. The Company has
developed a novel delivery method and drug combination with an
expanded mechanism of action specifically designed to address the
requirements of this vulnerable population.
William Potts, Chief Investment Officer of Psych Capital Plc,
emphasised the importance of this acquisition, stating: "Shortwave
Pharma has the potential to positively impact millions of patients
all over the world who have very serious unmet needs and we're
thrilled to start a very exciting journey together."
Incoming CEO, Rivki Stern said: "With the team at Psych Capital,
we have found the right partners to rapidly advance our clinical
programmes, develop our innovative IP and progress towards finding
a better solution for eating disorders and mental health."
The acquisition of Shortwave Pharma by Psych Capital Plc
positions the combined entity as a leading player in the field of
eating disorder treatments.
Under the terms of the Acquisition, CEO of Shortwave Pharma,
Rivki Stern Youdkevich will now join Psych Capital as the new CEO
and board member along with Roy Kait who will be joining as
Non-executive Director. The information required pursuant to Rule
4.9 of the Aquis Growth Market Access Rulebook, has been disclosed
in the announcement of 19 June 2023, in respect of Rivki Stern's
appointment.
Roy has o ver 18 years of entrepreneurial, corporate finance and
strategy experience working in Israel, Europe and LATAM markets.
Roy serves as Managing Partner of Min dly Capital, a Canadian
investment company investing in Israeli technology companies, prior
to which Mr. Kait served as head of strategy and M&A at IMC
(NASDAQ: IMCC, CSE: IMCC) with total fundraising and M&A
activity of over $180m. He served as director of Israel operation
in MSW Capital a Rio based investment boutique and previously as
senior consultant at Israel KPMG corporate finance.
The board would also like to announce the immediate resignation
of Non-Executive Chairman, Joseph Colliver. The Company would like
to thank Joseph for his significant contribution to Psych Capital
since joining the company.
Further information on Roy Kait (born 18 January 1976):
Current Directorships Previous Directorships
-----------------------
Xinteza Limited N/A
---------------------- -----------------------
Except as set out above, there is no further information
regarding Roy Kait, that is required to be disclosed pursuant to
Rule 4.9 of the AQSE Growth Market Access Rulebook.
Upon the issue of the initial consideration shares, Roy Kait
will hold 7,308,830 Ordinary Shares of the Company, representing
2.0% of the enlarged issued share capital, and no options in the
Company.
Total Voting Rights
Following the issue of the 71,170,132 new Ordinary Shares
pursuant to the initial consideration (further information in
announcement 19 June 2023), the Company will have 361,203,467
Ordinary Shares in issue, which also represents the total number of
voting rights in the Company. The Company does not hold any
ordinary shares in treasury. This figure should be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest.
It is expected the Consideration Shares will be admitted to the
Aquis Growth Market on or about 13 November 2023.
Lock-In Agreements
The 71,170,132 consideration shares are subject to a 12-month
lock-In Agreement from 7 November 2023.
About Psych Capital Plc
Psych Capital Plc identifies, funds and aims to support the
building of leading companies across three core pillars: next-gen
drug development, integrated therapeutics and digital and data
ancillary services. Its mission is to support and operate a new
wave of scientific innovations that challenge the status quo and
revolutionise how society deals with mental health conditions.
About Shortwave Pharma:
Short Wave Pharma Inc. is an Israeli-based biopharmaceutical
company developing novel formulations of psilocybin and additional
APIs, as well as customised delivery methods, to effect significant
therapeutic benefits for patients suffering from mental health
disorders, with an initial focus on eating disorders. The Company
is conducting pre-clinical studies related to its anorexia nervosa
product comprised of a novel formulation and a buccal film delivery
system and plans to be ready for phase I/IIa trials in Q1 2024.
Shortwave's leadership team combines years of experience in drug
development and clinical research, accelerated regulatory pathways
and pharmaceutical industry expertise. By leveraging advanced
technologies and a commitment to scientific excellence, Shortwave
Pharma aims to make a lasting impact on global mental
healthcare.
The directors of the Company accept responsibility for the
contents of this announcement.
Enquiries:
Company:
William Potts: info@psych.capital | +442038387621
Peterhouse Capital Limited:
Corporate Adviser:
Guy Miller /Narisha Ragoonanthun: + 44 (0) 20 7469 0930
Corporate Broker
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Roy Kait
---------------------------- -------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status PDMR
---------------------------- -------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Psych Capital Plc
---------------------------- -------------------------------------
b) LEI 213800WXCQ1C6GPLHH68
---------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------
a) Description of the Ordinary shares of GBP0.001 value
financial instrument, each in Psych Capital Plc
type of instrument
Identification code Identification code (ISIN) for
Psych Capital plc ordinary shares:
GB00BL6CJQ54
---------------------------- -------------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
---------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Grant of
ordinary
shares 7,308,830
----------
---------------------------- -------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
---------------------------- -------------------------------------
e) Date of the transaction 6 November 2023
---------------------------- -------------------------------------
f) Place of the transaction Aquis Exchange
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END
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November 07, 2023 02:00 ET (07:00 GMT)
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