FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (“FSD
Pharma” or the “Company”), a biopharmaceutical company
dedicated to building a portfolio of innovative assets and biotech
solutions for the treatment of challenging neurodegenerative and
metabolic disorders, today provides clarity and rebuttal to
frivolous claims disparaging the Company and its groundbreaking
efforts relating to its development of an innovative rapid alcohol
detoxification drink, using its proprietary formulation developed
to reduce the impacts of alcohol consumption.
In May 2023, GBB Drink Lab (“GBB”) now operating under Jupiter
Wellness (Nasdaq:JUPW) filed a lawsuit against FSD Pharma and FSD
Biosciences, and issued a press release (link below) alleging a
material breach of a mutual nondisclosure agreement and trade
secret misappropriation. These claims are categorically untrue.
GBB’s public statements about its knowledge of this technology
are, at best, suspect. GBB’s website states that its own
supplement’s alleged efficacy “was established via rigorous blood
alcohol content testing on dozens of test subjects,” (emphasis
added) rather than any sort of formal, clinical validation effort.2
Further, GBB’s press release states that “Our patented formula
accelerates the process of converting
alcohol to sugar in the body (link below).”1 But it is
well-recognized and understood by the scientific community that at
no point in the process of metabolizing alcohol is it converted
into sugar. FSD Pharma believes that GBB’s failure to appreciate
this basic fact demonstrates a lack of understanding regarding the
basics of alcohol metabolism in the body.
GBB was recently acquired by Jupiter Wellness, Inc. (Nasdaq:
JUPW). In a press release (link below) announcing the closing of
the acquisition on August 11, 2023, Jupiter claims that GBB’s
proposed product now called Safety Shot “lowers blood alcohol content by up to 50% in just 30
minutes (link below),”3 another extraordinary claim for
which GBB provides no support whatsoever.
In 2022 GBB drink lab tried to sell itself to FSD Pharma. During
the due diligence process, FSD Pharma determined that GBB’s
proposed product did not meet FSD Pharma’s expectations, that GBB
did not provide requested information, and that GBB repeatedly
tried to change the proposed structure of any deal. Furthermore,
FSD Pharma had serious concerns about the patents at issue. Since
then, FSD Pharma, through its team of
world class scientists, doctors, and researchers, established a
research program and developed its own products. Upon
learning of the FSD Pharma’s efforts, GBB filed a frivolous lawsuit
and baselessly demanded tens of millions of dollars. FSD Pharma
will vigorously defend against these claims, and plans to assert
its own claims for damages that will expose GBB and its baseless
assertions.
FSD Pharma continues to work on development of its alcohol
detoxification products for the recreational and medical markets.
FSD Pharma’s team of scientific experts will adhere to the strict
regulatory standards and perform the clinical studies one would
expect of any respectable company like FSD Pharma.
1
https://newsdirect.com/news/gbb-drink-lab-files-53m-lawsuit-against-fsd-pharma-for-nondisclosure-contract-breach-and-trade-secret-misappropriation-649453423
2https://gbbdrinklab.com/science/#:~:text=Our%20patented%20formula%20accelerates%20the,much%20faster%20rate%20than%20normal.
3
https://www.globenewswire.com/news-release/2023/08/11/2723539/0/en/Jupiter-Wellness-Closes-Acquisition-of-Safety-Shot-Plans-to-Change-Company-Name-and-Focus-on-Launch-of-World-s-First-Rapid-Blood-Alcohol-Detox-Drink.html
About FSD Pharma
FSD Pharma Inc. is a biotechnology company with two candidates
in different stages of development. Lucid Psychcheceuticals Inc., a
wholly owned subsidiary, is focused on the research and development
of its lead compounds, Lucid-MS and UNBUZZD™. Lucid-MS is a
molecular compound identified for the potential treatment of
neurodegenerative disorders. UNBUZZD™ is a proprietary formulation
of natural ingredients, vitamins, and minerals to help with liver
and brain function for the purposes of potentially quickly
relieving from the effects of alcohol consumption, such as
inebriation, and restoring normal lifestyle.
Forward Looking Information
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities laws.
Any statements that are contained in this press release that are
not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often
identified by terms such as “plans”, “expects”, “expected”,
“scheduled”, “estimates”, “intends”, “anticipates”, “hopes”,
“planned” or “believes”, or variations of such words and phrases,
or states that certain actions, events or results “may”, “could”,
“would”, “might”, “potentially” or “will” be taken, occur or be
achieved. More particularly, and without limitation, this press
release contains forward-looking statements contained in this press
release include statements concerning the future of FSD Pharma Inc.
and are based on certain assumptions that FSD Pharma has made in
respect thereof as of the date of this press release. FSD Pharma
cannot give any assurance that such forward-looking statements will
prove to have been correct.
Since forward-looking statements relate to future events and
conditions, by their very nature they require making assumptions
and involve inherent risks and uncertainties. The Company cautions
that although it believes the expectations and material factors and
assumptions reflected in these forward-looking statements are
reasonable as of the date hereof, there can be no assurance that
these expectations, factors and assumptions will prove to be
correct and these risks and uncertainties give rise to the
possibility that actual results may differ materially from the
expectations set out in the forward-looking statements. These
forward-looking statements are not guarantees of future performance
and are subject to a number of known and unknown risks and
uncertainties including, but not limited to: the fact that the drug
development efforts of both Lucid and FSD BioSciences are at a very
early stage; the fact that preclinical drug development is
uncertain, and the drug product candidates of Lucid and FSD
BioSciences may never advance to clinical trials; the fact that
results of preclinical studies and early-stage clinical trials may
not be predictive of the results of later stage clinical trials;
the uncertain outcome, cost, and timing of product development
activities, preclinical studies and clinical trials of Lucid and
FSD BioSciences; the uncertain clinical development process,
including the risk that clinical trials may not have an effective
design or generate positive results; the potential inability to
obtain or maintain regulatory approval of the drug product
candidates of Lucid and FSD BioSciences; the introduction of
competing drugs that are safer, more effective or less expensive
than, or otherwise superior to, the drug product candidates of
Lucid and FSD BioSciences; the initiation, conduct, and completion
of preclinical studies and clinical trials may be delayed,
adversely affected, or impacted by COVID-19 related issues; the
potential inability to obtain adequate financing; the potential
inability to obtain or maintain intellectual property protection
for the drug product candidates of Lucid and FSD BioSciences; and
other risks. Accordingly, readers should not place undue reliance
on the forward-looking statements contained in this press release,
which speak only as of the date of this press release.
Further information regarding factors that may cause actual
results to differ materially are included in the Company’s annual
and other reports filed from time to time with the Canadian
Securities Administrators on SEDAR (www.sedar.com) and with the
U.S. Securities and Exchange Commission on EDGAR (www.sec.gov),
including the Company’s Annual Report on Form 20-F for the fiscal
year ended December 31, 2021, under the heading “Risk Factors.”
This list of risk factors should not be construed as exhaustive.
Readers are cautioned that events or circumstances could cause
results to differ materially from those predicted, forecasted or
projected. The forward-looking statements contained in this
document speak only as of the date of this document. FSD Pharma
does not undertake any obligation to publicly update or revise any
forward-looking statements or information contained herein, except
as required by applicable laws. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement.
Neither the Canadian Securities Exchange nor its regulation
services provider accept responsibility for the adequacy or
accuracy of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230825482163/en/
Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the
Board, FSD Pharma Inc. Email: Zsaeed@fsdpharma.com Telephone: (416)
854-8884 Investor Relations: Email: ir@fsdpharma.com,
info@fsdpharma.com Website: www.fsdpharma.com ClearThink Email: nyc@clearthink.capital
Telephone: (917) 658-7878
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