logo-loader
viewFSD Pharma

FSD Pharma closes out 1Q with C$8.4 million in cash after liquidating equity interest in Cannara Biotech

FSD has also listed its real estate asset in Coburg, Ontario for sale and filed a mixed shelf registration for up to C$100 million

FSD Pharma -
The company stepped up its efforts to increase its cash on hand in the first quarter of 2020

FSD Pharma Inc (NASDAQ:HUGE) (CSE:HUGE) stepped up its efforts to increase its cash on hand in the first quarter of 2020, the group reported on Thursday after the market bell.

The Toronto-based cannabis company ended the quarter with nearly C$8.4 million in cash after liquidating its equity interest in Cannara Biotech (CSE:LOVE) for C$7.7 million.

FSD also listed its real estate asset in Coburg, Ontario for sale and filed a mixed shelf registration for up to C$100 million.

READ: FSD Pharma kicks off in-human study of micro-PEA in Australia

On the operational front, FSD said in a statement that its Phase 1 first-in-human safety and tolerability study with FDS201, or ultra micro-palmitoylethanolamide, is progressing in Australia, with the clinical portion of the study expected to be completed by the beginning of 3Q 2020. Three single ascending dose cohorts have been completed to date, with no serious adverse effects reported, according to the company.

The study is examining FSD201’s ability to target receptors in patients’ endocannabinoid system and is designed to treat the symptoms associated with conditions such as fibromyalgia. Phase 1 is meant to evaluate the safety, tolerability and pharmacokinetics of the drug in healthy volunteers.

FSD’s wholly-owned subsidiary, the licensed producer FV Pharma, continues to operate “at a scaled-back level” due to the coronavirus pandemic, FSD said. The facility is fulfilling weekly shipments to existing customers while maintaining its genetics library.

FSD Pharma is focused on the research and development of cannabinoid-based treatments for several central nervous system disorders, including fibromyalgia, and irritable bowel syndrome.

The company reported a net loss for the period ended March 31, 2020, of C$12.4 million or C$1.33.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: FSD Pharma

Price: 4.25 CAD

CSE:HUGE
Market: CSE
Market Cap: $36.96 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of FSD Pharma named herein, including the promotion by the Company of FSD Pharma in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: FSD Pharma 'thrilled' to begin Phase 1 studies of its...

FSD Pharma Inc (NASDAQ:HUGE) (CSE:HUGE) BioSciences Division President Dr Ed Brennan tells Proactive the company has begun a Phase 1 human study of its anti-inflammatory ultra-micronized-palmitoylethanolamide (PEA) after winning approval from the Ethics Committee of the Alfred Hospital in...

on 11/3/20

2 min read