Vancouver, British Columbia – March 29, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Entheon Biomedical Corp. (CSE: ENBI) (OTCQB: ENTBF) (FSE: 1XU1) (“Entheon” or the “Company”), a biomedical company focused on the research and development of psychedelic drugs and leading-edge biomarkers to provide personalized treatment of addiction disorders, is pleased to announce that its expanded psychedelics genetic testing panel, developed by its wholly-owned subsidiary, HaluGen Life Sciences Inc. (“HaluGen”), is now available for sale in Canada and the United States.
HaluGen’s Psychedelics Genetic Test Kit now includes a key pharmacodynamic biomarker, the brain-derived neurotrophic factor (BDNF) gene. This gene can affect the secretion of BDNF protein, which is released as a result of being dosed with ketamine. BDNF helps with the growth and maintenance of new neurons and synapses that are necessary for normal mood regulation and neural connectivity. Testing for the BDNF Val66Met genetic polymorphism can better help individual’s understand their response to ketamine. Approximately 30% of the population carries the BDNF ‘Met’ genetic variant, which can impair the secretion of BDNF. These individuals are more likely to have a decreased response to the antidepressant effects of ketamine therapy.
HaluGen’s Psychedelics Genetic Test also includes 6 other relevant pharmacodynamic, pharmacokinetic and mental health risk biomarkers including: (i) the HTR2A gene, which can impact response to serotonin, which is the primary mechanism of action for serotonergic psychedelics such as psilocybin, LSD and DMT, for the 20% of the population that carry a specific gene variant which influences serotonin receptor density; (ii) the CYP2B6 gene, which can decrease the metabolism of ketamine, for the 10-20% of people that carry a specific ‘poor metabolizer’ gene variant; (iii) the CYP2D6 gene of which a ‘poor metabolizer’ gene mutation, carried by approximately 5-10% of the population, influences the metabolism of LSD, MDMA and ayahuasca causing individuals to metabolize these hallucinogenic drugs up to two times slower than normal and (iv) the C4A, NRG1 and DISC1 genes, which can influence mental health risk.
In addition, HaluGen has launched a new software platform that seamlessly allows genetic testing to be added to psychedelic clinical trials and studies. HaluGen’s clinical research platform enables easy subject enrolment, tracking, genetic analysis and reporting for relevant psychedelic biomarkers. HaluGen’s platform continues to improve upon Entheon’s strong research and informational foundation for two key divisions focussed on the personalization of psychedelic therapy. Entheon ID(TM), focused on identification, analysis and predictive use of EEG biomarkers and genetics in the selection and management of drug treatment; and Entheon IQ(TM), focused on the development of treatment algorithms through the analysis of patient data.
“HaluGen’s testing panel and software platform are invaluable tools to enable genetic testing for psychedelics,” said Timothy Ko, Chief Executive Officer of Entheon. “We are excited to be pioneers in the field of psychedelic personalized medicine and hope that our platform can help drive valuable insights and outcomes for psychedelic therapy.”
The company is also pleased to announce it has secured private loans (the “Loan”) in the aggregate amount of $300,000 from arm’s length parties (the “Lenders”) pursuant to loan agreements dated the date hereof (the “Loan Agreements”). The Loans carry no interest and are payable in full on the closing date of Entheon’s next private placement equity or debt financing (the “Future Financing”). The Company anticipates using the proceeds of the Loans to support the Company’s working capital requirements.
Pursuant to the Loan Agreements, on closing of the Future Financing, the Company will repay the Loans and will issue to the Lenders such number of transferable common share purchase warrants of Entheon (“Warrants”) as determined in accordance with the Loan Agreements, which will be based on the per share issue price (the “Financing Issue Price”) of the Company’s common shares being sold pursuant to the Future Financing. Each Warrant will entitle the holder to purchase one common share of Entheon at an exercise price equal to the Financing Issue Price for a period of three years from the date of issuance.
The Warrants and the securities issuable upon conversion of the Warrants will be subject to a four month and one day hold period and restrictions on transfer under Canadian securities law.
About Entheon Biomedical Corp.
Entheon is a biotechnology research and development company committed to developing and commercializing a portfolio of safe and effective N,N-dimethyltryptamine based psychedelic therapeutic products (“DMT Products”) for the purposes of treating addiction and substance use disorders. Entheon is comprised of three divisions, Entheon RX(TM), focused on the development of therapeutic drugs, using DMT as the pharmacological benchmark; Entheon ID(TM), focused on identification, analysis and predictive use of EEG biomarkers and genetics in the selection and management of drug treatment; and Entheon IQ(TM), focused on the development of treatment algorithms through the analysis of patient data. Subject to obtaining all requisite regulatory approvals and permits, Entheon intends to generate revenue through the sale of its DMT Products to physicians, clinics and licensed psychiatrists in the United States, certain countries in the European Union and throughout Canada.
For more information, please contact the Company at:
Entheon Biomedical Corp.
Joseph Cullen, Investor Relations
Telephone: +1 (778) 919-8615
Brian Jahns, Chief Business Officer
Cautionary Note on Forward-Looking Information
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release.
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