FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, is reporting on its investment in Celly Nutrition Corp. According to the report, FSA entered into a loan-amending agreement with Celly Nu that increased the principal of a previously announced term loan by $300,000, from $1 million to $1.3 million. Celly Nu is a privately held Canadian company launching an innovative beverage product that can assist in expediting alcohol metabolism and faster recovery from alcohol consumption. The announcement noted that the interest payment due on the first annual anniversary of the loan would be deferred and become payable on the second annual anniversary together with the interest payment due on that date; the loan bears interest at 10% per annum payable on each anniversary and expires July 31, 2026. The company plans on using funds from the loan for product manufacturing of unbuzzd(TM), a scientifically formulated blend of vitamins, minerals and herbs designed to enhance mental alertness, expedite alcohol metabolism and facilitate rapid recovery from alcohol consumption. “This expanded loan agreement is one more step by Celly Nu and FSD Pharma in bringing this innovative new product to market across North America,” said Celly Nutrition CEO John Duffy.
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About FSD Pharma Inc.
FSD is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302) (“Lucid-MS”). Lucid-MS is a patented new chemical entity shown in preclinical models to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis. FSD Pharma has also licensed unbuzzd(TM), a proprietary formulation of natural ingredients, vitamins and minerals to help with liver and brain function for the purposes of quickly relieving individuals from the effects of alcohol consumption for use in the consumer recreational sector, to Celly Nutrition Corp; FSD Pharma is entitled to a royalty on the revenue generated by Celly Nu from sales of products created using the technology rights granted under the licensing agreement. FSD Pharma continues its R&D activities to develop novel formulations for alcohol-misuse disorders and continues the development of such treatments for use in the healthcare sector. FSD Pharma also maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represent loans secured by residential or commercial property. For more information about the company, please visit www.FSDPharma.com.
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