The distress in the psychedelic space contributed to the Company's challenges.
The inability of the Company to undertake certain corporate actions (name and symbol change etc.) due to regulatory filing deficiencies from over a decade ago has hampered the ability of the Company to reposition itself.
MIAMI, FL / ACCESSWIRE / January 17, 2024 / Psycheceutical Bioscience, Inc. ("Psycheceutical" or the "Company") (OTC PINK:BWVI), a bioscience company dedicated to developing cutting-edge technologies for the next generation of neurological treatments, appointed Neilank K. Jha, MD, Executive Chairman and CEO on November 1, 2023 to initiate an immediate turnaround to avert restructuring for operational, financial and regulatory reasons.
The Company, following Dr. Jha's appointment, underwent an organizational transformation involving substantial operational and financial changes. "When I assumed leadership, I consulted our leaders and teams to get clarity on-what is it that the world needs that we are good at, passionate about, and can create a sustainable Company around?", said Dr. Jha.
With both the Executive Chairman/CEO and the Chief Medical Officer leading the Company as neurosurgeons, it became clear to the entire organization that treating neurological conditions was the Company's future direction.
The Company's mission is to now develop products that have the potential to increase the survival and quality of life for our patients, family members, relatives, and friends. "We firmly believe that the future of brain cancer and neurological disorder treatments lies in taking Brain-Computer Interface (BCI) technology into the previously uncharted deep brain," said Dr. Jha. "We envision a future where neurological disorders are treated effectively using our innovative solutions, directly addressing disease states, enhancing cognitive abilities and improving lives."
The decision to pivot the Company's primary focus from the psychedelic space to the BCI space allows for a fresh start. The Company plans to continue its commitment towards the advancement of human trials related to the NeuroDirectTM ketamine topical for PTSD clinical development program.
The Company believes that the innovative and decisive moves by the new CEO and clear setting of a new direction have aligned the interests of employees, partners and various stakeholders. This expeditious course of action avoided restructuring and the associated negative consequences for the Company's partners, employees, creditors, and shareholders. "It has been a great pleasure working alongside Dr. Jha in repositioning and strengthening the company with an inspired and mission-driven focus centered on building technologies to improve patient outcomes," said Chad Harman, Chief Operating Officer of Psycheceutical Bioscience. "We are laser-focused on executing strategic activities in the organization, from which its shareholders stand to derive the greatest value."
The Company believes that the steps now being taken will enable the Company to maximize future opportunities and compete more effectively with significantly less debt on the balance sheet and more capital for growth.
In the past 3 months, management has stabilized the Company from a financial perspective with an estimated 12 months of cash available for both operations and progress in the BCI space.
The Company is now focused on developing products with the potential to improve the quality of life and survival rate of those with neurological conditions. This singular focus is driving the entire organization.
The Company currently has partnerships with top-tier academic institutions nearing completion of a prototype smart medical device expected to bypass the blood-brain barrier and treat lethal brain cancer. Next steps will involve insertion of the prototype device into animal models with brain cancer to test safety and efficacy. "NeuraSeed BCI hopes to make technological advancements that extend the possibilities of human health and cognitive capabilities. Our deep-brain implantation technology aspires to offer unprecedented solutions to some of the most challenging neurological conditions, marking a new dawn in medical science and patient care," said Julian Bailes, MD, Chief Medical Officer of Psycheceutical Bioscience.
The Company's Board is currently exploring various options to cure regulatory filing deficiencies from over a decade ago that will enable the Company to undertake much needed corporate actions in the future, including a name and symbol change to reflect the new direction of the Company.
About NeuraSeed BCI
NeuraSeed BCI is a next-generation neuroscience company developing innovative deep-brain implantation technology and brain-computer interfaces (BCIs). With the support of world-class neurosurgeons, neuroscientists, biomedical engineers, mechanical & electrical engineers, neuroimaging experts, and more, this revolutionary venture aims to transform the landscape of neurological therapies and enhance the quality of life for individuals worldwide.
Learn more at NeuraSeedBCI.com.
About Psycheceutical Bioscience, Inc.
Psycheceutical Bioscience, Inc. is developing cutting-edge technologies to advance the safe and effective delivery of therapeutic medicines. Powered by a team of FDA drug development veterans, biotechnology experts, and top physicians, Psycheceutical is on a mission to commercialize its precision dosing technologies to provide affordable, life-saving treatments to anyone suffering from central nervous system diseases or mental health disorders.
Learn more at Psycheceutical.com.
Forward-Looking Statements:
Certain statements in this press release related to the Company constitute "forward-looking information" within the meaning of applicable securities laws and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These uncertainties include, but are not limited to, (i) general market growth for and acceptance of psychedelic-inspired medicines, (ii) capital and credit availability and market volatility, (iii) general economic conditions, (iv) governmental approvals and compliance with regulations, (v) product research and development and clinical trial risks, including the transferability to the US FDA of trial results from trials conducted outside of the US, (vi) incorrect underlying assumptions, and (vii) our future business development, results of operations, and financial condition. These statements generally can be identified using forward-looking words such as "will," "may," "should," "could," "intend," "estimate," "plan," "anticipate," "expect," "believe," "potential" or "continue," or the negative thereof or similar variations. All information provided in this press release is as of the date of this press release, and we undertake no duty to update such information, except as required under applicable law.
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SOURCE: Psycheceutical, Inc.