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Vancouver, British Columbia - TheNewswire - October 27, 2023 - Cava Healthcare Inc. (“Cava”, the Company) is pleased to announce that it is entering into a non-binding letter of intent (LOI) to merge companies with MYND Life Sciences Inc. (MYND, CSE: MYND, OTC: MYNDF), a biopharmaceutical research and development company which creates innovative precision medicines for patients with relentless neurological diseases. Cava recognizes the advantages of using Mynd’s extensive scientific team to further their research. Cava has an existing business relationship with Mynd involving its patents in two areas.
The proposed merger will be preceded by independent third-party valuations of both companies. Arrangements within each company will be handled by subcommittees of unconflicted Directors from both Cava and MYND and it will require affirmative votes by the Boards of Directors of both companies.
Cava maintains a portfolio of over 40 patents and patent applications (including divisional patent filings) which can be separated into nine families: (1) Potential new methods to treat Alzheimer’s disease and related diseases, (2) Potential new methods to diagnose Alzheimer’s disease and related diseases, (3) Potential new methods to treat cancer with recombinant cytokines, (4) Potential new methods to treat cancer with cell-based therapies, (5) Potential new methods to treat cancer with small molecules, (6) Potential new methods to predict cancer outcome (prognosticators), (7) Potential new methods to screen for anti-cancer agents, (8) Potential new methods to screen for immune enhancing agents, and (9) The creation and use of synthetic curcuminoids to treat cancer.
The integration of CAVA Healthcare’s extensive portfolio of patents with MYND’s scientific expertise represents a monumental opportunity for groundbreaking advancements in medical technology. MYND’s seasoned scientific team, with their deep knowledge and innovative approach, is anticipated to be the driving force behind the evolution of these technologies. Their expertise will not only facilitate the development but also elevate these advancements to new heights, potentially revolutionizing the landscape of Alzheimer’s treatment, cancer therapies, and diagnostic methodologies for both. The potential merger between CAVA’s intellectual wealth and MYND’s scientific prowess holds the promise of transformative breakthroughs, marking a monumental stride in the fight against devastating diseases and enhancing the overall quality of healthcare on a global scale.
CAVA independent Director, Dr. Terry Pearson stated, “Having assessed MYND's intellectual property and monitored MYND’s current momentum in developing and translating new medicinal products, that has created enduring value for shareholders, we firmly believe that the merged entity distinguishes it in the biopharmaceutical sector. Under Dr. Oberg's leadership, it is exceptionally well-positioned for remarkable, near-termed success.”
MYND CEO, Dr. Lyle Oberg, MD, stated that “MYND's business strategy revolves around translating groundbreaking research methods, emphasizing scientific excellence, into safe and efficient neuro-pharmaceutical treatments and diagnostic tools for disease of the Central Nervous System (CNS) and inflammatory diseases. The acquisition of cancer patents marks a significant expansion for our scientific team, opening new avenues for commercial exploration and development. We are thrilled to establish a robust partnership with Cava Healthcare. We firmly believe that the synergy between our intellectual assets and theirs will fuel substantial and lasting growth for both MYND and CAVA shareholders.”
It is anticipated the transaction will be completed in Q1 2024.
In other news, Cava announces the resignation of Ms. Jamie Kirwin from Cava’s Board of Directors. Jamie was always a valued source of insightful advice, and she will be sorely missed. The company wishes her every success in her future endeavours.
For further information, please contact Adrian Wade at adrian@cavahealthcare.ca or (604) 370‑1757.
On Behalf of the Board of Directors
Adrian Wade, Ph.D.
COO and Director
CAVA IS FOCUSED ON ENHANCING OPTIMAL HEALTH BY PREDICTING, PREVENTING AND ALLEVIATING DISEASE
Cava is a specialty biotechnology company focused on advancing drug development to address unmet medical needs in neurodegeneration, inflammation, and restoration of immune function. The Company has a patent protected portfolio of intellectual property and technology, concentrated on the development of a treatment for Alzheimer’s Disease and various oncology related biomarkers and treatments.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this press release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations, and orientations regarding the future including, without limitation, matters related to the Company’s current and planned research and development programs, including in respect of the prosecution and maintenance of the patent portfolio, and the Company's prospect of success in executing its proposed plans. Often, but not always, forward-looking statements can be identified by words such as “will”, “plans”, “expects”, “may”, “intends”, “anticipates”, “believes”, “proposes” 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 are based on certain assumptions regarding the Company, including, without limitation, expected growth, results of operations and research and development activities (including in respect of the patent portfolio), results of operations, performance, industry trends, growth opportunities, and that the Company will be able to obtain the financing required to carry out its planned future business activities, retain and attract qualified research personnel and obtain and/or maintain the necessary intellectual property rights it needs to carry out its future business activities.
Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the actual results of research and development programs, the inability of the Company, to, among other things, protect its intellectual property, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required, commercialize any therapeutic and diagnostic technologies, execute its proposed business plans, pursue business partnerships, complete its research and development programs as planned, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the Company's industries may also adversely affect the future results or performance of the Company. These forward-looking statements are made as of the date of this press release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements. Although the Company believes that the statements, beliefs, plans, expectations, intentions, and assumptions contained in this press release are reasonable, there can be no assurance that those statements, beliefs, plans, expectations intentions or assumptions will prove to be accurate. Readers should consider all of the information set forth herein and should also refer to other periodic reports provided by the Company from time-to-time. These reports and the Company’s filings are available at www.sedar.com.
Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
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