SAN DIEGO--(BUSINESS WIRE)--Ensysce Biosciences Inc. is a clinical phase company launching two new classes of novel opioids designed to treat severe pain, and eliminate opioid misuse, abuse and overdose. Today Ensysce announced that it has signed an agreement with GEM Global Yield LLC SCS, (GEM) a Luxembourg-based private, alternative investment group.
Under the accord, GEM agrees to provide Ensysce with a share subscription facility of up to $60 million for a 36-month term following the public listing of the Company's common stock. Ensysce will control the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. Concurrent with a public listing of Ensysce shares, the company will issue warrants to GEM to purchase outstanding common stock of the company.
Ensysce will use the funds to progress the clinical development of PF614, a first in class Trypsin Activated Abuse Protection (TAAPTM) extended-release opioid prodrug, and its Multi-Pill Abuse Resistance (MPARTM) overdose protected counterpart, PF614-MPARTM.
“Ensysce is leading the challenge of entering the pain management space when political and regulatory bodies are looking for new answers for analgesia. The current pandemic has seen a rise in opioid deaths, and Ensysce believes its products will save countless lives. Strong pain therapeutic options are necessary for many patients to lead normal lives including those with cancer pain, crippling arthritis and chronic back pain. Ensysce is providing an option for both patients and prescribers that can reduce fear of addiction, stop abuse and stem overdose from these prescription drugs. This agreement with GEM helps to secure the funding to rapidly progress our products to registration and into the hands of patients who need safe options when in crippling pain. With certainty of the capital upon listing on a national public stock exchange, Ensysce is now well-positioned as the company enters its next stage of development,” said Dr. Kirkpatrick, CEO of Ensysce Biosciences. “Our TAAPTM oral prodrug technology and MPARTM overdose protection, both unique to the industry, have already demonstrated exceptional clinical results that promise to hold a prominent place in responsible prescribing of analgesics.”
About The GEM Group
Global Emerging Markets ("GEM") is a $3.4 billion alternative investment group based in Paris, New York and Los Angeles. GEM manages a diverse set of investment vehicles focused on emerging markets that provide the group and its investors with a diversified portfolio of asset classes that span the global private investing spectrum. Each investment vehicle has a different degree of operational control, risk-adjusted return and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities (PIPEs) and select venture investments. For more information: http://www.gemny.com
About Ensysce Biosciences:
Its TAAP prodrug compositions overcome abuse, especially for the highly abused opioid and ADHD prescription drugs. As prescriptions for opioids have risen sharply over the last two decades, rates of addiction and overdose deaths have dramatically increased. Drug overdose deaths are now the leading cause of accidental death in the U.S. Abuse Deterrent Formulation (ADF) opioids have not stemmed this epidemic. Ensysce’s Trypsin Activated Abuse Protection (TAAPTM) and Multi-Pill Abuse Resistance (MPARTM) products will change that and provide a promise of halting opioid deaths. Ensysce’s TAAPTM/MPARTM platforms are covered by an extensive worldwide intellectual property portfolio for a wide array of prescription drug prodrug compositions. www.ensysce.com
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