Havn Life Sciences Granted Section 56 Exemption to Begin Scientific Work With Psilocybin
Havn Life will develop methods for safe, standardized, quality- controlled production of medical compounds extracted from the Psilocybe spp. mushroom
VANCOUVER, BC / ACCESSWIRE / September 10, 2020 / Havn Life Sciences Inc. (CSE:HAVN) (the "Company" or "Havn Life"), a biotechnology company focused on unlocking human potential using evidence-informed research, and developing standardized psychoactive compounds derived from plants and fungi, is pleased to announce that, on August 31, 2020, its wholly-owned subsidiary, HAVN Research Inc., was granted a Section 56 exemption by Health Canada, pursuant to which it now has the ability to possess certain amounts of pure psilocybin for scientific purposes, specifically for the research and development of quality control methods.
Havn Life intends to immediately begin work on experiments with the objective of developing a set of methods for the safe, standardized, quality-controlled production of medical compounds extracted from the Psilocybe spp. mushroom.
"We are thrilled to be among the first to receive permission from the Canadian government to begin work with psilocybin", stated Tim Moore, Co-CEO of Havn Life. "This important milestone will enable Havn to begin working toward creating method-validation and analytical chemistry to standardize methods for quality control and testing of these substances."
"Having access to compounds is essential in order to further research in the medical field. This is the start of our journey into developing standardized protocols to ensure that as this industry grows, we understand efficient new methodology", stated Susan Chapelle, Havn Life Co-CEO, noting the advent of new technology and variables in extraction have changed significantly in the last decade.
The Company also announces that it has granted an aggregate of 2,135,000 stock options and 500,000 Restricted Share Units under its share-based compensation plan (the "Plan"). The stock options are exercisable at a price of $0.65 CDN for a period of 5 years, and the stock options and Restricted Share Units are subject to the terms of the Plan. The Company also issued 200,000 common shares in respect of a debt settlement.
On Behalf of The Board of Directors
Susan Chapelle & Tim Moore
About Havn Life Sciences Inc.
Havn Life Sciences is a biotechnology company on a mission to unlock human potential using evidence-informed research. The Company is focused on standardized, quality-controlled extraction of psychoactive compounds from plants and fungi, and the development of natural health care products from non-regulated compounds. Learn more at: havnlife.com and follow us on Facebook, Twitter and Instagram.
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the Company's business, products and future of the Company's business. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that the Company's products and plan will vary from those stated in this news release and the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. The statements in this news release are made as of the date of this release.
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SOURCE: Havn Life Sciences Inc.
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