Toronto, Ontario--(Newsfile Corp. - May 9, 2025) - Neural Therapeutics Inc. (CSE: NURL) (FSE: HANF) ("Neural" or the "Company"), an ethnobotanical drug discovery company focused on developing therapeutic drugs for mental illnesses related to substance use disorders, is pleased to announce that it has submitted a renewal application to Servicio Nacional Forestal y de Fauna Silvestre ("SERFOR"). SERFOR a specialized Peruvian technical governmental agency under the Ministry of Agriculture, responsible for regulating forest and wildlife matters, as well as proposing policies, strategies and plans to promote the sustainable use of forest and wildlife resources. Neural is also announcing the extension of its letter of intent ("LOI") with CWE European Holdings Inc. ("CWE"), doing business as "Hanf.com".
SERFOR Permit Renewal Application
As disclosed in Neural's Form 2A Listing Statement dated March 7, 2025, Neural and its Peruvian partners, Cactus Knize and Cayetano University completed the wild plant harvesting portion of the sampling program in Peru, under the auspices of Neural's SERFOR Authorization in late 2023 and early 2024. The harvested samples were delivered by Cactus Knize to Cayetano University's laboratory testing facilities, where a number of analyses were completed on the samples. Due to the highly specialized nature of the required analysis, which primarily focused on DNA identification of the collected species, some work and interpretation were outsourced to third-party experts by Cayetano University.
Given the novelty of the DNA analysis methods employed and the limited scientific literature available on the DNA profiles of cacti in the Echninopsis genus[1], Neural has determined that further analysis is necessary to provide a reliable characterization of the collected cacti specimens.
One of SERFOR's mandates is the enforcement of the Convention on International Trade in Endangered Species of Wild Fauna and Flora ("CITES"), which is a multilateral treaty aimed at protecting endangered plants and animals from the threats of international trade. The San Pedro cactus is covered under CITES. As the genetic material that was previously collected by Neural's partners remains the property of the Peruvian government, it was determined that additional time would be required to complete the necessary analysis. As a result, an extension of the SERFOR authorization was needed, as the previous authorization has expired.
Neural is pleased to announce that, with the full support of its partners, including Cayetano University, it has submitted a renewal application to SERFOR. This application seeks authorization to conduct further analysis on the previously collected samples until December 31, 2025.
The content of the renewal application is similar to the original SERFOR authorization, with one key distinction: Neural is not requesting approval for the collection of additional cactus specimens from the wild, as Cayetano University already has sufficient material for the required analysis.
Given that the scope of the application remains largely the same and there have been no material changes to the parties and sponsors involved in the work, Neural does not anticipate any issues in securing the necessary approvals to continue the project. The analysis will focus on moisture determination, mescaline quantification using liquid chromatography-mass spectrometry (LC-MS), assessment of genomic regions for molecular identification and DNA molecular identification of the cactus samples.
Ian Campbell, CEO of Neural commented: "DNA analysis and chemistry are often exploratory and iterative processes, particularly in the discovery stages of projects like ours. As we've progressed with this work, we've identified the need for additional analysis to better align with our long-term goals. After reviewing the literature, we replicated the methods and determined the next steps in the process. We've been working closely with Cayetano University and SERFOR throughout this process, and we're pleased to have been able to submit this renewal application swiftly. We anticipate the approval will be granted in due course, allowing us to continue making meaningful advancements in our research."
Extension of Letter of Intent with "Hanf.com"
By mutual agreement, Neural and have extended the term of the letter of intent and the deadline to enter into a definitive agreement to May 31, 2025. All other terms and conditions of the letter of intent (as further described in Neural's press release dated October 3, 2024) remain unchanged. The parties continue to work towards the definitive agreement with their respective legal counsel and advisors and given the extensive negotiations to date, expect to enter into the definitive agreement to be finalized and executed by the end of May 2025.
About Neural Therapeutics
Neural Therapeutics is a leader in ethnobotanical drug discovery, focusing on the development of therapeutic drugs for mental illnesses related to substance use disorders, including alcohol and opioid dependence. The Company's innovative approach to drug development involves the strategic use of sub-hallucinogenic doses of mescaline extract, enhancing safety and scalability while maintaining therapeutic efficacy.
For further inquiries, please contact:
Neural Therapeutics Inc.
Ian Campbell, CEO
E: icampbell@neuraltherapeutics.ca
T: +1 (647) 697-NURL (6875)
Marc Lakmaaker
E: mlakmaaker@gmail.com
T: +1.647.289.6640
CAUTIONARY DISCLAIMER STATEMENT
No securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements ("FLS") relating to the outlook for psychedelic markets and related industries, the achievement, and the timing of, certain development milestones and the successful execution of Neural's business strategy, anticipated ability to secure the required intellectual property protection, and the future board and management team composition of Neural. FLS also include statements concerning anticipated financing, the timing and ability to secure necessary permits required to carry out is research and development activities, the anticipated entry into definitive agreement with CWE European Holding Inc. (dba Hanf.com), anticipated benefits of the transaction with CWE and completion of any related transactions, and statements related to the continued overall advancement of Neural's business and other statements that are not historical facts. FLS are often identified by terms such as "will", "may", "should", "anticipate", "expect", "plan" and similar expressions. These statements are not statements of historical fact, but rather predictions about future events, which are inherently subject to risks and uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Key factors that could cause actual results to differ materially from the Company's expectations include the inability to raise sufficient funds to execute Neural's business plan; failure to satisfy the conditions imposed by relevant regulators, regulatory restrictions and approvals related to psychedelic-based drug research and development, unforeseen delays in securing intellectual property protections, changes in government regulations and policies impacting Neural's operations; and general economic, market, or industry conditions. Readers are cautioned that assumptions used in preparing any forward-looking information may prove to be incorrect. Future events or circumstances could cause actual results to differ materially from those projected due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond Neural's control. Reader should not place undue reliance on any forward-looking information. Although management considers such information to be reasonable at the time of preparation, may prove to be incorrect and actual outcomes may differ significantly. FLS contained in this news release are expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of the Company as of the date hereof and is subject to change. The Company expressly disclaims any intention or obligation to update or revise such statements. A description of additional risk factors that may cause actual results to differ materially from FLS in Neural's disclosure documents posted on www.sedarplus.ca.
The securities of Neural have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws. The securities may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons" (as defined in Regulation S under the U.S. Securities Act), unless registered or exempt from registration under the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy Neural's securities in the United States or any other jurisdiction where such an offer or sale would be unlawful.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
[1] The Latin term genus refers to a principal taxonomic category that ranks above species. The cacti species that are of interest to Neural, being pachanoi (aka San Pedro), peruviana (aka Peruvian torch) and lageniformis (aka, Bolivian torch), which are known to contain mescaline, all belong to the Echniopsis genus.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251452
SERFOR Permit Renewal Application
As disclosed in Neural's Form 2A Listing Statement dated March 7, 2025, Neural and its Peruvian partners, Cactus Knize and Cayetano University completed the wild plant harvesting portion of the sampling program in Peru, under the auspices of Neural's SERFOR Authorization in late 2023 and early 2024. The harvested samples were delivered by Cactus Knize to Cayetano University's laboratory testing facilities, where a number of analyses were completed on the samples. Due to the highly specialized nature of the required analysis, which primarily focused on DNA identification of the collected species, some work and interpretation were outsourced to third-party experts by Cayetano University.
Given the novelty of the DNA analysis methods employed and the limited scientific literature available on the DNA profiles of cacti in the Echninopsis genus[1], Neural has determined that further analysis is necessary to provide a reliable characterization of the collected cacti specimens.
One of SERFOR's mandates is the enforcement of the Convention on International Trade in Endangered Species of Wild Fauna and Flora ("CITES"), which is a multilateral treaty aimed at protecting endangered plants and animals from the threats of international trade. The San Pedro cactus is covered under CITES. As the genetic material that was previously collected by Neural's partners remains the property of the Peruvian government, it was determined that additional time would be required to complete the necessary analysis. As a result, an extension of the SERFOR authorization was needed, as the previous authorization has expired.
Neural is pleased to announce that, with the full support of its partners, including Cayetano University, it has submitted a renewal application to SERFOR. This application seeks authorization to conduct further analysis on the previously collected samples until December 31, 2025.
The content of the renewal application is similar to the original SERFOR authorization, with one key distinction: Neural is not requesting approval for the collection of additional cactus specimens from the wild, as Cayetano University already has sufficient material for the required analysis.
Given that the scope of the application remains largely the same and there have been no material changes to the parties and sponsors involved in the work, Neural does not anticipate any issues in securing the necessary approvals to continue the project. The analysis will focus on moisture determination, mescaline quantification using liquid chromatography-mass spectrometry (LC-MS), assessment of genomic regions for molecular identification and DNA molecular identification of the cactus samples.
Ian Campbell, CEO of Neural commented: "DNA analysis and chemistry are often exploratory and iterative processes, particularly in the discovery stages of projects like ours. As we've progressed with this work, we've identified the need for additional analysis to better align with our long-term goals. After reviewing the literature, we replicated the methods and determined the next steps in the process. We've been working closely with Cayetano University and SERFOR throughout this process, and we're pleased to have been able to submit this renewal application swiftly. We anticipate the approval will be granted in due course, allowing us to continue making meaningful advancements in our research."
Extension of Letter of Intent with "Hanf.com"
By mutual agreement, Neural and have extended the term of the letter of intent and the deadline to enter into a definitive agreement to May 31, 2025. All other terms and conditions of the letter of intent (as further described in Neural's press release dated October 3, 2024) remain unchanged. The parties continue to work towards the definitive agreement with their respective legal counsel and advisors and given the extensive negotiations to date, expect to enter into the definitive agreement to be finalized and executed by the end of May 2025.
About Neural Therapeutics
Neural Therapeutics is a leader in ethnobotanical drug discovery, focusing on the development of therapeutic drugs for mental illnesses related to substance use disorders, including alcohol and opioid dependence. The Company's innovative approach to drug development involves the strategic use of sub-hallucinogenic doses of mescaline extract, enhancing safety and scalability while maintaining therapeutic efficacy.
For further inquiries, please contact:
Neural Therapeutics Inc.
Ian Campbell, CEO
E: icampbell@neuraltherapeutics.ca
T: +1 (647) 697-NURL (6875)
Marc Lakmaaker
E: mlakmaaker@gmail.com
T: +1.647.289.6640
CAUTIONARY DISCLAIMER STATEMENT
No securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release. This news release contains forward-looking statements ("FLS") relating to the outlook for psychedelic markets and related industries, the achievement, and the timing of, certain development milestones and the successful execution of Neural's business strategy, anticipated ability to secure the required intellectual property protection, and the future board and management team composition of Neural. FLS also include statements concerning anticipated financing, the timing and ability to secure necessary permits required to carry out is research and development activities, the anticipated entry into definitive agreement with CWE European Holding Inc. (dba Hanf.com), anticipated benefits of the transaction with CWE and completion of any related transactions, and statements related to the continued overall advancement of Neural's business and other statements that are not historical facts. FLS are often identified by terms such as "will", "may", "should", "anticipate", "expect", "plan" and similar expressions. These statements are not statements of historical fact, but rather predictions about future events, which are inherently subject to risks and uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Key factors that could cause actual results to differ materially from the Company's expectations include the inability to raise sufficient funds to execute Neural's business plan; failure to satisfy the conditions imposed by relevant regulators, regulatory restrictions and approvals related to psychedelic-based drug research and development, unforeseen delays in securing intellectual property protections, changes in government regulations and policies impacting Neural's operations; and general economic, market, or industry conditions. Readers are cautioned that assumptions used in preparing any forward-looking information may prove to be incorrect. Future events or circumstances could cause actual results to differ materially from those projected due to numerous known and unknown risks, uncertainties, and other factors, many of which are beyond Neural's control. Reader should not place undue reliance on any forward-looking information. Although management considers such information to be reasonable at the time of preparation, may prove to be incorrect and actual outcomes may differ significantly. FLS contained in this news release are expressly qualified by this cautionary statement. The forward-looking information contained in this press release represents the expectations of the Company as of the date hereof and is subject to change. The Company expressly disclaims any intention or obligation to update or revise such statements. A description of additional risk factors that may cause actual results to differ materially from FLS in Neural's disclosure documents posted on www.sedarplus.ca.
The securities of Neural have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws. The securities may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons" (as defined in Regulation S under the U.S. Securities Act), unless registered or exempt from registration under the U.S. Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy Neural's securities in the United States or any other jurisdiction where such an offer or sale would be unlawful.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
[1] The Latin term genus refers to a principal taxonomic category that ranks above species. The cacti species that are of interest to Neural, being pachanoi (aka San Pedro), peruviana (aka Peruvian torch) and lageniformis (aka, Bolivian torch), which are known to contain mescaline, all belong to the Echniopsis genus.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251452
