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FSD Pharma Inc. (HUGE) stock can surge today after the latest announcements

FSD Pharma Inc. (HUGE) stock went down 3.03% on Tuesday, March 16, 2021. the stock was trading at 2.56 CAD at the end of the trading.

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Recent News about HUGE

  • The license agreement with Innovet

FSD Pharma Inc. announced today, March 17, 2021(before the opening of the market) that it has entered into a license agreement with Innovet Italia S.R.L. According to the agreement, FSD Pharma received a license which will be used to develop U.S. Food and Drug Administration (“FDA”) approved veterinary drugs for the treatment of gastrointestinal diseases in dogs and cats by using ultra micronized-palmitoylethanolamide (or ultra-micronized PEA).

The FSD pharma will get the exclusive, worldwide license except for Italy and in Europe to research, manufacture, and commercialize products using certain formulas of ultra-micro PEA to treat gastrointestinal diseases in canines and felines.

 The FSD pharma has to make non-refundable $1.5 million payments to Innovet upon the achievement of specified milestones. The License Agreement also specifies certain royalty payments.

  • Filing of its financial results:

The company also announced its financial results for the fourth quarter and full-year ended December 31, 2020. Products are available on the SEDAR website.

  • Corporate updates

Randell J Mack, a veteran pharmaceutical executive, will continue his services as President of FSD BioSciences. The company appointed Dr. Edward Brennan as the new Chief Medical officer.

The FSD Pharma (HUGE) scheduled its special meeting of shareholders “2021 AGM” for May 14, 2021. The last day for voting at the 2021 AGM is April 15, 2021.

About the company

FSD Biosciences is a specialty biotech pharmaceutical R&D company focused on developing multiple applications of its lead compound, ultra-microPEA, by down regulating the cytokines to effectuate an anti-inflammatory response. It’s a publicly-traded holding company founded in 1998 and based in Cobourg, Canada. The FSD pharma is also working on the treatment of COVID-19. The company’s IND was approved by the FDA on September 25, 2020, to initiate a phase 2 clinical trial for the use of FSD201 to treat COVID-19. The trial is going on and is expected to be completed soon.

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