PsyBio Therapeutics Announces Electronic Clearing and Settlement by Depository Trust Company
OXFORD, Ohio and COCONUT CREEK, Fla., Oct. 21, 2021 /CNW/ -- PsyBio Therapeutics Corp. (TSXV: PSYB) (OTCQB: PSYBF) ("PsyBio" or the "Company"), an intellectual property driven biotechnology company developing new, bespoke, approvable psycho-targeted therapeutics to potentially improve mental and neurological health, is pleased to announce that its subordinate voting shares are now eligible for electronic clearing and settlement through the Depository Trust Company ("DTC") in the United States.
"With DTC eligibility, existing investors may benefit from greater liquidity and execution speeds. This also opens the door to new investors that may have been previously restricted from trading in our subordinate voting shares and simplifies the process of trading our subordinate voting shares in the United States," stated Evan Levine, CEO of PsyBio. "The ancitipated liquidity increase is expect to provide current and prospective US investors further opportunities to participate in PsyBio's growth. This is a timely development, as PsyBio recently announced that it has submitted its first Pre-Investigational New Drug ("IND") Application Meeting request to the US Food and Drug Administration and successfully demonstrated commercial scale manufacturing feasibility."
DTC is a subsidiary of the Depository Trust & Clearing Corporation, a U.S. company that manages the electronic clearing and settlement of publicly-traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be DTC eligible. DTC eligibility is expected to create a seamless electronic trading process and thereby enhance the liquidity of the Company's subordinate voting shares.
About PsyBio Therapeutics Corp.
Cautionary Note Regarding Forward-Looking Statements
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: DTC eligibility will improve the electronic trading process and thereby enhance the liquidity of the Company's subordinate voting shares; PsyBio will be successful in discovering new valuable target molecules; PsyBio will be successful in obtaining IND Applications and will be able to obtain all necessary approvals for clinical trials; PsyBio's technology will be safe and effective; and that drug development involves long lead times, is very expensive and involves many variables of uncertainty. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting PsyBio's business and results of operations; decreases in the prevailing process for psilocybin and nutraceutical products in the markets in which PsyBio operates; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
PsyBio makes no medical, treatment or health benefit claims about PsyBio's proposed products. The United States Food and Drug Administration ("FDA") or other similar regulatory authorities have not evaluated claims regarding psilocybin and other next generation psychoactive compounds. The efficacy of such products has not been confirmed by FDA-approved research. There is no assurance that the use of psilocybin and other psychoactive compounds can diagnose, treat, cure, or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. PsyBio has not conducted clinical trials for the use of its intellectual property. Any references to quality, consistency, efficacy and safety of potential products do not imply that PsyBio verified such in clinical trials or that PsyBio will complete such trials. If PsyBio cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the PsyBio's performance and operations.
The TSX Venture Exchange (the "TSXV") has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PsyBio Therapeutics Corp.
Company Codes: OTC-PINK:PSYBF, TorontoVE:PSYB
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