Over the past few weeks, there have been significant updates with regard to the operations of Champignon Brands. Below we outline some of the important corporate announcements made by the Company since we published our coverage. (You may find the link to the original profile we published here.)
Corporate Name Change
In a recent new release, the Company stated its intention to change its name from Champignon Brands to Apotheosis Scientific. This move makes a lot of sense as it would help better reflect the Company’s business activities going forward and make it easier for investors to associate it with the psychedelics industry.
The effective date of the name change will be confirmed by the Company once all required regulatory approvals are received. Furthermore, the Company will also debut a new corporate website, investor presentation, and branding campaign alongside the effective date of its proposed name change.
Consumer Division Spin-off
The Company is also contemplating a corporate reorganization exercise. It aims to unlock the value of its functional mushroom-infused consumer packaged goods (the “CPG Business”) division. The idea is to spin off the division as a separate publicly listed entity (“Newco”).
Upon closing of the proposed transaction, each shareholder of the Company will receive common shares of Newco based on the amount of Company shares held on the record date. They anticipate the record date to be somewhere in Q3 2020.
Other Significant Updates
The Company also completed the acquisition of the Canadian Rapid Treatment Centre of Excellence (the “CRTCE”). CRTCE is a vertically integrated, world-leader of peer-reviewed publications specializing in rapid-onset treatment centers operating from proof-of-concept to human trials relating to ketamine for adults with depression.
Furthermore, it established a North American Clinical Expansion Committee, tasked with accelerating its entry into the United States. The Company plans to open or acquire a minimum of five new clinical entities during 2020.
The Company also enlisted a leading contract research organization (“CRO”) in the drug discovery space. The CRO will help with the advancement of its new chemical entity (“NCE”) IP portfolio pertaining to ketamine and psilocybin/psilocin molecular scaffolds.
Additionally, Champignon is closely monitoring its ongoing pre-clinical studies in collaboration with the University of Miami’s Miller School of Medicine. The end objective of these studies is to demonstrate the safety and efficacy of the combination of psilocybin and cannabidiol in treating mild TBI with PTSD or stand-alone PTSD.
