Therapix Biosciences Ltd., a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, is providing an update to shareholders regarding the previously announced binding letter of intent dated October 22, 2018 with FSD Pharma Inc. for the acquisition of the Company by FSD.
It was agreed that the terms of the LOI are to be superseded by a definitive agreement, which the parties intended to execute within 30 days. The LOI by its terms lasted until November 19, 2018 but is automatically extended for additional one-week terms unless either party delivers a written notice of termination three (3) days prior to the expiration of the applicable term. The Company and FSD are still in negotiations and FSD wishes to modify certain material terms of the Transaction.
The Transaction is still being negotiated. The Company cannot guarantee that those negotiations will result in entering into a definitive agreement or when or if the Company’s board of directors would approve any proposal by FSD to modify the terms of the LOI.
Date: December 17, 2018
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