Ensysce Biosciences, a San Diego California based biotechnology company, announced securing US$ 60 million capital funding from the alternative investment group, GEM Global on 31st December 2020.
Ensysce Biosciences will use the proceeds of the investment to progress the development of a first in class PF614: Trypsin Activated Abuse Protection, MPAR: Multi-Pill Abuse Resistance and the extended-release opioid prodrug, and PF614-MPAM: overdose protected counterpart. This capital funding agreement with GEM Global will aid them to progress their line of products to register and provide them to the patients who are in need of safe sides during crippling and irresistible pain. With this newly raised capital on the listing on the national public stock exchange, they are now rightly positioned as they can easily enter their next development stage.
Luxembourg based VC GEM is agreeing to provide the biotech enterprise with up to US$ 60 million share subscription facility for the term period of 36 months according to the common stock of the company’s public listing. Ensysce will be controlling the time and max drawdown amount under this subscription facility and has no least obligation for the drawdown. Also, with the public listing of company’s shares, they will issue a warrant for GEM Global for purchasing their common stock.
The CEO of Ensysce Biosciences, Dr. Kirkpatrick said “Our oral prodrug technology, TAAP and overdose protection MPART, are unique to the pain management industry, and already has showcased some exceptional clinical results that have shown the potential for holding a crucial position in prescription of analgesics responsibly.”
The company founded in 2008 by Bob Gower and is headquartered in Western US. Ensysce Biosciences Inc. is a clinical phase company and has launched two new classes for the novel opioids that are designed for the treatment of severe pain and eliminating opioid misusing, abusing and overdoses.
Ensysce Biosciences is entering the pain management domain in the time when political and regulatory bodies are looking for the answers for analgesia. The present pandemic situation has been witnessing a good increase in opioid deaths. The enterprise believes their solutions have the potential to save so many lives. Many of the strong pain therapeutics are crucial for patients diagnosed with issues like crippling arthritis, cancer pain and back pain. They are providing them the right selection for patients and prescribers to reduce the fear of addiction, putting an end to abuse and stemming the overdose from existing prescription drugs.
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