05 May 2022
Apollon Formularies Plc
Apollon Formularies plc Acquires Intellectual Property from Aion Therapeutic
Apollon Formularies plc (AQSE: APOL) ("Apollon" or the "Company"), a
Under the terms of the Agreement, Apollon will acquire the following patents and all associated supporting data including the pre-clinical testing results from BIOENSIS.
1. Compositions and Methods for Treatment of Cancers.
2. Compositions and Methods for Treatment of Inflammation.
3. Methods for Treatment of Human Cancers using Mushroom Compositions.
4. Methods for Treatment of Human Cancers using Cannabis Compositions.
Apollon has purchased the patents from Aion via a cash payment of
In addition to the cash payment and Apollon shares, Apollon will pay to Aion a royalty fee of four percent (4%) of Net Revenues on all products produced and sold globally that are derived from or based on the purchased intellectual property assets. The royalty fee shall be due from Apollon on a quarterly basis after the first commercial product sales.
Stephen Barnhill, MD, Chairman and CEO of Apollon Formularies plc, stated: "This intellectual property acquisition is a win-win for both companies. Apollon's Jamaican affiliate, Apollon Formularies Jamaica Limited, has Cannabis Licensing Authority (CLA) issued medical cannabis licenses for processing, retail therapeutic sales, and research and development which allows performing human clinical trials with approval of the Ministry of Health (MOH) and cultivation. Apollon's CLA licenses also currently allow the export of these products from
"Apollon has a state-of-the art, high volume processing and manufacturing facility in
Graham Simmonds, CEO of Aion, commented: "Apollon's CLA-licenses and current infrastructure to begin manufacturing these products immediately for Jamaican and international sales, resulting in a quarterly royalty payment to Aion for the life of the patents, could provide significant continuing revenue for Aion for a long period of time. Aion will continue developing and/or licensing products based on our six other patent applications, which include indications in use for psychotic disorders, weight loss and obesity, viral disorders, and interstitial cystitis."
As previously stated in May 2021 press releases, AI Pharmaceuticals and Apollon Formularies Jamaica made arrangements for the testing of their respective formulations and products independently and jointly. BIOENSIS, an independent pre-clinical predictive pharmaceutical testing laboratory, previously evaluated the effect of mushroom and cannabis formulations on multiple cancer cell lines in 3D cell cultures. The success of that arrangement and those tests led to the transaction announced today.
Dr. Barnhill, CEO of Apollon, is also the Executive Chairman of Aion and serves as a director and executive officer of AI Pharmaceuticals.
About Apollon Formularies plc and Apollon Formularies Jamaica Ltd
Apollon Formularies plc is an international medical cannabis company headquartered in the
The Directors of Apollon accept responsibility for the contents of this announcement.
For additional information, please visit www.apollon.org.uk or contact:
Tel: +44 771 198 0221
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Peterhouse Capital Limited (Corporate Adviser)
Tel: +44 207 220 9795
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Tel: +44 207 138 3204
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About Aion Therapeutic Inc. and AI Pharmaceuticals Ltd
Aion Therapeutic Inc. through its wholly-owned subsidiary, AI Pharmaceuticals Jamaica Limited, is in the business of research and development, treatment, data mining and state-of-the-art artificial intelligence (machine learning) techniques, focused on the development of combinatorial pharmaceuticals, nutraceuticals and cosmeceuticals utilizing compounds from cannabis (cannabinoids), psychedelic mushrooms (psilocybin), fungi (edible mushroom), natural psychedelic formulations (Ayahuasca), and other medicinal plants in a legal environment for this type of discovery. In addition, Aion Therapeutic is creating a strong international intellectual property portfolio related to its discoveries.
For further information, please contact:
KCSA Strategic Communications
KCSA Strategic Communications
Aion Therapeutic Inc.
Executive Vice Chair & CEO
DISCLAIMER & READER ADVISORY
Certain information set forth in this news release may contain forward-looking information that involve substantial known and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information except as otherwise may be required by applicable securities law.