FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, is reporting that a complaint against the company and its subsidiary, FSD Biosciences Inc., was filed on May 1, 2023. The complaint was filed in the United States District Court for the Southern District of Florida by GBB Drink Lab Inc. FSD Pharma received a copy of the complaint on May 9, 2023. According to the announcement, the complaint states that “FSD breached a mutual nondisclosure agreement and misappropriation of trade secrets, violated 18 U.S.C. § 1836, and violated Florida’s Uniform Trade Secrets Act in connection with FSD having discussions with GBB regarding a business opportunity and potential acquisition of GBB. FSD ultimately did not acquire GBB. FSD has reviewed the complaint and believes that the allegations are without merit. FSD plans to vigorously defend itself against the allegations. FSD’s policy is not to discuss pending litigation.” In addition to reporting the complaint, the company also noted that work is continuing on the company’s previously announced Spin-Out Transaction. However, the necessary documentation for shareholder approval will not be ready in time for the company’s annual shareholders meeting, which is slated for June 29, 2023. The company noted that meeting will proceed as scheduled, with the company planning to hold a special meeting to approve the Spin-Out Transaction in the future.
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About FSD Pharma Inc.
FSD Pharma is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences Inc., a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, FSD201, a proprietary ultramicronized palmitoyl ethylamine (“PEA”) formulation for the treatment of inflammatory diseases. Lucid Psychss Inc., a wholly owned subsidiary, is focused on the research and development of its lead compounds: Lucid-PSYCH and Lucid-MS. Lucid-Psych is a molecular compound identified for the potential treatment of mental health disorders, and expanding this category, the company is investigating other products addressing acute medical needs due to the abuse of drugs such as alcohol. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders. For more information about the company, please visit www.FSDPharma.com.
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