VANCOUVER, British Columbia, Nov. 15, 2022 (GLOBE NEWSWIRE) -- FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, reported that the claim for US$30.2 million brought by Dr. Raza Bokhari, the company’s former CEO, has been dismissed. Dr. Bokhari’s claim that he had been wrongfully dismissed has been dismissed it in its entirety by the arbitrator hearing the claim. Furthermore, the arbitrator ordered Dr. Bokhari to repay certain monies to FSD Pharma, in addition to holding Dr. Bokhari responsible for FSD Pharma’s costs of the arbitration.
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Zeeshan Saeed, Founder and President, stated: “The outcome of the arbitration represents a full vindication of the actions of the current management and board of directors of FSD Pharma with respect to Dr. Bokhari, prior to, during and subsequent to the 2021 proxy battle. We are happy to report to our shareholders that this claim has been resolved fully in our favour.”
Anthony Durkacz, Founder and Interim CEO, added: “We have always believed that Dr. Bokhari’s claims against the Company were without merit. We are pleased to hear that the tribunal has now dealt with the claims. We are looking forward to putting this behind us and focusing our efforts on advancing our drug candidates and creating value for our shareholders.”
FSD Pharma Inc. 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, an ultra-micronized PEA, for the treatment of inflammatory diseases. Lucid Psycheceuticals Inc., a wholly owned subsidiary, focused on the research and development of its lead compounds, Lucid-Psych and Lucid-MS, is led by Dr. Lakshmi P. Kotra, B.Pharm.(Hons), Ph.D. Lucid-Psych is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders, such as multiple sclerosis, for which no treatment currently exists.
The company has a strong cash position to cover more than 3 years of operations including its 3 planned clinical trials. The shares are currently trading at $1.37 on the Canadian Securities Exchange.
For more information, please visit the company’s website, www.FSDpharma.com, or contact Zeeshan Saeed, contact Zeeshan Saeed, Founder, President and Executive Co-Chairman, at 416-854-8884 or email info@FSDPharma.com or IR@FSDPharma.com.
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