Isracann Biosciences has closed its acquisition of Praesidio Health, for approximately C$4,000,000 Praesidio will operate as a wholly-owned subsidiary of the Company.
Praesidio is a Canadian medical research company that develops and validates natural health products using an evidence-based process. Pioneering NHPs and therapeutics, Praesidio is actively developing several NHP candidates for utility in a range of conditions, including post-viral exposure prophylaxis, urological, anxiety/stress, immune boosting, and sleep aids. Praesidio employs formulation combinations with and without cannabinoids and/or psilocybin, which provides the opportunity for product development in conjunction with future operations in Israel, including direct access to European markets.
The company has also appointed Dr. George Vrabec and Bob Mehr to the positions of Director of Natural Health Products and Vice President of Natural Health Product Development, respectively, in connection with the Transaction. The appointments will take effect as of April 15, 2022.
Dr. George Vrabec, MD FRCSC (Urol.) is a Urologist and Surgeon with over 20 years of medical experience, as well as the Principal Investigator of Exdeo Clinical Research. Dr. Vrabec has conducted more than 30 clinical trials in a wide array of Urological diseases and has published studies in various journals, including the New England Journal of Medicine. Dr. Vrabec serves on multiple boards, including Fraser Valley Health Care Foundation.
Bob Mehr is the President and Chief Executive Officer of Pure Integrative Pharmacies, which operates 17 integrative pharmacies in British Columbia. Mr. Mehr has nearly 30 years of experience in the pharmacy services industry and has developed a number of formulations and supplements licensed by Health Canada. Mr. Mehr is a member of several professional associations, including the British Columbia College of Pharmacists and the British Columbia Pharmacy Association.
“We initially founded Praesidio with the goal of integrating NHPs into current medical practice. Our vision was to validate these treatments alongside conventional medical treatments, thereby empowering health providers and their patients in accessing such treatments. Today, we are very pleased to be partnering with the Isracann team, as we believe this will positively impact the development of our NHPs and the execution of our clinical strategy of ushering them into new medical standards of care,” states Dr. Vrabec.
Isracann CEO Phil Floucault notes, “We are very excited to have executed the first step in our natural health product strategic plan. It’s fantastic to actively build momentum towards revenue generation across North America and abroad. We are excited by the novel formulations, and we welcome aboard the entire Praesidio team who have brought some fantastic products, enthusiasm, and aggressive outlook to our venture. We look forward to working together to build a solid business opportunity and tangible shareholder value in the weeks and months ahead.”