VANCOUVER, British Columbia, May 16, 2023 (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 for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, has been awarded approximately $2.81 million Canadian in an arbitration settlement.
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In July 2021, the FSD Pharma Board of Directors unanimously voted to terminate the employment of Dr. Raza Bokhari as Chief Executive Officer for cause. Dr. Bokhari subsequently brought a wrongful dismissal claim against FSD Pharma by way of arbitration, which was dismissed in its entirety by Justice J. Douglas Cunningham in a Merits Award dated November 9, 2022.
In the Merits Award, Justice Cunningham also held Dr. Bokhari responsible for FSD Pharma’s costs of the arbitration. The total costs awarded to FSD Pharma in the Costs Award, dated May 6, 2023, are comprised of legal fees of $1,981,462.91, disbursements of $509,005.33 and HST of $323,760.91, for a total of $2,814,229.15.
The full text of the Merits Award is available on the company’s website under the News and Events tab or on the following link: https://fsdpharma.com/wp-content/uploads/2023/05/2023-03-01-Application-Record-Applicant-FSD-Pharma-Inc.pdf.
FSD Pharma is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, FSD201, a proprietary ultra-micronized PEA formulation, for the treatment of inflammatory diseases. FDA approved phase 1 trials have been completed with topline results. Phase 2 trials are currently ongoing.
Lucid Psycheceuticals, 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. The Global MS treatment market in 2022 is estimated at US$23 billion.
The shares are trading at US$1.11 on NASDAQ. For more information on the company’s drug candidates, please visit the company’s website, www.FSDpharma.com, or contact Zeeshan Saeed, Founder, President and Executive Co-Chairman, at 416-854-8884 or email zsaeed@FSDPharma.com or IR@FSDPharma.com.
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