{"id":2040,"date":"2021-11-21T21:55:00","date_gmt":"2021-11-21T21:55:00","guid":{"rendered":"https:\/\/telescopeinnovations.com\/?p=2040"},"modified":"2022-10-05T19:20:57","modified_gmt":"2022-10-05T19:20:57","slug":"telescope-announces-acquisition-of-rights-to-synthetic-psilocybin-research","status":"publish","type":"post","link":"https:\/\/telescopeinnovations.com\/telescope-announces-acquisition-of-rights-to-synthetic-psilocybin-research\/","title":{"rendered":"Telescope Announces Acquisition of Rights to Synthetic Psilocybin Research"},"content":{"rendered":"\n
Vancouver, BC \u2014 November 29, 2021 \u2014 Telescope Innovations Corp. (\u201cTelescope<\/strong>\u201d or the \u201cCompany<\/strong>\u201d) (CSE: TELI) announces that it has signed an agreement with the University of British Columbia (\u201cUBC<\/strong>\u201d) in which UBC has agreed to assign all interest in and to a provisional patent application related to the development of scalable synthetic psilocybin and other tryptamine compounds. The Company was also granted the option by UBC to acquire additional technological developments related to the patent application in the future.<\/p>\n\n\n\n In consideration for the assignment of the interest, and the grant of the option, the Company has agreed to issue 1,000,000 common shares to UBC at a deemed price of $0.99 per share. All shares issued to UBC will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws.<\/p>\n\n\n\n \u201cWe are excited to have come to this agreement with UBC allowing us freedom to own and continue developing our intellectual property.\u201d<\/em> Said Jason Hein, CEO of Telescope. At UBC, Hein leads one of the largest organic chemistry research groups in Canada. Over the past year he has gathered an expert technical team to form the foundation of Telescope as a spin-out company. This team, including chemistry Nobel Prize laureate Prof. Barry Sharpless, has authored over 450 academic publications and 33 patents on molecular discovery, chemical manufacturing and commercial scale-up, and the role of automation, robotics, and AI in controlling pharmaceutical production. \u201cUBC has been supportive of Telescope\u2019s growth through our spin-out process, and this agreement reinforces UBC\u2019s commitment to fostering a technology innovation ecosystem. We look forward to building on this foundation and delivering revolutionary applied science to address important chemistry challenges.\u201d<\/em><\/p>\n\n\n\n About Telescope<\/strong><\/p>\n\n\n\n Telescope is a chemical technology company developing scalable, widely deployable synthetic processes to manufacture pharmaceuticals for the treatment of mental health. Research and development efforts are focused on medicines from the under-utilized tryptamine class of compounds, leveraging innovative process chemistry to access novel molecules. Our aim is to bring modern chemical solutions to meet the most serious challenges in human health. In pursuit of this goal, we develop and deploy cutting-edge tools to advance the global chemical manufacturing sector.<\/p>\n\n\n\n On behalf of the Board,<\/p>\n\n\n\n Telescope Innovations Corp.<\/strong><\/p>\n\n\n\n Jason Hein, Chief Executive Officer<\/p>\n\n\n\n