Ensysce Biosciences Inc., a San Diego, CA-based clinical phase company launching two new classes of novel opioids designed to treat severe pain, and eliminate opioid misuse, abuse and overdose, secured $60m in funding.
GEM Global Yield LLC SCS will provide Ensysce with a share subscription facility of up to $60m for a 36-month term following the public listing of the company’s common stock.
Ensysce will control the timing and maximum amount of drawdown under this facility and has no minimum drawdown obligation. Concurrent with a public listing of its shares, the company will issue warrants to GEM to purchase outstanding common stock of the company.
Ensysce will use the funds to progress the clinical development of PF614, a first in class Trypsin Activated Abuse Protection (TAAPTM) extended-release opioid prodrug, and its Multi-Pill Abuse Resistance (MPARTM) overdose protected counterpart, PF614-MPARTM.
The company is led by Lynn Kirkpatrick, PhD, CEO, and Richard Wright, CBO, and Geoff Birkett, CCO.
FinSMEs
01/01/2020