India, Sept. 23 -- Psyence BioMed Ltd. (PBM) revealed on Wednesday that it has agreed to invest up to $5 million in cash in Psyence Labs Ltd., and enter into a value-matched share exchange to support its planned U.S. Ibogaine program.
The transactions are intended to support the scientific, manufacturing and development capabilities needed for the company's planned U.S. Ibogaine program in Texas for Opioid Use Disorder or OUD.
Psyence BioMed has committed $2.4 million to subscribe to 936 PsyLabs ordinary shares at $2,564 per share, based on a pre-money equity valuation of $54 million.
The remaining of up to $2.6 million backstop commitment, a type of financial guarantee to buy any unsold or unsubscribed shares, with up to $1.3 million av...