HUGE - FSD Pharma sees FSD201 mid-stage trial in COVID-19 to complete by end of 2021

Citing challenges with patient recruitment due to COVID-19 pandemic-related restrictions, FSD Pharma (HUGE) says that it may not be able to complete Phase 2 trial evaluating its lead compound, FSD201 in COVID-19, before the end of this year.The Company currently has a cash balance of ~C$22M, and it expects to require additional financing primarily to initiate another Phase 2 study for its lead compound FSD201 and to effectuate other potential in-licensing and acquisition opportunities.Additionally, the Company is actively seeking appropriate potential buyers and is hopeful to finalize the sale of its non-core real estate asset in Cobourg, Ontario.Concurrently, FSD has terminated Zeeshan Saeed, President of the company, for cause with immediate effect.Dosing in Phase 2a trial of FSD201 (ultramicronized palmitoylethanolamide, or ultramicronized PEA), initiated last month.Shares are down 5% in premarket on moderate volume.

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FSD Pharma sees FSD201 mid-stage trial in COVID-19 to complete by end of 2021