FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, announced that the U.S. District Court for the Eastern District of Pennsylvania has confirmed its Petition to Confirm Arbitration Awards. The petition was entered against Dr. Raza Bokhari by a Canadian arbitrator in 2022. According to the announcement, the company will now move for entry of final judgment against Bokhari, who was terminated as FSD’s CEO in July 2021. Bokhari filed an arbitration challenging this termination, and after years of litigation and an eight-day evidentiary hearing, the arbitrator ruled against Bokhari and issued three awards in favor of FSD, including an award for damages and awards for FSD’s fees and costs incurred in the arbitration. “In its opinion granting FSD’s petition, the district court found that Bokhari did not offer any valid basis under the New York Convention for the court to deny enforcement of the arbitration awards against him,” stated the press release.
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About FSD Pharma Inc.
FSD is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302) (“Lucid-MS”). Lucid-MS is a patented new chemical entity shown in preclinical models to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis. FSD Pharma invented unbuzzd(TM) and spun out its OTC version to a company, Celly Nutrition, led by industry veterans. FSD retains ownership of 25.71% of Celly Nutrition Corp. The agreement with Celly Nutrition also includes royalty payments of 7% of sales from unbuzzd until payments to FSD Pharma total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Additionally, FSD Pharma retains a large tax loss carry forward of approximately C$130 million and could be utilized in the future to offset tax payable obligations against future profits. FSD Pharma retains 100% of the rights to develop similar product or alternative formulations specifically for pharmaceutical/medical uses. FSD Pharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represent loans secured by residential or commercial property. For more information about the company, please visit www.FSDPharma.com.
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