Phoenix Canada Oil agrees to a reverse takeover transaction of ZYUS Life Sciences

Investment firm Phoenix Canada Oil Company Ltd. of Toronto and ZYUS Life Sciences Inc., a private Canadian life sciences company based in Saskatoon, together have announced that they have entered into a Definitive Agreement. The agreement outlines the terms and conditions of a business combination by way of plan of arrangement, which will result in ZYUS becoming a wholly owned subsidiary of Phoenix and constitute a reverse takeover of Phoenix by ZYUS.

ZYUS is focused on the global development and commercialization of innovative cannabinoid-based therapeutics and product candidates.

According to said Brent Zettl (above), president and CEO of ZYUS, “Signature of the definitive agreement marks an important and exciting milestone for ZYUS in its efforts to advance the science of well-being.

“We are pleased to work with a partner like Phoenix, who shares our vision and passion for improving the lives of patients worldwide.

“With Phoenix as our partner, we look forward to embarking upon the next chapter of our journey to elevate cannabinoids as a standard of care and expand the potential of cannabinoid-based formulations.”

Charlotte Moore Hepburn, the CEO of Phoenix, stated that, “The vision and mission of ZYUS align with our corporate values, and we see enormous value in addressing the critical clinical need for a regulated, opioid-sparing medication for adult pain.

“We are excited by the significant progress ZYUS has made with respect to their scientific and patent portfolio, and we believe that both their current operations, as well as their program of research, has transformative potential in the biomedical space.”

More financial details can be found here.