Shortwave Life Sciences Plc Company’s Patent Claims Confirmed

RNS Number : 4053V

Shortwave Life Sciences Plc

08 July 2024

 

SHORTWAVE LIFE SCIENCES PLC

("Shortwave" or "the Company")

 

International Preliminary Report on Patentability Acknowledging All of the Company's Patent Claims

 

 

London, 8 July 2024 - The Company, a developer of breakthrough therapies addressing unmet medical needs in mental health, is pleased to announce that its PCT application no. PCT/IL2023/050442 entitled: "A Mucoadhesive Film Comprising a Pharmaceutically Active Agent And Uses Thereof" has received a positive report from the PCT examining authority acknowledging all of its claims as novel, non-obvious and industrially applicable.

 

This acknowledgement from the PCT examining authority signifies a major milestone for the Company, confirming its mucoadhesive buccal film as a novel and inventive drug delivery platform for psychedelic-based drugs, free of prior art. With this IP confirmation, the Company can begin to utilise its buccal film delivery platform in administering additional drug combinations including under licensing agreements with future potential partners.

 

"This acknowledgement by the PCT committee is very important for us as we progress in our drug development path "says Rivki Stern Youdkevich, CEO of Shortwave Life Sciences.  Rivki Stern further summarised: "The PCT's examining committee's report acknowledging all our claims as free of prior art confirms our belief in our patient-focused IP and drug development strategy. As we move to the national phase, we are reaffirmed in our mission of pioneering breakthrough therapies that transform the landscape of mental health care, especially psychedelics -based".

 

The Company's Buccal film was designed to address specific needs of eating disorders and anorexia nervosa patients.  Its mucoadhesive administration enables faster onset, higher bio-availability and bypassing of liver and gut degradation, all aimed at tackling the patients' metabolism-related challenges. It is tailored to further address a range of psychological and psychosomatic challenges typical to anorexia patients such as swallowing or injection, and expected to significantly improve patient receptiveness.

 

Condition Met for Allocation of Deferred Shares Consideration

 

As part of the Share Purchase Agreement ("SPA") signed between the Company and Shortwave Pharma Inc. in June 2023, 9,015,100 Deferred Consideration Shares were subject to, amongst other things, Shortwave Pharma obtaining a positive examiner opinion including at least one novel and non-obvious claim in at least one patent application filed under the Patent Cooperation Treaty (PCT) filings taking priority from the currently submitted US provisional applications. This conditionality has been met within the longstop date, and accordingly, the Deferred Consideration Shares will be issued, pursuant to the SPA.

 

The International Preliminary Report on Patentability received has been accepted by the Company as evidence of the condition for the Deferred Consideration Shares allocation having been satisfied.

 

According to the Agreement, within 5 Business Days of the date satisfaction of the Deferred Consideration Shares condition, the Company shall allot and issue the Deferred Consideration Shares to the sellers of Shortwave Pharma.

 

It is expected the Deferred Consideration Shares will be admitted to the Aquis Growth Market on or about 12 July 2024.

 

Directors' shareholdings

 

Following the issue of the Deferred Consideration Shares the directors shareholding will be:

 

Director	Deferred Consideration Shares	Ordinary Shares held following the issue of the Deferred Consideration Shares	% Ordinary Shares held of Enlarged Share Capital
Rivki Stern	1,404,689	10,789,920	2.91%
Roy Kait	1,092,866	8,401,696	2.27%
Stephen Murphy	Nil	12,240,000	3.38%

 

 

About Shortwave Life Sciences:

Shortwave Life Sciences is a developer of breakthrough therapies addressing unmet medical needs in mental health. The Company is committed to the advancement of innovative solutions through drug development, with a mission to pioneer breakthrough therapies that transform the landscape of mental health care. With a team of dedicated experts and a commitment to innovation, Shortwave Life Sciences is uniquely positioned to introduce and develop solutions for the complex challenges of mental health disorders worldwide.

 

 

The Directors of the Company accept responsibility for the contents of this announcement.

 

For media inquiries, please contact:

 

Enquiries:

 

Company:

Rivki Stern:  [phone]

 

Peterhouse Capital Limited:

Corporate Adviser:

+ 44 (0) 20 7469 0930

 

Corporate Broker:

[phone]

 

 

 

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Roy Kait
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Shortwave Life Sciences Plc
b)	LEI	213800WXCQ1C6GPLHH68
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of £0.001 value each in Shortwave Life Sciences Plc   Identification code (ISIN) for Shortwave Life Sciences plc ordinary shares: GB00BL6CJQ54
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Grant of deferred ordinary shares 1,092,866
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	8 July 2024
f)	Place of the transaction	Aquis Growth Market

 

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Rivki Stern
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Shortwave Life Sciences
b)	LEI	213800WXCQ1C6GPLHH68
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary shares of £0.001 value each in Shortwave Life Sciences Plc   Identification code (ISIN) for Shortwave Life Sciences plc ordinary shares: GB00BL6CJQ54
b)	Nature of the transaction	Purchase of Ordinary Shares
c)	Price(s) and volume(s)	Price(s) Volume(s) Grant of deferred ordinary shares 1,404,689
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	8 July 2024
f)	Place of the transaction	Aquis Growth Market

 

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