Irwin Naturals Inc. IWINF has terminated the non-binding amended and restated letter of intent (LOI) for a business combination with medical research and telemedicine company Braxia Scientific Corp. BRAXF.
CEO Klee Irwin said the decision was based on a “lack of a clear business rationale” for the company to move forward with the transaction.
See also: Irwin Naturals Secures $40M To Accelerate Expansion Of Its Psychedelic Mental Health Clinics
Braxia CEO Dr. Roger McIntyre said the company is “disappointed” with the decision by Irwin and the impossibility to complete the transaction, adding that the team “remains well positioned as global leaders in depression and ketamine research, with high quality, trusted clinics and a telemedicine platform launched in the US."
Braxia will retain its strategic assets across three business verticals, including clinical operations in Canada, US-based telemedicine platform KetaMD, and international clinical research infrastructure.
Benzinga Psychedelics Capital Conference
The second edition of the Benzinga Psychedelics Capital Conference is coming your way! The event will take place at the Fontainebleau Miami Beach Hotel in Florida on April 13, 2023. This is THE place to get DEALS DONE, raise money, jumpstart M&A and meet investors and key partners.
Get your tickets now before prices go up.
Photo: Benzinga edit with photo by True Touch Lifestyle on Shutterstock and Wikimedia Commons.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.