Core Viewpoint - PharmaDrug Inc. has issued a correction to its previous news release regarding the acquisition of an equity interest in Canurta Inc., clarifying the number of shares to be issued in the transaction [1][3][4]. Company Overview - PharmaDrug Inc. is a specialty pharmaceutical company focused on the research, development, and commercialization of natural medicines and controlled substances [22]. - Canurta Inc. is a pre-revenue biotechnology company dedicated to developing botanical therapeutics for inflammatory and neurodegenerative diseases, with its lead candidate, CNR-401, advancing towards Phase 2 clinical trials [11][14]. Transaction Details - PharmaDrug has entered into a non-binding Letter of Intent (LOI) to acquire up to a 40% equity interest in Canurta, structured in two tranches of 19.9% and 20.1% [3][4]. - The corrected figures for the share issuance are 25,980,000 shares for the first tranche and 57,665,316 shares for the second tranche, totaling 83,645,316 shares [1][4]. - Upon completion, Canurta will own approximately 44% of PharmaDrug's shares on a pro forma basis [4]. Financial Contributions - Canurta will contribute a minimum of $85,000 to PharmaDrug at the closing of each tranche via a non-interest-bearing promissory note [6]. Governance Changes - Akeem Gardner, Founder and CEO of Canurta, will be appointed to the Board of Directors of PharmaDrug, expected to enhance PharmaDrug's biotechnology pipeline and capital market initiatives [8]. Conditions for Completion - The completion of the transaction is subject to various conditions, including the execution of a Definitive Agreement, satisfactory due diligence, and regulatory approvals [10]. Strategic Rationale - The transaction aims to combine PharmaDrug's public market resources with Canurta's innovative research and technologies, particularly in developing CNR-401 for ALS [18][19].

Core Viewpoint - PharmaDrug Inc. has signed a non-binding Letter of Intent to acquire up to a 40% equity interest in Canurta Inc., a biotechnology company focused on developing botanical drugs for inflammation and neurodegenerative diseases [1] Deal Structure - The acquisition will occur in two tranches: the first tranche will involve 19.9% and the second tranche 20.1% of Canurta's issued units [2] - PharmaDrug will issue a total of 58,807,438 common shares in exchange for the equity interest, with the share price based on the 20-day volume-weighted average prior to closing [2] - Upon completion, Canurta will hold approximately 44% of the issued PHRX Shares on a pro forma basis [2] - A definitive agreement is expected to be settled within 30 days [2] Financial Contributions - Canurta will contribute a minimum of $85,000 to PharmaDrug at the closing of each tranche via a non-interest-bearing promissory note [4] Leadership Changes - Akeem Gardner, Founder and CEO of Canurta, will join PharmaDrug's Board of Directors, expected to enhance PharmaDrug's biotechnology pipeline and capital market initiatives [5] Shareholder Approval - PharmaDrug plans to hold a shareholder meeting to approve the issuance of PHRX Shares related to the second tranche [6] Conditions for Completion - The transaction is subject to conditions including the execution of a definitive agreement, satisfactory due diligence, and necessary regulatory and shareholder approvals [7] About Canurta Inc. - Canurta is a pre-revenue biotechnology company focused on developing botanical therapeutics for inflammatory and neurodegenerative diseases, with its lead candidate CNR-401 advancing towards Phase 2 clinical trials for ALS [9][10] - As of June 30, 2025, Canurta reported total assets of approximately $6.6 million and total liabilities of about $8.0 million, resulting in a net shareholders' deficit of approximately $1.4 million [11] Strategic Initiatives - Canurta has initiated a Bitcoin Treasury initiative, the Satoshi Trials™, to explore Bitcoin as a funding mechanism for R&D activities [13] - Recent strategic initiatives include a binding letter of intent for a business combination with extractX Ltd. to enhance Canurta's extraction capabilities [14] Deal Rationale - The transaction aims to combine PharmaDrug's public market resources with Canurta's research technologies, potentially accelerating growth and shareholder value [16] - The investment allows PharmaDrug to participate in innovative financing strategies through the Satoshi Trials™ [18]