Pacific Software Inc. has announced the acquisition of all the outstanding shares from PurMinds Holdings Inc. of its subsidiary 10763942 Canada Inc. (107 Canada) and its PurMinds asset portfolio.

“The company is a clinical-stage neuro-medicine development entity focused on advancing a robust pipeline of small molecules and psychoactive compounds for the treatment of neurological and psychiatric disorders under a share purchase agreement,” stated Harrysen Mittler, CEO, Pacific Software, further adding, “This strategic transaction with Pacific Software Inc. will result in 10763942 Canada Inc.  accelerating its growth trajectory and enhancing shareholder value.”

107 Canada is a neuro-medicine company with a mission to transform the lives of patients with neurological conditions by pursuing next-generation precision neuromedicine solutions addressing global unmet medical needs. PurMinds' business strategy is focused on advancing a robust small molecule pipeline, including proprietary botanical psilocybin formulations and novel neuroplastogens, that aim to restore neuronal functions impaired by neuroinflammation, structural degeneration, and reduced plasticity.

107 Canada is also in an exclusive strategic partnership for developing precision neuromedicine and early diagnostic solutions for neurological patients, and is poised to commence global commercialisation in the short- and medium-term.

The current management team of 107 Canada is expected to assume leadership roles in the company and elect a new Board of Directors of Pacific Software Inc., which may consider a name change to PurMinds Enterprises, if available.

Janet Qi, Founder and CEO, PurMinds, remarked, “This business combination represents a significant milestone for PurMinds and 107 Canada. Both our small-molecule and botanical psilocybin clinical programs have entered a critical point of development. Meanwhile, the GMP-grade production and supply of botanical psilocybin is at the cusp of fulfilling significant collaboration with established partners and gaining market share. As a publicly quoted company, we are now poised to access new capital markets, expand our operations, and deliver greater value to our stakeholders.”