NEW YORK and SAN DIEGO, Feb. 18,
2021 /PRNewswire/ -- Ensysce Biosciences Inc.
("Ensysce"), a clinical stage pharmaceutical company
developing medicines for severe pain relief to reduce fear of
addiction, opioid misuse, abuse and overdose, and Leisure
Acquisition Corp. (NASDAQ: LACQ) ("LACQ") today announced the
appointment of David Humphrey to
Ensysce's management team as its Chief Financial Officer.
Mr. Humphrey brings over 20 years of experience with
development-stage companies as they progress toward product
commercialization. Prior to joining Ensysce, Mr. Humphrey was
Chief Financial Officer of Senomyx, Inc., a publicly-held
biotechnology company which he led through an acquisition by
Firmenich SA, a private Swiss multinational flavor and fragrance
company. As part of his responsibilities, he will oversee
financial strategy and business expansion at Ensysce, in addition
to assisting with Ensysce's proposed business combination with
LACQ.
"Ensysce is on a mission to develop innovative technologies that
seek to combat drug abuse and overdose, primarily with respect to
opioids, and to address the political and regulatory demands for
new answers for analgesia. Opioid products continue to be necessary
for many patients to lead normal lives including those with cancer
pain, crippling arthritis and chronic back pain, as well as
following certain surgeries. Ensysce, through its technologies,
seeks to provide an option for both patients and prescribers that
can reduce fear of addiction, stop abuse and stem overdose from
these prescription products. Dave joins as we move to the
next level of clinical activity to push our product through towards
commercialization," said Dr. Lynn
Kirkpatrick, CEO of Ensysce. "Our proprietary
TAAPTM oral pro-drug technology and MPARTM
overdose protection, both unique to the industry, have demonstrated
clinical results in their respective stages of clinical development
that we expect will hold a prominent place in responsible
prescribing of analgesics. We look forward to progressing these
through clinical development so the public can benefit from these
safer alternatives."
Dr. Kirkpatrick continued, "In addition, we continue to search
for ways to expand the potential uses for certain of our
technologies. For example, we remain optimistic regarding the
potential application of nafamostat as a treatment for
COVID-19. In December 2020, we
completed our Phase 1 safety study with oral nafamostat and intend
to enter a Phase 2 efficacy study in COVID-19 subjects in the
coming months. We expect that David's experience will be
invaluable as we work to secure funding to progress this effort and
other similar efforts that may arise."
"I look forward to working with the Ensysce team as we seek to
bring solutions to our healthcare system." said Mr. Humphrey.
"My near-term focus will be to work with Lynn to provide business
solutions within the organization to support our ongoing clinical
trials. I am especially encouraged by the Fast-Track
designation, and the recent grant awards from the National
Institutes of Health through the National Institute on Drug Abuse
that are supporting our overdose (MPARTM ) and
opioid use disorder technology development. Both of these show the
importance placed on our work by government agencies. I am
also looking forward to working with LACQ on the proposed business
combination as we seek to accelerate our strategic plan to deliver
our technology and products to the medical community and value to
our shareholders as a publicly-held company."
About Ensysce Biosciences, Inc.
Ensysce's TAAP™ chemical modifications overcome abuse,
especially for the highly abused opioid and ADHD prescription
drugs. As the use of opioids have risen sharply over the last two
decades, rates of addiction and overdose deaths have dramatically
increased. Drug overdose deaths are now the leading cause of
accidental death in the U.S. Abuse Deterrent Formulation (ADF) and
modifications of opioids have not stemmed this epidemic. Ensysce's
Trypsin Activated Abuse Protection (TAAP™) and Multi-Pill Abuse
Resistance (MPAR™) products are anticipated to provide safe options
to treat pain and provide a promise of halting opioid deaths.
Ensysce's TAAP™/MPAR™ platforms are covered by an extensive
worldwide intellectual property portfolio for a wide array of
prescription drug prodrug compositions. Additional
information can be found at www.ensysce.com.
About Leisure Acquisition Corp.
LACQ is a blank check company formed for the purpose of
effecting a merger or other business combination with a target
company. Leisure is led by Lorne
Weil and Daniel Silvers and
completed its Initial Public Offering in December 2017.
Leisure is listed on the Nasdaq Capital Market (NASDAQ: LACQ).
Additional information can be found at www.leisureacq.com.
Important Information and Where to Find It
This press release relates to a proposed transaction between
Ensysce and Leisure. This press release does not constitute an
offer to sell or exchange, or the solicitation of an offer to buy
or exchange, any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. In connection
with the transaction described herein, Leisure intends to file
relevant materials with the SEC, including a registration statement
on Form S-4, which will include a proxy statement/ prospectus.
Promptly after the registration statement is declared effective by
the SEC, Leisure will mail the definitive proxy
statement/prospectus and a proxy card to each stockholder entitled
to vote at the special meeting relating to the transaction.
Investors and security holders of Leisure are urged to read these
materials (including any amendments or supplements thereto) and any
other relevant documents in connection with the transaction that
Leisure will file with the SEC when they become available because
they will contain important information about Leisure, Ensysce and
the transaction. The preliminary proxy statement/prospectus, the
definitive proxy statement/prospectus and other relevant materials
in connection with the transaction (when they become available),
and any other documents filed by Leisure with the SEC, may be
obtained free of charge at the SEC's website (www.sec.gov). The
documents filed by Leisure with the SEC also may be obtained free
of charge at Leisure's website at www.leisureacq.com or upon
written request to Leisure at 250 West 57th Street,
Suite 415, New York, New York
10107, or by calling Leisure at (212) 565-6940.
Non-Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of Leisure, the combined company or Ensysce, nor shall there be any
sale of any such securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except
by means of a prospectus meeting the requirements of the Securities
Act.
Forward Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
sometimes accompanied by words such as "believe," "may," "will,"
"estimate," "continue," "anticipate," "intend," "expect," "should,"
"would," "plan," "predict," "potential," "seem," "seek," "future,"
"outlook" and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding Ensysce's business strategy, prospective
milestones, cash resources and ability to obtain additional
funding, current and prospective drug product candidates, planned
clinical trials and preclinical activities and potential product
approvals, as well as the potential for market acceptance of any
approved products and the related market opportunity. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of the respective management teams of Ensysce and Leisure and are
not predictions of actual performance. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by an investor as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. Actual events and circumstances are
difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of Ensysce and Leisure. These forward-looking statements
are subject to a number of risks and uncertainties, including the
risk that the potential product candidates that Ensysce develops
may not progress through clinical development or receive required
regulatory approvals within expected timelines or at all; the risk
that clinical trials may not confirm any safety, potency or other
product characteristics described or assumed in this press release;
the risk that Ensysce will be unable to successfully market or gain
market acceptance of its product candidates; the risk that
Ensysce's product candidates may not be beneficial to patients or
successfully commercialized; the risk that Ensysce has
overestimated the size of the target market, their willingness to
try new therapies and the willingness of physicians to prescribe
these therapies; the effects of competition on Ensysce's business;
the risk that third parties on which Ensysce depends for
laboratory, clinical development, manufacturing and other critical
services will fail to perform satisfactorily; the risk that
Ensysce's business, operations, clinical development plans and
timelines, and supply chain could be adversely affected by the
effects of health epidemics, including the ongoing COVID-19
pandemic; the risk that Ensysce will be unable to obtain and
maintain sufficient intellectual property protection for its
investigational products or will infringe the intellectual property
protection of others; the potential inability of the parties to
successfully or timely consummate the proposed business
combination, including the risk that any regulatory approvals are
not obtained, are delayed or are subject to unanticipated
conditions that could adversely affect the combined company or the
expected benefits of the proposed business combination or that the
approval of the stockholders of Leisure is not obtained; the risk
that Leisure is unable to maintain the listing of its securities on
the Nasdaq stock market; the risk that proceeds from the
$60 million forward equity purchase
facility may be less than anticipated; the risk of failure to
realize the anticipated benefits of the proposed business
combination; the amount of redemption requests made by Leisure's
stockholders, and those factors discussed in Leisure's Form 10-K
for the year ended December 31, 2019,
under the heading "Risk Factors," and other documents Leisure has
filed, or will file, with the SEC, including a registration
statement on Form S-4 that will include a proxy
statement/prospectus. If any of these risks materialize or
Leisure's and Ensysce's assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither Leisure nor Ensysce presently know, or that neither Leisure
nor Ensysce currently believe are immaterial, that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
do not reflect Leisure's or Ensysce's expectations, plans or
forecasts of future events and views as of the date of this press
release. Neither Leisure nor Ensysce anticipate that subsequent
events and developments will cause Leisure's and Ensysce's
assessments to change. However, while Leisure and Ensysce may elect
to update these forward-looking statements at some point in the
future, Leisure and Ensysce specifically disclaim any obligation to
do so. These forward-looking statements should not be relied upon
as representing Leisure's or Ensysce's assessments of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
Contact:
For Ensysce: Lynn
Kirkpatrick, PhD (CEO, Ensysce): +1
858-263-4196
For Leisure: George
Peng (CFO, Leisure): +1 646 565 6940
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content:http://www.prnewswire.com/news-releases/ensysce-biosciences-inc-and-leisure-acquisition-corp-announce-appointment-of-dave-humphrey-as-chief-financial-officer-301230701.html
SOURCE Leisure Acquisition Corp.; Ensysce Biosciences, Inc.