08:52 AM EDT, 03/11/2024 (MT Newswires) -- Psyence Group Inc ( PSYGF ) , a life science biotechnology company, on Monday announced the closing of the business combination of its subsidiary Psyence Biomedical Ltd with Newcourt Acquisition Corp, a special purpose acquisition company, and the subsequent listing of PBM on the NASDAQ stock exchange with the trading symbol PBM.

Psyence Biomed II Corp., the therapeutics division of Psyence Group ( PSYGF ), is now a wholly-owned subsidiary of NASDAQ-traded PBM. Psyence Biomed consists of the clinical trial business and the development of natural psilocybin products for use in palliative care. It has partnered with iNGEN Pty Ltd to conduct Psyence Biomed's clinical trial in palliative care. iNGEN is an Australia-based contract research organisation (CRO.

Upon the close of the Business Combination, Psyence Group ( PSYGF ) was issued 5 million common shares in PBM, for a 37% stake. Psysence Group is taking tax and corporate securities advice on the possibility of distributing the PBM shares to shareholders.

Dr Neil Maresky has assumed the role of CEO of PBM to oversee the Psyence Biomed business and has resigned as CEO of Psyence Group ( PSYGF ). Dr Clive Ward-Able has been appointed as Medical Director for PBM to support the CEO in the execution of the Psyence Biomed clinical trial and has resigned as Medical Director of Psyence Group ( PSYGF ). Warwick-Corden Lloyd will step down as the Chief Financial Officer of Psyence Group ( PSYGF ) to assume the position of Chief Financial Officer of PBM. Adri Botha, Psyence Group's ( PSYGF ) Group Financial Manager, will act as Interim Chief Financial Officer of Psyence Group ( PSYGF ) while the search for a new Chief Financial Officer and Chief Executive Officer continues.