Quantum BioPharma (NASDAQ: QNTM), a biopharmaceutical company focused on neurodegenerative, metabolic and alcohol misuse disorders, announced that a reconsideration motion filed by former CEO Dr. Raza Bokhari was fully dismissed by the Court of Appeal for Ontario. Bokhari, terminated for cause in 2021, had previously lost an arbitration claiming wrongful dismissal, which resulted in a total cost award of approximately C$2.81 million plus interest. Additional court-awarded costs have raised the amount due to over C$3 million. Quantum BioPharma has initiated U.S. collection proceedings, resulting in a judgment entered in its favor by the U.S. District Court for the Eastern District of Pennsylvania. Bokhari’s appeal is ongoing with a stay in place, backed by a supersedeas bond of more than $2.8 million.
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About Quantum BioPharma Ltd.
Quantum BioPharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“ Lucid ”), Quantum BioPharma is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum BioPharma invented UNBUZZD
and spun out its OTC version to a company, Celly Nutrition Corp. (“ Celly Nutrition ”), led by industry veterans. Quantum BioPharma retains ownership of 25.71% (as of June 30, 2024) of Celly Nutrition at www.unbuzzd.com. The agreement with Celly Nutrition also includes royalty payments of 7% of sales from unbuzzd until payments to Quantum BioPharma total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Quantum BioPharma retains 100% of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses. Quantum BioPharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represents loans secured by residential or commercial property.
NOTE TO INVESTORS: The latest news and updates relating to QNTM are available in the company’s newsroom at https://ibn.fm/QNTM
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