(MENAFN- GlobeNewsWire - Nasdaq) Plant Science and Product Development Company Raises Additional Funds to Further Psychoactive Intellectual Property Development
KIHEI, HAWAII, Dec. 20, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Orthogonal Thinker, Inc. ('Orthogonal' or the 'Company'), a platform company focused on health and well-being through clean-label, whole plant products as well as psychoactive compounds, announced today it has raised additional capital based upon an approximate $90 million valuation during its recent round of funding.
To date, the Company has raised a significant amount in total seed capital, including through this most recent funding round. A portion of the proceeds will be used to further develop and pursue intellectual property protection on the Company's flagship plant-derived psilocybin product, Psilly, and other rare molecules, as well as to further support the Company's recently-launched Alkaloid Accelerator platform.
Psilocybin is a psychoactive compound found in what is commonly referred to as 'magic mushrooms.' Recent research and clinical trials have shown promising medical potential in the use of psilocybin to treat depression, anxiety, and addiction. The Alkaloid Accelerator is a partnership platform for Orthogonal to joint venture with businesses that are aligned with the Company's mission of individual empowerment through health and wellness. The Company's current areas of focus are food as medicine, cannabis, hemp, cannabidiol (CBD), psilocybin, and other nutritional alkaloids.
Additionally, Orthogonal announced the appointment of its new General Counsel, Nathan Sumbot, and its new Chief of Staff, Alex Speiser. As General Counsel, Sumbot will further pursue legal protections for the Company and its affiliated products, including Psilly. As Chief of Staff, Speiser will provide the corporate and organizational structure to streamline operations throughout all of the Company's holdings.
Sumbot previously served as an attorney with Ballard Spahr LLP, and prior to that served as the Deputy General Counsel to the Governor of the State of Utah. He received his J.D. from Brigham Young University's J. Reuben Clark Law School.
Speiser is an early-stage startup investor with a track record of successful ventures and strategic roles including V.P. of Business Development of G.S. Power Partners. He received a B.A. with Honors in the College of Social Studies and the College of the Environment from Wesleyan University.
'This latest raise allows us to further propel our initiatives to a mainstream audience and highlights the growing demand for plant-derived botanicals that are superior to the common biosynthetic developments currently underway,' said David Nikzad, Founder of Orthogonal. 'Additionally, as we continue to align ourselves with companies and partners who share our passion for increased access to whole plant products and sharing economy technologies, we are thrilled to have Nate and Alex join the team at this monumental and historical time in both our Company and the industry's growth.'
Sumbot said, 'After having had the wonderful opportunity to work with Orthogonal as outside counsel, I have been continually impressed by the Company's management team, mission and vision. In my new role, I look forward to helping push forward Orthongal's strategic enterprises and bring their rapidly expanding portfolio of whole plant products to a worldwide market.'
The valuation and new chief executive positions announcement coincides with the third anniversary of Orthogonal's incorporation in 2016.
To join the PsillyLife movement, click here . For more information about Orthogonal Thinker Inc., visit www.orthogonalthinker.com .
About Orthogonal Thinker Inc.
Orthogonal is a platform company focused on health and well-being through clean-label, whole plant products and prodrugs, including psychoactive compounds. Orthogonal utilizes deep learning technology and emotional intelligence (EI) to elevate and empower humanity with plant medicine to set a new standard for health and mental wellness. We call it a 'New Standard of Farma.'
Investor Contact: David Nikzad Legal Contact: Arent Fox LLP Ballard Spahr LLP
Media Contact:
Cassandra Dowell
CMW Media
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