Acquisition Pivots this Firm to Psychedelic Drug Development
The exploration of psychedelics for mental health treatment represents a growing opportunity and this firm is ceasing its current operations to focus on drug development with its new acquisition.
Blue Water Ventures International, Inc. (OTCPK: BWVI) is changing its objective following the acquisition of Psycheceutical, Inc., a biotechnology company dedicated to the development and commercialization of psychedelic medicines.
Though a merger, BWVI acquired Psycheceutical, Inc. which resulted in Psycheceutical becoming a wholly-owned subsidiary of BWVI, per the company's press release. Following all necessary regulatory approvals, the company will proceed with a name and symbol change.
Psycheceutical brings a team with over 100 years' combined experience in development, regulatory approval processes and commercialization across the pharmaceutical industry.
Shares of BWVI were trading down at $0.58 in afternoon trade.
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