Mississauga, Ontario — [Wednesday, July 30, 2025] — Canurta Inc., a biotechnology company developing botanical-based therapeutics targeting inflammation and neurodegenerative diseases, has signed a Letter of Intent (LOI) with PharmaDrug Inc. (CSE: PHRX.CN, OTC: LMLLF, FSE: G11.F). This agreement outlines the principal terms for a proposed transaction that would support Canurta’s public listing strategy and accelerate its growth initiatives.
This is the second LOI Canurta has signed over the past 30 days (see ExtractX announcement), targeting acquisitions of key assets that will allow for enterprise growth and fulfilment of the ultimate vision to bring novel polyphenol-derived therapies to market that help address unmet medical needs.
“We’re building something that lives beyond us. We’ve only gotten here because we’ve worked hard to build a vision and then bring in the team and supporters to make it a reality. This isn’t just about becoming a public company—it’s about becoming the type of company that can lead in its space,” said Akeem Gardner, CEO of Canurta Therapeutics.
Deal Rationale and Strategic Objectives
The proposed transaction would bring Canurta’s assets to the public markets and provide access to institutional and retail capital. It also allows for the development of a public market Bitcoin Treasury Strategy Canurta is pioneering, called the the Satoshi Trials™, utilizing Bitcoin as collateral for long-term long-term R&D funding and growth. This deal enables multiple capital market tools that Canurta may use to advance the development of its lead asset CNR-401, expand its AI-powered Polykye™ Platform, and build out strategic infrastructure.
In addition, Canurta intends to complete the proposed transaction with extractX Ltd. to bring their operational business under Canurta Limited Partnership as an operational sister company. extractX provides mobile GMP-grade botanical extraction labs, giving Canurta access to scalable infrastructure and commercial revenue channels—further strengthening its position as it enters the next phase of growth.
Deal Structure
Under the terms of the Letter of Intent, PharmaDrug may acquire up to 40% of Canurta, with the first tranche expected to be completed by September 2025. As part of the agreement, Akeem Gardner, CEO of Canurta, will be appointed to the Board of Directors of PharmaDrug, fostering stronger alignment and strategic oversight across both organizations. The parties intend to finalize a definitive agreement following customary due diligence and approval processes.
Additional transaction details, including the structure and other definitive terms, will be disclosed upon final agreement.
About Canurta Therapeutics
Canurta Therapeutics is developing next-generation, multi-target botanical therapeutics by unlocking the potential of rare polyphenols, including cannflavins and stilbenes. With a growing IP portfolio (23 patents filed), a proprietary AI discovery platform (Polykye™), and a lead candidate for ALS (CNR-401), Canurta is setting a new standard for how complex diseases are treated—leveraging plant intelligence and bioinformatics.
About PharmaDrug Inc.
PharmaDrug Inc. (CSE: PHRX) is a specialty pharmaceutical company pursuing development of controlled-substance and natural-derived medicines through scientific research and innovation. The company is focused on regulated therapeutics in oncology, infectious diseases, and beyond.
Forward-Looking Statement
This press release may contain forward-looking statements regarding anticipated business developments, clinical milestones, and strategic transactions. Actual results may differ materially due to regulatory, financial, or operational considerations. Canurta Therapeutics undertakes no obligation to update any forward-looking information unless required by law.
For additional details, you can read the full PharmaDrug press release here