Toronto, Ontario — January 5, 2026 — Leads & Copy — PharmaDrug Inc. has completed its acquisition of Canurta Limited Partnership, the parent entity of Canurta Inc., according to a press release. The deal, initially announced on October 31, 2025, involves PharmaDrug acquiring limited partnership units of Canurta, a biotechnology company focused on botanical therapeutics for inflammatory and neurodegenerative diseases.
As part of the first stage of the transaction, Akeem Gardner, Founder and CEO of Canurta Inc., has joined PharmaDrug’s board of directors. Gardner has secured over $13 million in funding for Canurta and built a global intellectual property portfolio.
Dr. David Kideckel, Executive Chairman of PharmaDrug, expressed enthusiasm for the collaboration with Canurta. Akeem Gardner noted the importance of the partnership and PharmaDrug’s public-market experience.
Under the agreement, PharmaDrug acquired 8,109,987 limited partner units of Canurta in exchange for 25,980,000 common shares of PharmaDrug (PHRX Shares). Canurta also advanced $85,000 to PharmaDrug as a forgivable promissory note.
The PHRX Shares are subject to a hold period expiring on the later of May 3, 2026, and 10 days after a business acquisition report is filed.
The acquisition will be completed in two stages, with PharmaDrug acquiring up to a 40% equity interest in Canurta through the issuance of 83,645,316 PHRX Shares. The first closing saw PHRX Shares issued at $0.0152 per share.
The second closing, set to occur by March 31, 2026, will see PharmaDrug acquire 8,191,495 LP Units in exchange for 57,665,316 PHRX Shares. This is subject to shareholder approval.
PharmaDrug anticipates holding a shareholder meeting in the first quarter of 2026 to approve the issuance of PHRX Shares for the second tranche.
Upon completion of both tranches, PharmaDrug will hold a 40% interest in Canurta. Canurta limited partners will hold approximately 44% of PharmaDrug’s issued and outstanding shares on a pro forma basis.
The agreement includes a recission right that allows Canurta’s limited partners to require the return of their transferred LP Units if defined milestones are not met by March 1, 2026.
In addition, PharmaDrug has issued $445,686 in secured convertible debentures to replace previously owing indebtedness. The debentures mature on October 13, 2026, and are convertible into common shares at $0.05.
Atlas365 Incorporated acquired beneficial ownership of 25,980,000 common shares of PharmaDrug, representing approximately 19.4% of the company’s issued and outstanding common shares.
Atlas365 Incorporated may increase or decrease its ownership of the Company’s securities in the future. An early warning report will be filed by Atlas365 Incorporated.
Canurta Inc. focuses on botanical therapeutics for inflammatory and neurodegenerative diseases, advancing its lead candidate, CNR-401, towards Phase 2 clinical trials for Amyotrophic Lateral Sclerosis (ALS).
PharmaDrug is focused on the research, development and commercialization of controlled-substances and natural medicines. PharmaDrug owns 51% of Sairiyo Therapeutics, which specializes in researching and reformulating established natural medicines.
Contact:
Dr. David Kideckel, Executive Chairman
kideckel.david@gmail.com
Source: PharmaDrug Inc.
