Full Press Release Details
BIOSCIENCES, INC. AND LEISURE ACQUISITION CORP. ANNOUNCE APPOINTMENT OF DAVE HUMPHREY AS CHIEF FINANCIAL OFFICER
York, NY and San Diego, CA, February [18], 2021 - Ensysce Biosciences Inc. ("Ensysce"), a clinical stage pharmaceutical
company developing medicines for severe pain relief to reduce fear of addiction, opioid misuse, abuse and overdose, and Leisure
Acquisition Corp. (NASDAQ: LACQ) ("LACQ") today announced the appointment of David Humphrey to Ensysce's
management team as its Chief Financial Officer.
Humphrey brings over 20 years of experience with development-stage companies as they progress toward product commercialization.
Prior to joining Ensysce, Mr. Humphrey was Chief Financial Officer of Senomyx, Inc., a publicly-held
biotechnology company which he led through an acquisition by Firmenich SA, a private Swiss multinational flavor and fragrance
company. As part of his responsibilities, he will oversee financial strategy and business expansion at Ensysce, in addition
to assisting with Ensysce's proposed business combination with LACQ.
is on a mission to develop innovative technologies that seek to combat drug abuse and overdose, primarily with respect to opioids,
and to address the political and regulatory demands for new answers for analgesia. Opioid products continue to be necessary for
many patients to lead normal lives including those with cancer pain, crippling arthritis and chronic back pain, as well as following
certain surgeries. Ensysce, through its technologies, seeks to provide an option for both patients and prescribers that can reduce
fear of addiction, stop abuse and stem overdose from these prescription products. Dave joins as we move to the next level of clinical
activity to push our product through towards commercialization," said Dr. Lynn Kirkpatrick, CEO of Ensysce. "Our proprietary
TAAPTM oral pro-drug technology and MPARTM overdose protection, both unique to the industry, have demonstrated
clinical results in their respective stages of clinical development that we expect will hold a prominent place in responsible
prescribing of analgesics. We look forward to progressing these through clinical development so the public can benefit from these
safer alternatives."
Kirkpatrick continued, "In addition, we continue to search for ways to expand the potential uses for certain of our technologies.
For example, we remain optimistic regarding the potential application of nafamostat as a treatment for COVID-19. In December 2020,
we completed our Phase 1 safety study with oral nafamostat and intend to enter a Phase 2 efficacy study in COVID-19 subjects in
the coming months. We expect that David's experience will be invaluable as we work to secure funding to progress this effort
and other similar efforts that may arise."
look forward to working with the Ensysce team as we seek to bring solutions to our healthcare system." said Mr. Humphrey.
"My near-term focus will be to work with Lynn to provide business solutions within the organization to support our ongoing
clinical trials. I am especially encouraged by the Fast-Track designation, and the recent grant awards from the National Institutes
of Health through the National Institute on Drug Abuse that are supporting our overdose (MPARTM
) and opioid use disorder technology development. Both of these show the importance
placed on our work by government agencies. I am also looking forward to working with LACQ on the proposed business combination
as we seek to accelerate our strategic plan to deliver our technology and products to the medical community and value to our shareholders
as a publicly-held company."
Ensysce Biosciences, Inc.
TAAP chemical modifications overcome abuse, especially for the highly abused opioid and ADHD prescription drugs. As the
use of opioids have risen sharply over the last two decades, rates of addiction and overdose deaths have dramatically increased.
Drug overdose deaths are now the leading cause of accidental death in the U.S. Abuse Deterrent Formulation (ADF) and modifications
of opioids have not stemmed this epidemic. Ensysce's Trypsin Activated Abuse Protection (TAAP ) and Multi-Pill Abuse
Resistance (MPAR ) products are anticipated to provide safe options to treat pain and provide a promise of halting opioid
deaths. Ensysce's TAAP /MPAR platforms are covered by an extensive worldwide intellectual property portfolio
for a wide array of prescription drug prodrug compositions. Additional information can be found at www.ensysce.com.
Leisure Acquisition Corp.
is a blank check company formed for the purpose of effecting a merger or other business combination with a target company.
Leisure is led by Lorne Weil and Daniel Silvers and completed its Initial Public Offering in December 2017. Leisure is listed
on the Nasdaq Capital Market (NASDAQ: LACQ).
information can be found at www.leisureacq.com.
Information and Where to Find It
press release relates to a proposed transaction between Ensysce and Leisure. This press release does not constitute an offer to
sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities
in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities
laws of any such jurisdiction. In connection with the transaction described herein, Leisure intends to file relevant materials
with the SEC, including a registration statement on Form S-4, which will include a proxy statement/ prospectus. Promptly after
the registration statement is declared effective by the SEC, Leisure will mail the definitive proxy statement/prospectus and a
proxy card to each stockholder entitled to vote at the special meeting relating to the transaction. Investors and security holders
of Leisure are urged to read these materials (including any amendments or supplements thereto) and any other relevant documents
in connection with the transaction that Leisure will file with the SEC when they become available because they will contain important
information about Leisure, Ensysce and the transaction. The preliminary proxy statement/prospectus, the definitive proxy statement/prospectus
and other relevant materials in connection with the transaction (when they become available), and any other documents filed by
Leisure with the SEC, may be obtained free of charge at the SEC's website (www.sec.gov). The documents filed by Leisure
with the SEC also may be obtained free of charge at Leisure's website at www.leisureacq.com or upon written request
to Leisure at 250 West 57th Street, Suite 415, New York, New York 10107, or by calling Leisure at (212) 565-6940.
press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities
of Leisure, the combined company or Ensysce, nor shall there be any sale of any such securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such
state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities
statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe
harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are sometimes
accompanied by words such as "believe," "may," "will," "estimate," "continue,"
"anticipate," "intend," "expect," "should," "would," "plan,"
"predict," "potential," "seem," "seek," "future," "outlook"
and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to, statements regarding Ensysce's business strategy, prospective
milestones, cash resources and ability to obtain additional funding, current and prospective drug product candidates, planned
clinical trials and preclinical activities and potential product approvals, as well as the potential for market acceptance of
any approved products and the related market opportunity. These statements are based on various assumptions, whether or not identified
in this press release, and on the current expectations of the respective management teams of Ensysce and Leisure and are not predictions
of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve
as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Ensysce and Leisure. These forward-looking statements are subject to a number
of risks and uncertainties, including the risk that the potential product candidates that Ensysce develops may not progress through
clinical development or receive required regulatory approvals within expected timelines or at all; the risk that clinical trials
may not confirm any safety, potency or other product characteristics described or assumed in this press release; the risk that
Ensysce will be unable to successfully market or gain market acceptance of its product candidates; the risk that Ensysce's
product candidates may not be beneficial to patients or successfully commercialized; the risk that Ensysce has overestimated the
size of the target market, their willingness to try new therapies and the willingness of physicians to prescribe these therapies;
the effects of competition on Ensysce's business; the risk that third parties on which Ensysce depends for laboratory, clinical
development, manufacturing and other critical services will fail to perform satisfactorily; the risk that Ensysce's business,
operations, clinical development plans and timelines, and supply chain could be adversely affected by the effects of health epidemics,
including the ongoing COVID-19 pandemic; the risk that Ensysce will be unable to obtain and maintain sufficient intellectual property
protection for its investigational products or will infringe the intellectual property protection of others; the potential inability
of the parties to successfully or timely consummate the proposed business combination, including the risk that any regulatory
approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company
or the expected benefits of the proposed business combination or that the approval of the stockholders of Leisure is not obtained;
the risk that Leisure is unable to maintain the listing of its securities on the Nasdaq stock market; the risk that proceeds from
the $60 million forward equity purchase facility may be less than anticipated; the risk of failure to realize the anticipated
benefits of the proposed business combination; the amount of redemption requests made by Leisure's stockholders, and those
factors discussed in Leisure's Form 10-K for the year ended December 31, 2019, under the heading "Risk Factors,"
and other documents Leisure has filed, or will file, with the SEC, including a registration statement on Form S-4 that will include