Toronto-based psychedelic company Field Trip Health has received unanimous board approval to split into two stand-alone companies. The company’s Field Trip Discovery division, which focuses on the company’s drug discovery programs, will become Reunion Neuroscience, and the Field Trip Health division, which offers psychedelic-assisted psychotherapies, will be rebranded as Field Trip Health and Wellness Ltd (Field Trip H&W). The transaction is subject to shareholder approval.

Upon completion of the transaction—potentially in July 2022—Reunion will be listed on the Nasdaq and Toronto Stock Exchange (TSX) under a different ticker symbol (currently undisclosed), whilst Field Trip H&W is expected to trade on the TSX Venture Exchange.

Reunion Neuroscience will possess CAD 43 million (USD 34 million) in cash and CAD 5 million (USD 4 million) worth of common shares in Field Trip H&W. It will continue to advance its pipeline of psychedelic therapies including a Phase 1 clinical trial of FT-104 in 1H 2022 and Phase 2 in 2023.

Field Trip H&W will raise CAD 20 million (USD 16 million) in gross proceeds post completion of the transaction, including an investment from Oasis Management Company for a 19.99% stake. It will continue to operate Field Trip’s 12 operational treatment centers across North America.