RespireRx Pharmaceuticals Inc. (OTCPK:RSPI) entered into a letter of intent with an Australia headquartered bespoke clinical research organization focused on cannabinoid and psychedelic clinical research.
The LOI calls for a target execution date for a definitive contract that is 30 days from the date of the LOI, at which time RespireRx will be required to make a $50,000 deposit to be applied to the final studies budget and credited against the first invoice under the definitive contract. Under the definitive contract, the CRO is expected to provide full service CRO services, including regulatory, compliance, GMP manufacturing services in addition to human pharmacokinetic and pivotal human efficacy and safety studies of dronabinol for the treatment of obstructive sleep apnea.
The entry into this LOI is anticipated to be the first step in a series of transactions that are expected to include:
Formation of an Australian subsidiary of RespireRx, and all that is required in the formation process, including, among other things, the establishment of a board of …