Therapix Biosciences Ltd. (NASDAQ: TRPX), a clinical-stage pharmaceutical company focusing on cannabinoid-based treatments and Destiny Biosciences Global Corp. announced that they agreed to discontinue talks on the proposed merger.

On July 23, Therapix announced the signed a letter of intent for a merger with Destiny. The parties agreed to allow until October 31 to complete definitive agreements before recently abandoning the transaction.

Therapix is now considering other options.

“Having discontinued our negotiations with Destiny, Therapix is considering other options to achieve the benefits of a merger, which includes exploring other strategic offers we’ve received and continuing to develop our unique technologies,” Therapix’s Chairman and interim CEO Ascher Shmulewitz stated.

Ascher added, “We are encouraged by the interest of third parties during these negotiations in the company’s technology, which has been validated in scientific studies as we continue to uncover unique solutions, including a study for a new CBD drug candidate THX-210, intended for the treatment of epilepsy as well as inflammatory conditions.”