“We are pleased to have moved our first production process from the laboratories of Dr.
Pharmaceutical grade psilocybin is currently being produced for clinical trials and research activities using a chemical synthesis process. This method uses reagents such as heavy metal catalysts and toxic solvents, creates multiple unstable reaction intermediates, and undergoes numerous purification steps resulting in low carbon yield. This long reaction scheme takes approximately 5 to 15 days. The published literature on this process also states that the active pharmaceutical ingredient costs approximately
The underlying technology was developed at
About
PsyBio is a biotechnology company developing novel formulations of psychoactive medications produced by genetically modified bacteria for the treatment of mental health and other disorders. The team has experience in drug discovery based on synthetic biology as well as clinical and regulatory experience moving drugs through human studies and regulatory protocols. Research and development are currently ongoing for naturally occurring tryptamines found in different varieties of magic mushrooms, other tryptamines and phenethylamines and combinations thereof. The Company is also researching and developing new molecular structures that do not occur in nature which may have unique therapeutics properties.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: PsyBio will be successful in protecting its intellectual property within the next year and filing new patent applications within that timeframe; the Company’s success in discovering new valuable target molecules; the ability of PsyBio to obtain Investigation New Drug Applications; receipt of all necessary approvals for clinical trials; anticipated production costs; and the safety and efficacy of PsyBio’s technology and that such technology will be cheaper, faster and greener than other published methods. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting PsyBio’s business and results of operations; decreases in the prevailing process for psilocybin and nutraceutical products in the markets in which PsyBio operates; the impact of COVID-19; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
PsyBio makes no medical, treatment or health benefit claims about PsyBio’s proposed products. The
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(1) Source:
For further information contact:
Evan Levine
CEO, PsyBio Therapeutics Corp.
t: 226.286.0348
e: ir@psybiolife.com
Media Enquiries:
t: 646.863.0222
e: kfrazer@lifescicomms.com
The TSX Venture Exchange (the “TSXV”) has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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