FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, through its subsidiary, HUGE Biopharma Australia Pty Ltd., entered into agreement with iNGENu CRO Pty Ltd. The agreement outlines plans to conduct a phase 1 study. The randomized, double-blind, placebo-controlled, multiple ascending dose study is designed to evaluate the safety and pharmacokinetics of Lucid-21-302 in healthy adult participants. A patented new chemical entity, Lucid-21-302 is a first-in-class, nonimmunomodulatory, neuroprotective compound with a unique mechanism of action for the treatment of multiple sclerosis (“MS”). In preclinical studies, the compound showed potential to prevent demyelination, a known cause of MS and other neurogenerative diseases. The company noted that its R&D team will work closely with iNGENu to begin the clinical study. “We are very pleased to formalize this agreement and to collaborate with iNGENu to conduct this clinical study,” said FSD Pharma cochair and CEO Zeeshan Saeed in the press release. “This clinical study builds on our prior phase 1 study of Lucid-21-302 and represents an important next step in our mission to develop novel therapeutics for the treatment of MS.”
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About FSD Pharma Inc.
FSD is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302) (“Lucid-MS”). Lucid-MS is a patented new chemical entity shown in preclinical models to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis. FSD Pharma has also licensed unbuzzd(TM), a proprietary formulation of natural ingredients, vitamins and minerals to help with liver and brain function for the purposes of quickly relieving individuals from the effects of alcohol consumption for use in the consumer recreational sector, to Celly Nutrition Corp; FSD is entitled to a royalty on the revenue generated by Celly Nu from sales of products created using the technology rights granted under the licensing agreement. FSD continues its R&D activities to develop novel formulations for alcohol misuse disorders and continues the development of such treatments for use in the healthcare sector. FSD Pharma also maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represent loans secured by residential or commercial property. For more information about the company, please visit www.FSDPharma.com.
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