PsyBio (TSXV: PSYB), a biotechnology company pioneering the next generation of targeted psychoactive medications, today announced that it has amended its master sponsored agreement with Miami University based in Oxford, Ohio. The amended agreement extends and expands the research efforts of the laboratory of Dr. J. Andrew Jones in the Department of Chemical, Paper and Biomedical Engineering (the “Jones Lab”) to include additional research efforts of the laboratory of Dr. Matthew McMurray in the Department of Psychology (the “McMurray Lab”), and to provide an additional US$1.5 million in funding until May 2023 to Miami University to support all such research. According to the update, the continued collaboration with Miami University is anticipated to expediate progress towards the filing of an Investigational New Drug (“IND”) application with the US Food and Drug Administration (“FDA”). “The initial collaboration between PsyBio and Miami University has resulted in the discovery and scaled production of two medically-relevant tryptamine molecules that are naturally present in psychoactive magic mushrooms, psilocybin and norbaeocystin. The compounds have been efficiently synthesized and further studied in our labs and have now moved out of our labs into venerated commercial development facilities,” said Evan M. Levine, CEO of PsyBio. “PsyBio believes that it can synthesize these molecules cheaper, faster and greener than any other published method, and is unaware of any other biotechnology company synergistically developing these natural alkaloids with the intent of commercial medical use. We have filed intellectual property on the preliminary synergistic properties of these natural alkaloids, and PsyBio is developing a portfolio of similar and various intermediates and combinations thereof in multiple plants, fungi and non-natural substrates, with the endeavor for the study of and testing for improved human clinical treatment.”
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About PsyBio Therapeutics Corp.
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 is currently ongoing for naturally occurring psychoactive tryptamines originally discovered in different varieties of hallucinogenic mushrooms, other tryptamines and phenethylamines and combinations thereof. The company is also researching and developing new non-naturally occurring molecular structures, which may have unique therapeutics properties. For more information about the company, visit www.PsyBioLife.com.
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