Dr. Joseph Tucker is a seasoned executive who has built several publicly traded biotechnology companies. Dr. Tucker was a founder and Chief Executive Officer of Stem Cell Therapeutic and Epimeron Inc., a University of Calgary start-up acquired in the creation of Willow Biosciences Inc. (TSX: WLLW). Dr. Tucker received his Ph.D. in Biochemistry and Molecular Biology from the University of Calgary.
Most recently, Dr. Tucker has been leading MagicMed Industries in their pursuit of psychedelic medicines and novel API formulations.
Can you share what the recent acquisition by Enveric Bio means for the future of MagicMed?
This acquisition is a transformative event for MagicMed. I believe that combining with Enveric Bio is a "one plus one equals three or more" type of outcome. More than just complementary, the synergies between the two companies expand and accelerate the development of, potentially, several new drug candidates. For example, Enveric has built a clinical development team, but lacks internal new drug discovery capabilities, whereas MagicMed has a powerful new drug discovery and intellectual property generation core business but currently lacks an internal clinical development team. Putting the two together allows for the complete drug development process, from new molecule discovery through to regulatory approval and commercialization, to be seamlessly housed and operating in a single business organization.
There are other synergies as well, for instance MagicMed's expertise at developing novel improved drug candidates from natural molecules can be applied to cannabinoids, which are the main ingredient of the lead drugs that Enveric is already working on.
Moving forward, what role will you play at Enveric Bio?
At Enveric Bio, I will become the CEO while the current Enveric Bio CEO and Chairman, David Johnson, will become Executive Chairman. Also coming over to Enveric Bio and maintaining their same titles and roles that they had at MagicMed are Chief Scientific Officer Dr. Peter Facchini and Chief Technology Officer Dr. Jill Hagel. Really, we expect pretty much the entire team to come over intact as the two entities are far more complementary than overlapping in terms of the capabilities and personnel in each.
What benefits will MagicMed have from being the third ever psychedelic company to be listed on Nasdaq?
Nasdaq is certainly turning out to be the most desirable exchange to be listed on for a psychedelics medicines company, as evidenced by the, relative to their peers, larger market capitalizations and stronger balance sheets of the only two currently Nasdaq-listed companies. Beyond the significantly increased potential for access to capital, liquidity, and market cap, the additional awareness focused on a Nasdaq-listed company brings to us a lot of new opportunities to interact with the global innovation pharmaceutical corporations, which are the entities whose involvement will be ultimately needed in order to maximize the positive impact on patients of this new class of therapies.
What is Enveric currently building and how will MagicMed fit into their larger vision?
Enveric Bio is building a pipeline of clinical stage therapeutics, with a focus on supporting the mind and body of cancer patients and those with CNS disorders. MagicMed fits immediately into that as the missing drug discovery component of the overall business, not to mention bringing the ability to perhaps even take Enveric Bio's existing cannabinoid therapies into new directions.
The initial nexus point for the two companies is to develop a novel psychedelic-derived drug candidate to address PTSD in cancer patients, for which the premise has already been set by the Canadian Minister of Health granting exemptions for the use of psilocybin in certain terminal cancer patients.
What will you be working on, in terms of treatments for cancer-related Post Traumatic Stress Disorder?
Our first combined project will be a novel drug for cancer-related Post Traumatic Stress Disorder, designed by the MagicMed discovery team and developed clinically by the Enveric Bio clinical team. We are also optimistic that such a new drug could in future be amenable to indication expanation into other forms of PTSD.
How will Enveric be able to utilize MagicMed’s patent applications and molecular derivatives?
MagicMed's portfolio of molecular derivatives and patent applications, the Psybrary™, is really the foundation for all the new drug discovery work we do. It is the basis of the drug candidates we test and the intellectual property required to ensure investor ROI following clinical development and commercialization. As part of Enveric Bio, the Psybrary™ will enable the creation, identification, and rapid advancement of what we believe will be highly promising clinical candidates through the clinical regulatory process required for approval to market, so that we can get much needed improved new treatments to the patients who need them.