CALGARY, AB, December 22, 2020 - MagicMed Industries Inc. (CSE: MGIC reserved) ("MagicMed") announced today that it has completed the establishment of the psilocybin-derivatives patent portfolio of the PsybraryTM and the launch of the Candidate Selection program. The PsybraryTM is a proprietary physical and knowledgebase collection of novel psychedelic-derivative drug candidates, manufacturing methods, pharmacological data, and patent filings that protect all of the above.
MagicMed’s Chief Scientific Officer, Dr. Peter Facchini, stated “Our psilocybin-derivatives portfolio, which also captures dimethyltryptamine (DMT) derivatives, now includes 12 filed patent applications directed to 9 different chemical compound categories covering over 125 million individual molecules. While we certainly don’t expect to synthesize all of these molecules during the development of new drug candidates, I am pleased to announce that, as of today’s launch of the Candidate Selection program, we have already synthesized more than 100 distinct psilocybin-derivative drug candidates in our state-of-the-art research and development facilities”.
MagicMed’s Intellectual Property Advisor, Dr. Harm Deckers, continued, “Filing this broad portfolio of patent applications is an important moment for the Company. Now that these patent applications claiming composition, manufacture, and methods of use are on file with the U.S. Patent and Trademark Office, international patent treaties prevent worldwide the issuance of claims to other parties, should any file patent applications in the future on any of these 125 million molecules”.
Mental illness is a ubiquitous human experience and an insufficiently addressed medical need. Psychedelic-associated therapies offer an alternative to ineffective treatments, yet the psychedelic-based drugs themselves require improvement to achieve reduced side effects, better efficacy, and broader patient access. The mission of MagicMed is to develop the PsybraryTM to deliver such much needed improved drug candidates to its biotechnology and pharmaceutical partners.
MagicMed Industries intends to partner with pharmaceutical and other companies to develop and commercialize psychedelic-derived pharmaceutical candidates. MagicMed's psychedelic derivatives library, the PsybraryTM, is anticipated to be an essential building block from which industry can develop new patented products. The initial focus of the PsybraryTM is on psilocybin and DMT derivatives, and it is then expected to be expanded to other psychedelics such as MDMA, LSD, mescaline, and ibogaine.
MagicMed Industries Inc.
Dr. Joseph Tucker
Chief Executive Officer
For more information, please contact MagicMed Industries Inc. Investor Relations at IR@magicmedindustries.com or visit our website at www.magicmedindustries.com.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to MagicMed's future business plans and partnerships, MagicMed’s proposed listing on the CSE and the proposed filing of its non-offering prospectus, the use of proceeds from the Offering, and the anticipated uses of MagicMed's patents and the development of the PsybraryTM. Forward-looking statements include words or expressions such as "proposed", "anticipated", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements which include, but are not limited to: the ability of MagicMed to secure patent protection; the regulatory environment in which MagicMed operates; the ability of MagicMed to enter into partnership agreements or other arrangements; the ability of MagicMed to carry out its business plans (including but not limited to its plans to file a non-offering prospectus and apply to list on a stock exchange) and unforeseen challenges in carrying out such plans; the development and expansion of the PsybraryTM; trends in the future use of psilocybin; general business, economic, competitive, political and social uncertainties; the state of capital markets; risks relating to general economic, market and business conditions; and other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.