TORONTO, Dec. 15, 2020 (GLOBE NEWSWIRE) -- PharmaTher Inc., (“PharmaTher”), a wholly-owned subsidiary of Newscope Capital Corporation (CSE: PHRM) (OTC Pink: PHRRF) and a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals, is pleased to announce that it has filed a provisional patent application with the U.S. Patent and Trademark Office outlining the potential for novel combinations of psilocybin and U.S. Food and Drug Administration (“FDA”) approved drugs to treat neurological disorders.
The patent application, entitled “Psilocybin Pharmaceutical Combination Therapies”, outlines novel combinations of certain FDA approved drugs with psilocybin as a potential therapeutic option to reduce the side effects and improve the effectiveness of psilocybin to treat neurological disorders.
Fabio Chianelli, CEO of PharmaTher commented: “Since our inception we have been focused on developing an FDA-based product pipeline of novel uses of psychedelic pharmaceuticals, such as ketamine and psilocybin, and combinations with FDA approved drugs for neurological disorders. Expanding our intellectual property portfolio of psychedelic pharmaceuticals via the FDA approval pathway is the foundation of our business to protect our development and commercialization objectives and to increase shareholder value for the long-term.”
PharmaTher will partner with third-party research institutions and life sciences companies in the research and development of psilocybin in combination with certain FDA approved drugs in models of neurological disorders with the objective to complete investigational new drug (“IND”)-enabling studies and to file an IND application with the FDA.
The discovery of novel combinations of psilocybin and FDA approved drugs were generated from the research activities of panaceAI™, PharmaTher’s proprietary drug repurposing artificial intelligence platform.
The Company uses panaceAI™ to explore novel uses of psychedelic drugs such as ketamine, psilocybin, LSD, MDMA, Ayahuasca and combinations with FDA approved drugs to improve on their efficacy and side effects profile for clinical development via the FDA regulatory pathway.
The Company cautions that psilocybin is still under early-stage research and development and is not making any express or implied claims as to their success alone and in combination of FDA approved drugs in the treatment of neurological diseases or commercial viability. The patent application seeks protection for, among others, combinations of certain FDA approved pharmaceuticals with psilocybin and/or psilocin.
About PharmaTher Inc.
PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corporation (CSE: PHRM) (OTC Pink: PHRRF), is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals. PharmaTher discovers novel uses of psychedelic pharmaceuticals, such as ketamine and psilocybin, and combinations with FDA-approved drugs for FDA approval to treat neurological disorders, such as Parkinson’s disease and movement disorders, depression and pain.
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This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “potential” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Newscope Capital Corporation’s (the “Company) current belief or assumptions as to the outcome and timing of such future events. Forward-looking information in this press release includes information with respect to the development and commercialization of psilocybin and ketamine and FDA-approved drug combinations for neurological disorders, such as Parkinson’s disease and movement disorders, depression and pain, FDA approval, IND, intellectual property portfolio, psychedelic pharmaceuticals, Ketamine, Psilocybin, LSD, MDMA, Ayahuasca and combinations with FDA approved drugs to improve on their efficacy and side effects profile, psilocybin and ketamine programs and product developments. Forward-looking information is based on reasonable assumptions that have been made by the Company at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Company’s management’s discussion and analysis for the period of August 30, 2020 (“MD&A”), dated October 1, 2020, which is available on the Company’s profile at www.sedar.com.
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