Oxford, Ohio and Denver, Colorado--(Newsfile Corp. - July 21, 2023) - PsyBio Therapeutics Corp. (TSXV: PSYB) (OTCQB: PSYBF) ("PsyBio" or the "Company"), an intellectual property driven biotechnology company focused upon discovery and development of novel, bespoke, psycho-targeted therapeutics to potentially improve mental and neurological health, today announces that it has received government sanctioned, formal written approval to manufacture PsyBio's proprietary biosynthetic tryptamines.
"PsyBio has worked diligently to achieve formal written approval to allow full scale manufacturing of its proprietary biosynthetic tryptamines, including our lead compound PsyBio-11142, which is the penultimate step in moving that first psycho-targeted therapeutic candidate into human clinical trials with the goal to potentially improve mental and neurological health. This approval has taken over two years to achieve and stands as a critically important milestone that was necessary in order to move forward," stated Michael Spigarelli, MD, PhD, MBA, PsyBio's Chief Medical Officer and Chief Scientific Officer. "This authorization paves the way towards PsyBio conducting its first clinical trial utilizing biosynthetic tryptamines and is expected to further our understanding of these molecules as therapeutic agents."
The authorization allows PsyBio to initiate the manufacturing process leading to the production of a sufficient quantity biosynthetic tryptamine for testing and human clinical trials. This announcement demonstrates PsyBio's commitment to scientific advancements.
"PsyBio has demonstrated the dedication and due diligence that led to this first of its kind authorization to produce biosynthetic tryptamines through our proprietary process. This approval further demonstrates our leadership within the industry as we continue to develop biosynthetic psycho-targeted therapeutic candidates," stated Evan Levine, PsyBio's Chief Executive Officer. "With this approval, PsyBio will further establish its leadership role as a premier biotechnology company with its first compound advancing towards clinical phase, human trial evaluation."
About PsyBio Therapeutics Corp.
PsyBio Therapeutics is an intellectual property driven biotechnology company developing new, bespoke, psycho-targeted therapeutics to potentially improve mental and neurological health. The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering as well as clinical and regulatory expertise progressing 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 utilizes a bio-medicinal chemistry approach to therapeutic development, in which psychoactive compounds can be utilized as a template upon which to develop precursors and analogs, both naturally and non-naturally occurring.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward looking-statements in this press release include statements regarding: the anticipated outcome of PsyBio's agreement to conduct a clinical trial; the ability of PsyBio to launch clinical trials, generally; the ability of PsyBio to understand psycho-targeted, biosynthesized tryptamines; the ability of PsyBio to develop novel formulations to potentially treat neurologic and psychologic conditions and other disorders; the ability of PsyBio to build and protect its intellectual property portfolio of novel drug candidates; PsyBio's leadership role in the biosynthetic and psychedelics industry; the ability to achieve cost competitive synthesis with reduced environmental impact over current production methods; and the ability of PsyBio to move target candidates into scaled commercial manufacturing and regulatory application.
In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that: PsyBio will be successful in carrying out the clinical trial contemplated by this agreement; PsyBio will be successful in launching clinical trials generally; the results of preclinical safety and efficacy testing will be favourable; PsyBio will be successful in protecting its intellectual property; PsyBio will be successful in discovering new valuable target molecules; PsyBio will file one or more Investigational New Drug Applications with the United States Food and Drug Administration ("FDA"); PsyBio will be successful in obtaining all necessary approvals for clinical trials; PsyBio's technology will be safe and effective; a confirmed signal will be identified in PsyBio's selected indications; and that drug development involves long lead times, is very expensive and involves many variables of uncertainty. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: compliance with extensive government regulations; domestic and foreign laws and regulations adversely affecting PsyBio's business and results of operations; decreases in the prevailing process for psilocybin and nutraceutical products in the markets in which PsyBio operates; and general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
PsyBio makes no medical, treatment or health benefit claims about PsyBio's proposed products. The FDA or other similar regulatory authorities have not evaluated claims regarding psilocybin and other next generation psychoactive compounds. The efficacy of such products has not been confirmed by FDA-approved research. There is no assurance that the use of psilocybin and other psychoactive compounds can diagnose, treat, cure, or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. PsyBio has not conducted clinical trials for the use of its intellectual property. Any references to quality, consistency, efficacy and safety of potential products do not imply that PsyBio verified such in clinical trials or that PsyBio will complete such trials. If PsyBio cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on the PsyBio's performance and operations.
The TSX Venture Exchange (the "TSXV") has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PsyBio Therapeutics Corp.
For further information:
Evan Levine, CEO,
PsyBio Therapeutics Corp.