- The full patent application covers multiple families of psilocin analogs. Psilocin is the active metabolite of psilocybin
- In addition to improving delivery control, the company’s dermal application route can potentially eliminate undesirable side effects such as nausea
- Mydecine appoints Dr. Saeid Babaei, PhD, as an independent board member. The appointment can help advance the company’s NASDAQ listing efforts, bringing decades of experience in biotech development and licensing and strategic advancements
- Company intends to uplist to NASDAQ in Q1 2022
Improving delivery control and shelf stabilization of psilocybin’s active metabolite psilocin, two critical aspects for use in medical settings, is the key goal of a new patent application filed by Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA), a biotech and digital technology company focused on transforming the treatment of mental health and addiction disorders. The full patent application Mydecine filed covers multiple families of psilocin analogs, according to a company press release.
“The goal of creating these improved second-generation compounds is to enable safer, more effective treatments for patients along with improved management of dosage and drug behavior for clinicians,” Mydecine Chief Science Officer Rob Roscow said, talking about the patent application in the context of the company’s R&D pipeline of nature-sourced psychedelic-assisted therapeutics, therapy protocols, novel compounds and unique delivery systems. “We believe these improvements are necessary for psychedelic medicines to become an accepted and adopted form of treatment,” Roscow added.
Mydecine’s patent offers solutions that primarily address controllability of delivery and stability, in view of increasing psilocin’s potential for medical use. More specifically, Mydecine’s dermal route for administration of psilocin can address controllability concerns resulting from variations in onset time for each patient when psilocybin is administered orally. The company’s permeation enhanced prodrug provides more control over delivery and can potentially eliminate side effects like nausea by bypassing the digestive system.
The company’s patent filing also includes a family of stabilized psilocin analogs to optimize shelf stability, bringing Mydecine closer to a drug that meets regulatory requirements and providing access to a reliable and stable source of psilocin for physicians.
This is the latest application in a series of patent filings for the company’s technology, as part of a sustained effort to build up and strengthen its intellectual property portfolio in its commitment to reimagine addiction and mental health treatment with more effective and safer solutions. In November 2021, Mydecine filed a technology patent covering the creation of formulations that use nanoemulsion technology to increase, improve and stabilize bioavailability of repeatable properties of ingredients from traditional medicine. And in September 2021, Mydecine filed a final patent application for one of its lead drug candidates, MYCO-003, a psilocybin formulation designed to enhance treatment of anxiety and post-traumatic stress disorder.
To further advance its drug pipeline and compliance with NASDAQ requirements, the company appointed Dr. Saeid Babaei, PhD, as an independent board member to its board of directors. “We are pleased to welcome Dr. Babaei to the team as he brings decades of experience in biotechnology development, award-winning discoveries in gene therapy, and licensing and strategic advancements for the companies he has founded and accelerated,” Mydecine Chairman and CEO Josh Bartch said.
Dr. Babaei has over 20 years of academic and corporate experience in bringing drug products from early development to commercialization. Dr. Babaei’s experience covers multiple novel and first-in-class products, as well as remarkable business foresight as he has closed more than 25 licensing and strategic alliance transactions and raised more than $50 million in equity and debt financing throughout his career.
“As Mydecine continues to move our lead candidates down the pipeline, Dr. Babaei will play an integral role in advancing our novel psychedelic-based therapeutic candidates as well as meeting NASDAQ listing requirements,” Bartch added. Mydecine plans to uplist to NASDAQ in the first quarter of 2022.
For more information, visit the company’s website at www.Mydecine.com.
NOTE TO INVESTORS: The latest news and updates relating to MYCOF are available in the company’s newsroom at https://ibn.fm/MYCOF
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