Successful Medical Applications of Psilocybin Help Erode Harmful Stigmas
NEW YORK, March 4, 2021 /PRNewswire/ — Scientists and researchers have accomplished numerous notable advancements in biotechnology in recent years. Among the popular fields of study for biotech companies are gene editing, tissue engineering and regeneration, nanobiotechnology and others. In addition, new segments under the biotech/pharmaceutical umbrella are constantly being developed. For example, the continuously growing acceptance of psychedelic drugs and their possible uses have started to shift from a potentially dangerous party drug to an approachable medicinal product. For example, earlier in 2019, the U.S. Food and Drug Administration (FDA) approved Spravato (esketamine) a nasal spray, in conjunction with an oral antidepressant, for the treatment of depression in adults who have tried other antidepressant medicines but have not benefited from them (treatment-resistant depression). Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF), Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP), Hollister Biosciences Inc. (OTC: HSTRF), HAVN Life Sciences Inc. (CSE: HAVN) (OTC: HAVLF), Empower Clinics Inc. (CSE: CBDT) (OTC: EPWCF)
Over time, it has been demonstrated in various studies that psychedelic substances interact with a variety of neurotransmitter pathways and indicate promising potential therapeutic implications. An example of a recent study includes data based on an examination of 27 people, which found that a treatment featuring the hallucinogen psilocybin worked better than the usual antidepressant medications, a team reported back in November in the journal JAMA Psychiatry. According to NPR, the study comes after earlier research offered hints that psilocybin might work against depression and after a study by researchers at Johns Hopkins found that it could ease depression and anxiety in patients who had life-threatening cancer.
Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) announced last month that, “it recently completed its new company registration with the Natural and Non-prescription Health Products Directorate (NNHPD) and received its Company Code. This has allowed Pure Extracts to submit a Class 1 Natural Product Number (NPN) application for a functional mushroom product, which the Company expects will be the first of several NPN applications that it submits in 2021.
Pure Extracts plans to sell functional mushroom wellness products through its newly incorporated, wholly owned subsidiary, Pure Mushrooms Corp. Sales will take place direct-to-consumer through an e-Commerce portal that the Company is establishing, and the brand will be called ‘Pure Mushrooms’.
Pure Extracts is exploring ways to optimize the use of its existing extraction equipment for functional mushroom products and in the near-term will be utilizing a co-packer to meet the demands of its customers.
Pure Extracts CEO, Ben Nikolaevsky, remarked, ‘The functional mushroom wellness sector is experiencing tremendous growth and consumer awareness, we remain very excited about our new Pure Mushrooms brand. We look forward to getting our first product in consumers’ hands by the end of Q1 2021.’
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) announced last month an agreement whereby Tonix has licensed technology using oxytocin-based therapeutics for the treatment of Prader-Willi syndrome and non-organic failure to thrive disease from Inserm. The licensing agreement has been negotiated and signed by Inserm Transfert, the private subsidiary of Inserm, on behalf of Inserm (the French National Institute of Health and Medical Research), Aix-Marseille Université and Centre Hospitalier Universitaire of Toulouse. “Prader-Willi syndrome is a rare genetic disorder of failure to thrive in infancy and uncontrolled appetite and obesity in childhood and adulthood with no approved treatments available,” said Tonix’s President and Chief Executive Officer, Seth Lederman, M.D. “With the license from Inserm Transfert, we have the opportunity to expand our ongoing efforts with intranasal potentiated oxytocin to this new indication. Since Prader-Willi syndrome is an orphan disease that occurs in approximately one in 15,000 births, we plan at the appropriate time to submit an application to
the U.S. Food and Drug Administration for Orphan Drug and Fast Track designations for TNX-2900.”
Hollister Biosciences Inc. (OTC: HSTRF) reported earlier last year that it has entered into a letter of intent (the “LOI”) on March 9th, 2020 to acquire Alphamind Brands ( “Alphamind”), a company developing legal mushroom based natural health products and conducting R&D in conjunction with accredited universities to develop psilocybin based compounds for drug development. The all stock purchase price is anticipated to be CDN$1,200,000 with such payment to be made in Hollister common stock. The stock price will be determined based on the greater of the 14-day VWAP (Volume Weighted Average Price) subsequent to announcing the transaction and $0.20. The acquisition subject to normal course due diligence. “We are very pleased to have entered into an LOI to complete this very exciting acquisition”, shared Carl Saling, Founder and CEO of Hollister Biosciences, Inc. “It is a fundamental value of our company to improve the overall health and performance of our customers through our high-quality products and the health benefits associated with medicinal mushrooms are tremendous. Not to mention, it is our continual objective to broaden our product scope and Alphamind, with its experienced management team, is a perfect foothold for us in the fast-growing market for medicinal mushrooms and complements our existing cannabis and hemp-based product offering.”
HAVN Life Sciences Inc. (CSE: HAVN) (OTC: HAVLF) reported last month announce a strategic partnership with neuroscience and technology leader, HealthTech Connex Inc. Upon approval of the Company’s Licensed Dealer application, the Company’s subsidiary, Havn Labs, will be a preferred psychedelic supply partner for future clinical trials launched by HealthTech Connex’s Centre for Neurology Studies. In addition, HealthTech Connex will promote Havn Life’s library of naturally derived compounds to its other clinical trial partners and be a preferred partner for the execution of Havn Life clinical trials.
Empower Clinics Inc. (CSE: CBDT) (OTC: EPWCF) reported last year that it has created a subsidiary company dedicated to the advancement of psilocybin research and patient care, addressing the significant mental health issues of anxiety, depression, post-traumatic stress disorder (PTSD) and addiction. The Company is leveraging its assets that include the existing clinic network, the developing franchise brand, tele-medicine, access to its 165,000 patients and large physician team, to make advancements in psilocybin research and psychedelics therapy in general. “Mental health conditions such as anxiety, depression, addiction and PTSD appear to be on the rise with the onset of the Coronavirus pandemic.” said Steven McAuley, Chairman & CEO of Empower. “Clinical trials continue to show that psilocybin therapies may provide tremendous help with these conditions, that we see every day in our clinics. As a Company, we must endeavour to utilize our assets and capabilities to positively impact patients’ lives.”
To learn more about Pure Extracts, click here.
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