This week in psychedelic business news: Wesana Health files a new patent, Silo Pharma is granted a patent, and 2 companies explore a merger.
In psychedelic business news this week, biopharmaceutical company atai Life Sciences, in a majority-owned joint venture with CB Therapeutics, has launched a new platform company called TryptageniX. This company will specialize in discovering new chemical entities for atai Life Sciences’ development pipeline through bioprospecting and the biosynthesis of atai Life Sciences’ naturally derived development candidates.
Neuroscience company Delix Therapeutics is partnering with the United States National Institute on Drug Abuse (NIDA) to investigate one of Delix Therapeutics’ lead clinical candidates in treating a range of substance use disorders. DLX-7 is a non-toxic and non-hallucinogenic ibogaine analog, and preclinical results published last year show it reduces alcohol and heroin-seeking behavior.
Pharmaceutical company Algernon Pharmaceuticals has secured enough clinical-grade DMT from Canadian manufacturer Dalton Pharma Services to complete its planned Phase 1 and Phase 2 clinical trials. The company has also appointed two stroke experts as medical consultants to guide its upcoming Phase 2 acute stroke and post-stroke therapy clinical trials, which are expected to begin in the United Kingdom in 2022.
In patent news, Silo Pharma has been granted a United States patent for its novel homing peptide, which can enhance the targeting of therapeutics to the central nervous system. The company believes the peptide can improve the pharmacological treatment of disease by lowering effective dosages, in turn reducing side effects and toxicity.
In other patent news, Wesana Health has filed Patent Cooperation Treaty applications related to its drug protocols, delivery methods, and composition of matter. This includes using a high loading dose of psilocybin-assisted psychotherapy, coupled with low, non-hallucinogenic maintenance doses of psilocybin with and without other therapies to treat neurological conditions, specifically traumatic brain injury (TBI).
This week, biotechnology company Mydecine Innovations Group filed a full patent application relating to multiple families of psilocin analogs. It believes its analogs allow for more precise delivery control and have improved shelf stability compared to naturally produced psilocybin, which will enhance physicians' access to a reliable and potent psilocybin source. The company also announced that it had secured an additional $5.5 million (CAD) financing to progress its research and development, clinical trials, and technology initiatives.
Mycotopia Therapies and Ei.Ventures to Explore Potential $360 Million Merger
Last but not least in psychedelic business news, biopharma company Mycotopia Therapies and psychedelic research and development company Ei.Ventures have signed a Letter of Intent to explore a merger and the formation of PSLY.COM. When closed, the $360 million transaction would see the post-acquisition company focus on Ei.Ventures’ botanical psilocybin-based formulation Psilly, which is currently in the preclinical phase. The company also plans to apply to list its shares on the NASDAQ exchange under the ticker symbol PSLY.