Second Quarter 2021 Financial Results and Provides Update OXFORD, Ohio and COCONUT CREEK, Fla., Aug. 30, 2021 /CNW/ - PsyBio Therapeutics Corp. (TSXV: PSYB) (OTCQB: PSYBF) ("PsyBio" or the "Company"), an intellectual property driven biotechnology company developing novel formulations of psychoactive drugs produced by genetically modified bacteria and other innovative mediums for the potential treatment of mental health challenges and other neurological disorders, today reported its unaudited financial results for the three-month period ended June 30, 2021 and provided shareholders with a corporate update.
Second Quarter 2021 Financial Results
A copy of the unaudited condensed consolidated interim financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management's discussion and analysis for the three months ended June 30, 2021, can be found under PsyBio's profile at www.sedar.com.
Intellectual Property and Clinical Development Milestones
- The Company initiated a European pilot scale batch manufacturing of its psychedelic portfolio of compounds with the proprietary biosynthetic formulation of psilocybin in collaboration with Biose Industrie ("Biose") in Aurillac, France. The partnership with Biose will advance the Company's research and development goals and continue its endeavor to the development of globally-tested and approved therapeutics.
- The Company has filed the following patent applications with the United States Patent and Trademark Office (the "USPTO"), bringing the Company's intellectual property portfolio to seven, pending provisionals and one pending non-provisional patent application:
- PsyBio filed a new provisional patent application with the USPTO entitled Psilocybin and Norbaeocystin Compositions and Methods of Treatment which contains 67 new inventive claims. This new patent application results from the Company's latest testing demonstrating preliminary enhancement of efficacy when compounds are combined, suggesting powerful synergies exist between certain tryptamines which may signal improved therapeutic profiles and safety.
- The Company initiated a new program to study N-methyl-D-aspartate ("NMDA") receptor antagonists and associated analogs for potential activity against a variety of human health conditions. Concurrently, the Company filed a new provisional patent application with the USPTO entitled NMDA Receptor Antagonist-Containing Compositions and Methods of Treatment. The addition of NMDA receptor antagonists with pending patent protection is highly focused on the potential improvement of neurological conditions including traumatic brain injury, other neurological deficits and addiction as well as other psychological conditions.
- The Company filed a new provisional patent application with the USPTO entitled Methods for the Production of a Methylated Tryptamines and Intermediates or Side Products, adding additional methylated tryptamines including compounds such as N,N-Dimethyltryptamine (DMT) and associated analogs for development of potential treatments for a variety of human health conditions.
Corporate Finance Update
- The Company listed its Shares for trading on the OTCQB Venture Market (the "OTCQB") at the market open on July 14, 2021 under the symbol "PSYBF". The listing on the OTCQB positions PsyBio with increased visibility among the U.S.-based investment community, and is intended to improve liquidity for the Company's current and prospective shareholders.
- The Company recently announced TSX Venture Exchange ("TSXV") approval of a sharebuyback program (the "Share Buyback Program") for up to 2,983,951 subordinate voting shares in the capital of the Company (the "Shares"), representing five percent of the issued and outstanding Shares, and the entering into of a dealer agreement and automatic share purchase plan (the "ASPP") with Haywood Securities Inc. in respect of the Share Buyback Program. While the Company has acquired no Shares since the Sharebuyback Program became effective on June 30, 2021, management of the Company and the Board of Directors of the Company continue to believe that the current market price of the Shares does not adequately reflect their value. The Company will continue to consider making purchases through the facilities of the TSXV, subject to the terms and conditions set forth in the ASPP.
https://www.newswire.ca/news-releases/psybio-therapeutics-reports-second-quarter-2021-financial-results-and-provides-corporate-update-on-intellectual-property-and-clinical-development-milestones-874669172.html