Biotech pharmaceutical Company
PharmaTher Inc. (CSE: PHRM, Forum) announced on Tuesday that it had amended its sponsored research agreement with University Health Network (UHN) for the development of the Company’s drug repurposing platform, panaceAI, to also include the development of a digital therapeutics platform to combine with potential psychedelic therapies, including the Company’s ketamine and psilocybin focused product pipeline for disorders of the brain and nervous system.
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PharmaTher Inc.’s Chief Executive Officer, Fabio Chianelli stated in a news release that ketamine is crucial to advancing the clinical development of the Company’s product pipeline with ketamine and psilocybin, while also speeding up the process of finding effective uses of psychedelic-derived medicines with panaceA and complementing them with a digital therapeutic platform to be synergistic with our focus on psychedelic pharmaceuticals.
“Dr. Diamandis and his research team at UHN, having a rich research program focused on applying artificial intelligence and machine learning to brain disease, are a perfect fit for guiding our digital therapeutics objectives for neurological disorders, such as Parkinson’s disease, depression, neuropathic pain, traumatic brain injury and stroke.”
According to Precedence Research’s October 2020 report on “Digital Therapeutics Market Size, Share, Growth Outlook, Trends, Segment Forecasts, Regional Insights and Forecast 2020 - 2027”, the global digital therapeutics market was valued at $2.69 billion (USD) in 2019 and is expected to reach $11.82 billion (USD) by 2027. PharmaTher is out to capture a share of this market value and has built
a unique product pipeline for novel uses of ketamine, psilocybin and undisclosed psychedelics. PharmaTher is positioning itself to partner its psilocybin program and panaceAI, and focus on advancing its novel ketamine product pipeline in Parkinson’s disease, depression and pain via the US Food and Drug Administration regulatory pathway.
FULL DISCLOSURE: PharmaTher Inc. is a client of Stockhouse Publishing.