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Introducing Next Generation Psychedelic-Based Therapeutics to the Market

Stockhouse Editorial
3 Comments| October 27, 2021

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Click to enlargeA biotechnology and digital technology company on the NEO exchange that is developing novel therapeutics to treat mental health and addiction announced on Wednesday that it had successfully synthesized a novel psilocin analogue with improved pharmaceutical properties to further expand its library of patent-pending tryptamines.

Mydecine Innovations Group (NEO: MYCO) reported that the synthesis of this novel psilocin analogue, a tryptamine, is the newest compound to be added to its library of patent-pending compounds.

Mydecine is out to improve the safety and efficacy of its drug development candidates for use in therapy and medical practice. With the addition of this compound, the company said it has proven its ability to achieve proven principles of drug chemistry, improved delivery, time course of action and compound stability.

Speaking on this news in a media release for investors, Chief Scientific Officer of Mydecine, Rob Roscow explained that his team’s ability to uncover more safe and efficacious novel compounds, such as this psilocin analogue, is a testament to the value and success of the company’s AI-driven drug discovery program, bringing the business closer to introducing the next-generation of psychedelic-based therapeutics to the market.

“Utilizing this advanced technology, we have effectively produced an extensive base of preclinical, in vitro data that supports and expands our named drug pipeline. As we progress forward, we see great value from this development as we can now leverage the achieved receptor binding data for serotonin receptor (5-HT2A) and expand our drug pipeline focusing on the agonistic activity of psilocin and other tryptamines at different ratios on serotonin receptors.”

The clinical-stage biopharma company made news recently when it filed its final patent application with the United States Patent and Trademark Office and the World Intellectual Property Organization for one of its lead drug candidates, MYCO-003, which is being developed to offer enhanced treatment of anxiety and post-traumatic stress disorder (PTSD).

The company also reported positive preclinical data supporting the continued development of MYCO-003. This patent pending formulation has the potential to further reduce patient anxiety as compared to pure psilocybin, when used in therapy or medical practice.

Via a news release, CSO Roscow said that the current psilocybin-based treatments can overcome the risk of extreme anxiety reactions with supportive care.

“With our enhanced MYCO-003, this promising candidate has the potential to reduce anxiety during therapy before needing to provide extensive supportive care. Therefore, we believe that MYCO-003 would have a greater appeal to patients suffering from extreme anxiety and PTSD driving a more effective and immediate treatment result for patients in need.”

Josh Bartch, CEO of Mydecine added that this is another progression in the execution of the company’s drug development pipeline, which he pointed to as evidence of the efficacy of the company’s psychedelic-assisted therapeutics and the wide array of therapeutic applications it can target.

“As we advance our product portfolio, Mydecine continues to add layers of efficacy and safety to the already established medical value of our proprietary drug candidates currently in the pipeline. We believe the continued development of MYCO-003 can play a significant role in delivering a more effective treatment for PTSD and anxiety.”



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