PharmAla's GMP MDMA will now be available for both international and domestic customers through CCrest's well-developed distribution infrastructure
VANCOUVER, BC, May 10, 2022 /CNW/ - PharmAla Biotech (CSE: MDMA) is excited to announce that it has signed an agreement with CCrest Laboratories Inc. which will allow for its GMP MDMA to be delivered to customers in Canada and around the world. CCrest is a cGMP research and testing facility operating under Health Canada Controlled Substances Dealer's and Drug Establishment licenses.
"PharmAla is currently the only company in North America which has completed a full GMP value chain for MDMA. With the addition of CCrest into our distribution network, we're confident that we'll be able to serve even more Clinical Trial customers," said Nick Kadysh, PharmAla's CEO.
Through this agreement, PharmAla can and will make use of the numerous services that CCrest offers from its state-of-the-art facilities located in Montreal. CCrest has the capability to perform extensive chemistry and microbiology testing, stability studies, method development and validation, consulting services, and regulatory support.
"We are pleased that PharmAla's thoughtful and innovative approach has exceeded our rigorous pharmaceutical criteria. We look forward to integrating the regulated substance capabilities platformed with CCrest as a component of their MDMA value chain," said Alex Grenier, President of CCrest. "While we are witnessing the pioneering of an industry, transforming its incredible unmet needs into opportunity is key to success. PharmAla has impressed us with a novel model that is both sustainable and can consistently deliver at scale. It is game changing."
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About PharmAla
PharmAla Biotech Holdings Inc. (CSE: MDMA) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials, and to develop novel drugs in the same class. PharmAla is a "regulatory first" organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators. Our team of dedicated professionals includes regulatory experts, scientists, and biomanufacturing professionals. PharmAla has built what it believes to be North America's first cGMP MDMA value chain, encompassing GMP manufacturing of Active Pharmaceutical Ingredient (API), and drug product formulation. PharmAla's research and development unit has also begun preclinical research into two patented Novel Chemical Entities (NCEs) based on MDXX class molecules, with proof-of-concept research currently ongoing at the University of Arkansas School for Medical Sciences in the United States and at InterVivo Solutions in Canada. For more information, visit www.PharmAla.ca.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on PharmAla's current belief or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by PharmAla at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. The forward-looking information contained in this press release is made as of the date hereof, and PharmAla is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in PharmAla's management's discussion and analysis which is available on PharmAla's profile at www.sedar.com.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.
SOURCE PharmAla Biotech Inc.
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