VANCOUVER, British Columbia, April 22, 2024 (GLOBE NEWSWIRE) -- HYTN Innovations Inc. (CSE: HYTN | FSE: 85W0) “HYTN” or “The Company”, a leader in the development, formulation, and manufacturing of products containing psychoactive and psychotropic compounds, including cannabis, is pleased to announce significant advancements in its Good Manufacturing Practice (GMP) stability programs.
Stability programs constitute a cornerstone of all GMP guidelines and are vital for achieving GMP certification. Since achieving GMP certification under the International Pharmaceutical Cooperation Scheme (PIC/S) and welcoming Health Canada for a GMP audit of their Kelowna facility, HYTN has expanded its stability program. Notably, this expansion encompasses both 10g jars and bags for cannabis products and 1g sachets of psilocybin-containing mushrooms, marking a significant milestone that reflects HYTN’s comprehensive commitment to product excellence, consumer safety, and innovation, all while maintaining our rigorous dedication to quality assurance.
HYTN notes that for its GMP cannabis products, it currently has data to support a shelf life of six months for items in bags and one year for those in jars. The rapid results are thanks in part to stability data received from HYTN's Australian partners Promethean Biopharma. HYTN expects that stability data for bagged products will support a 12-month shelf life prior to releasing its first finished products for international export.
Furthermore, HYTN believes that its vertically integrated cultivation, harvest, fabrication, packaging, labelling and stability program for psilocybin-containing mushroom products stands as a first of its kind initiative within the Canadian GMP manufacturing landscape. This program underscores HYTN’s dedication to innovation and demonstrates the robustness and value of the Company’s Quality Management System. While data collection is ongoing, HYTN aims to provide critical stability data for the inclusion of its products in various clinical applications and to set industry benchmarks in the GMP processing of psilocybin and other tryptamine derivatives from mushrooms.
Jason Broome, HYTN's Chief Operations Officer, shared his enthusiasm for the advancements, “The strides we've made in our GMP stability programs are not just technical achievements; they reflect our unwavering commitment to innovation and quality in every product we bring to market. As we pioneer psychoactive compound production, we remain dedicated to setting the gold standard for the industry. We're excited to delve deeper into the implications of our progress during our upcoming quarterly management discussions, where we’ll map out the next phases of our journey and further solidify our leadership position.”
About HYTN Innovations Inc.
HYTN formulates, manufactures, markets, and sells premium products containing psychoactive and psychotropic compounds, including cannabis-derived cannabinoids. HYTN's mission is to become the top provider of these products in all markets where such products are federally regulated. To achieve this, HYTN focuses on identifying market opportunities and quickly bringing its innovative products to market through its elevated development platform.
About Good Manufacturing Practices (GMP)
GMP guidelines are pivotal in enhancing product quality by establishing rigorous standards for manufacturing, testing, and quality assurance. These guidelines are instrumental in managing and mitigating risks, thereby ensuring products are consistently produced and controlled according to quality standards. By prioritizing safety, GMP helps ensure that products do not pose unacceptable risks to consumers. Adherence to GMP is mandated in many countries and aligns with national regulations to maintain global quality standards, thereby facilitating international commerce in regulated products.
About Pharmaceutical Inspection Convention and Pharmaceutical Inspection Co-operation Scheme (PIC/S)
The PIC/S is a global initiative aimed at standardizing GMP across more than 50 member countries, thereby facilitating international trade in pharmaceuticals and ensuring the quality and safety of medicines for human and veterinary use. PIC/S promotes harmonized GMP standards and mutual recognition of inspection results among regulatory authorities, streamlining the approval process for pharmaceutical manufacturers.
For more information contact:
Elliot McKerr
Chief Executive Officer
1.866.590.9289
HYTN Investor Relations:
1.866.590.9289
investments@hytn.life
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
Certain information contained herein may constitute forward-looking statements that involve risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, including, but not limited to, statements regarding: (i) The Company manufacturing GMP goods; (ii) The export of finished medical cannabis products to international markets; (iii) Stability data supporting a 12 month shelf life; (iv) The stability program for psilocybin containing mushrooms being the first of its kind; (v) The sale of psilocybin containing biomass within Canada or to international markets. (vi) HYTN providing critical stability data for the inclusion of product in various clinical applications and setting industry benchmarks. Factors that could cause actual results to vary from forward-looking statements or may affect the operations, performance, development, and results of the Company’s business include, among other things: the Company's ability to generate sufficient cash flow from operations to meet its current and future obligations; the Company's ability to access sources of debt and equity capital; competitive factors, pricing pressures, and supply and demand in the Company’s industry; general economic and business conditions; and the effects and impacts of the COVID-19 pandemic, the extent and duration of which are uncertain at this time, on the Company's business and general economic and business conditions and markets. Any statements that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release, and, except to the extent required by applicable law, the Company assumes no obligation to update or revise forward-looking statements made herein or otherwise, whether because of new information, future events, or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary note.
