- Pharmala Biotech (CSE:MDMA) has filed a patent for its PharmAla-1 drug candidate to treat central nervous system disorders
- The company is developing and researching novel MDXX-class molecules
- The patent comes after a year of preclinical work done at the University of Arkansas for Medical Science
- Shares of PharmAla Biotech are up 1.67 per cent to C$0.31 as of 12:02 p.m. ET
PharmAla Biotech stocks (CSE: MDMA) has filed a patent for its PharmAla-1 drug candidate to treat central nervous system disorders.
In a news release, the company said the patent filing follows a year of preclinical proof-of-concept research at the University of Arkansas for Medical Sciences.
Over the course of the year, PharmAla has been advancing its novel drug development pipeline and is moving towards clinical development.
“Our review of PharmAla-1’s therapeutic potential indicates that it brings together a number of highly desirable drug characteristics,” Nick Kadysh, CEO of PharmAla Biotech, said in a statement. “We believe the drug is potent, meaning individuals will need to take less of it. Based on computational chemistry, we believe that the molecule exhibits stronger serotonin binding than MDMA – meaning it will be closer in effect to the classical psychedelics while retaining the trademark and highly desirable pro-social effects of other MDXX compounds.”
PharmAla-1 was first discovered through computational in-silico modeling exercises through the company’s partnership with the University of Windsor.
The company said PharmAla-1 is the first molecule of its computational drug development pipeline.
Shares of PharmAla Biotech are up 1.67 per cent to C$0.31 as of 12:02 p.m. ET.
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