PsyBio Therapeutics further extends and
expands intellectual property protection
OXFORD,
Ohio and COCONUT CREEK,
Fla., April 27, 2022 /CNW/ - PsyBio Therapeutics
Corp. (TSXV: PSYB) (OTCQB: PSYBF) ("PsyBio" or the
"Company"), a fully integrated and intellectual property
driven biotechnology company developing novel, bespoke psychoactive
medicinal candidates targeting the potential treatment of mental
health challenges, neurological disorders and other human health
conditions, today is announcing that it has submitted an
application to convert existing provisional patents to full
patents. This submission covers major markets including
North America, Europe, Asia-Pacific, and Africa as well as other important countries.
This continued collaboration with Miami
University is anticipated to expedite progress toward the
filing of an Investigational New Drug ("IND") application
with the United States Food and Drug Administration
("FDA").
"We remain focused on the development of psycho-targeted
therapeutic candidates as one of the only biotechnology companies
in the psychoactive therapeutic industry developing their own
compounds," stated Evan Levine,
PsyBio's Chief Executive Officer. "Intellectual property protection
is crucial for our current and future investors and partners, and
we continue to be committed to the ongoing development and
submission of patent applications and conversions."
PsyBio acquired the global, exclusive, and perpetual rights to
license the platform technology developed at Miami University in Oxford, Ohio enabling rapid generation of
tryptamines and related compounds through a biosynthetic process
using genetically modified bacteria. Ongoing patent coverage
extension such as this submission further extends and expands that
intellectual property protection.
"Solidifying these provisional patents and protecting our
intellectual property is vital for the development of PsyBio, which
is in the process of pre-manufacturing and production
optimization," stated Michael
Spigarelli, MD, PhD, MBA, PsyBio's Chief Medical Officer.
"The submission of the additional data regarding the process and
production of tryptamines and related compounds is an important
step in our growth objectives."
About PsyBio Therapeutics
Corp.
PsyBio Therapeutics is an integrated and intellectual property
driven biotechnology company developing novel, bespoke psychoactive
medicinal candidates targeting the potential treatment of mental
health challenges, neurological disorders and other human health
conditions. The team has extensive experience in drug discovery
based on synthetic biology and metabolic engineering as well as
clinical and regulatory expertise progressing drugs through human
studies and regulatory protocols. Research and development is
currently ongoing for naturally occurring psychoactive tryptamines
originally discovered in different varieties of hallucinogenic
mushrooms, other tryptamines and phenethylamines and combinations
thereof. The Company utilizes a bio-medicinal chemistry approach to
therapeutic development, in which psychoactive compounds can be
utilized as a template upon which to develop precursors and
analogs, both naturally and non-naturally occurring, specifically
because they are already known to have an effect within the
brain.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking information" ("forward-looking
information") within the meaning of applicable Canadian
securities legislation. All statements, other than statements of
historical fact, are forward-looking information and are based on
expectations, estimates and projections as at the date of this news
release. Any statement that discusses predictions, expectations,
beliefs, plans, projections, objectives, assumptions, future events
or performance (often but not always using phrases such as
"expects", or "does not expect", "is expected", "anticipates" or
"does not anticipate", "plans", "budget", "scheduled", "forecasts",
"estimates", "believes" or "intends" or variations of such words
and phrases or stating that certain actions, events or results
"may" or "could", "would", "might" or "will" be taken to occur or
be achieved) are not statements of historical fact and may be
forward-looking information. Forward looking-statements in this
press release include statements regarding: the ability of PsyBio
to convert existing provisional patents to full patents; the
ability of PsyBio to develop novel formulations to potentially
treat neurologic and psychologic conditions and other disorders;
the ability of PsyBio to build and protect its intellectual
property portfolio of novel drug candidates; the ability of PsyBio
to move target candidates into scaled commercial manufacturing and
regulatory application; the ability to achieve cost competitive
synthesis with reduced environmental impact over current production
methods; and the ability of PsyBio to move target candidates into
scaled commercial manufacturing and regulatory application.
In disclosing the forward-looking information contained in this
press release, the Company has made certain assumptions, including
that: PsyBio will be successful in protecting its intellectual
property; PsyBio will be successful in discovering new valuable
target molecules; PsyBio will be successful in obtaining
Investigational New Drug Applications and will be able to obtain
all necessary approvals for clinical trials; PsyBio will be
successful in launching clinical trials; the results of preclinical
safety and efficacy testing will be favourable; PsyBio's technology
will be safe and effective; a confirmed signal will be identified
in PsyBio's selected indications; and that drug development
involves long lead times, is very expensive and involves many
variables of uncertainty. Although the Company believes that the
expectations reflected in such forward-looking information are
reasonable, it can give no assurance that the expectations of any
forward-looking information will prove to be correct. Known and
unknown risks, uncertainties, and other factors which may cause the
actual results and future events to differ materially from those
expressed or implied by such forward-looking information. Such
factors include, but are not limited to: compliance with extensive
government regulations; domestic and foreign laws and regulations
adversely affecting PsyBio's business and results of operations;
decreases in the prevailing process for psilocybin and
nutraceutical products in the markets in which PsyBio operates; the
impact of COVID-19general business, economic, competitive,
political and social uncertainties; and the risk factors set out in
the Company's management discussion and analysis for the period
ended December 31, 2021 and the
Company's annual information form dated March 2, 2022, which are available under the
Company's profile on www.sedar.com. Accordingly, readers should not
place undue reliance on the forward-looking information contained
in this press release. Except as required by law, the Company
disclaims any intention and assumes no obligation to update or
revise any forward-looking information to reflect actual results,
whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward-looking
information or otherwise.
PsyBio makes no medical, treatment or health benefit claims
about PsyBio's proposed products. The FDA or other similar
regulatory authorities have not evaluated claims regarding
psilocybin and other next generation psychoactive compounds. The
efficacy of such products has not been confirmed by FDA-approved
research. There is no assurance that the use of psilocybin and
other psychoactive compounds can diagnose, treat, cure, or prevent
any disease or condition. Vigorous scientific research and clinical
trials are needed. PsyBio has not conducted clinical trials for the
use of its intellectual property. Any references to quality,
consistency, efficacy and safety of potential products do not imply
that PsyBio verified such in clinical trials or that PsyBio will
complete such trials. If PsyBio cannot obtain the approvals or
research necessary to commercialize its business, it may have a
material adverse effect on the PsyBio's performance and
operations.
The TSX Venture Exchange (the "TSXV") has neither
approved nor disapproved the contents of this news release. Neither
the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE PsyBio Therapeutics Corp.