PsyBio Therapeutics (PSYB.V) have amended their agreement with Miami University in Oxford, Ohio to extend and expand their collaborative efforts.
The amended agreement would increase the research efforts of the laboratory of Dr. J. Andrew Jones and includes additional research by Dr. Matthew McMurray’s lab. PsyBio is providing Miami University an additional $1.5 million USD in funding until May 2023 to support the research.
PsyBio expects the collaboration to advance towards filing an Investigational New Drug (IND) application with the US FDA. Their target date for that submission is currently February 2022.
“The initial collaboration between PsyBio and Miami University has resulted in the discovery and scaled production of two medically-relevant tryptamine molecules that are naturally present in psychoactive magic mushrooms, psilocybin and norbaeocystin. The compounds have been efficiently synthesized and further studied in our labs and have now moved out of our labs into venerated commercial development facilities,” stated Evan M. Levine , CEO of PsyBio. “PsyBio believes that it can synthesize these molecules cheaper, faster, and greener than any other published method, and is unaware of any other biotechnology company synergistically developing these natural alkaloids with the intent of commercial medical use. We have filed intellectual property on the preliminary synergistic properties of these natural alkaloids, and PsyBio is developing a portfolio of similar and various intermediates and combinations thereof in multiple plants, fungi and non-natural substrates, with the endeavor for the study of and testing for improved human clinical treatment.”
Jones’ lab is expected to develop elite microbes that can produce medically relevant alkaloids, as well as studying and producing compounds that do not exist in nature but are structurally similar to bioactive compounds. Pursuant to their original May 14, 2020 agreement, PsyBio has global, exclusive, and perpetual right to license a platform technology developed in the Jones lab that enables the rapid generation of its psychedelic compounds.
The McMurray lab plans to lead IND-enabling studies on the compounds produced by the Jones lab, preparing them for clinical studies.
“We are extraordinarily fortunate to have the resources and relationships at Miami University to attract institutional investment capital that is interested in advancing a paradigm shift in the potential treatment of mental health,” stated Dr. J. Andrew Jones, Chairman of PsyBio’s Scientific Advisory Board and Assistant Professor at Miami University. “Our work with the McMurray Lab and PsyBio is expected to enable the Jones Lab’s discoveries to advance from discovery to in vivo validation and industrial application, ultimately with a goal of shortening the time between potential discovery and treatment of patients, once all necessary approvals have been obtained and safety and efficacy proven.”
Following the news, PsyBio’s share price did not move significantly.