The patent, titled Optimized Methods for the Production of Psilocybin and its Intermediates or Side Products, increases the company’s patent portfolio to four pending provisional patents and one pending non-provisional patent. PsyBio’s non-provisional patent application is titled Methods for the Production of Psilocybin and its Intermediates or Side Products, suggesting this newest patent application is likely related to their previous patent.
PsyBio says they want to offer a new paradigm of treatment to reverse the course of mental health issues.
“By building upon PsyBio’s platform technology, we are in a unique position to leverage the value of naturally occurring tryptamines by utilizing their innate synergy to build potentially improved therapeutics targeted across a wide range of health challenges,” stated Dr. Michael Spigarelli , Chief Medical Officer of PsyBio. “Based on the established literature, successful preclinical results, and recent technology transfer to globally acclaimed development facilities, we are preparing the first of several packages for submission to the U.S. Food and Drug Administration (the “FDA”) in the coming quarter in anticipation of upcoming clinical trials.”
PsyBio has been working with Miami University in Oxford, Ohio on psilocybin research. In April, they amended their agreement with the university, providing them $1.5 million to support research for the next two years.
Pursuant to the original terms of the deal, PsyBio maintains global, exclusive, and perpetual right to license a platform technology developed in Miami University’s Jones Lab. They are also helping to support another lab at the university, the McMurray Lab, which plans to lead IND-enabling studies on the compounds produced by the Jones Lab.
PsyBio has $13 million in cash on hand, which they have been putting to good use developing their patent portfolio.
“PsyBio has assembled, by hiring and collaboration, a premier team of engineers, scientists and regulatory experts dedicated to discovery, optimization, and development of new therapeutics based on tryptamine inspired molecules for a myriad of health challenges,” stated Evan Levine, Chief Executive Officer of PsyBio. “We continue to utilize sound scientific methodologies to discover new potential medications by resourcing our areas of expertise in metabolic engineering, chemistry, biology, and neuropsychology. The team has published and filed intellectual property on the most efficient methods to produce tryptamine compounds based on published data and continually builds on progress through targeted research and development efforts with the Jones and McMurray Labs at Miami University.”
Following the news, PsyBio’s share price is up slightly and is currently trading at $0.335.