Mindset Pharma Inc (CSE:MSET, OTCQB:MSSTF) said PharmAla Biotech (CSE:MDMA) Holdings Inc has completed the first sale of a quantity of Mindset’s pharmaceutical grade (cGMP) psilocybin under the companies’ exclusive sales agreement.
The psilocybin is being purchased by Reset Mind Sciences Limited, a Western Australian-based company focused on psychedelic medicines, and a subsidiary of ASX-listed Little Green Pharma (LGP). Reset recently received human research ethics committee approval for a clinical trial investigating psilocybin-assisted psychotherapy protocols for patients with treatment resistant major depressive disorder.
“We’re pleased to see the first sale of our pharmaceutical grade psilocybin completed through our partnership with PharmAla,” commented James Lanthier, CEO of Mindset. “Since the recent approval of psilocybin and MDMA as prescription medicines in Australia, we have seen great interest from Australian companies in our psilocybin supply.”
READ: Mindset Pharma receives another allowance for US patent application expanding composition of matter for Family 1 psilocybin analogs
PharmAla is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA.
“Given the regulatory developments in Australia, we expect this to be the beginning of a fruitful partnership between Mindset and PharmAla thanks to the combined strengths of our novel synthesis processes and sales infrastructure,” Lanthier said.
Nick Kadysh, CEO of PharmAla, added: “This is further validation of our sales and development model. As markets like Australia begin to open to clinical treatments, the pace of research will go up – not down.
“PharmAla continues to provide best-in-class regulatory support to our clinical trial customers, and we look forward to helping Reset Mind Sciences as they progress through their exciting R&D program.”
Mindset Pharma is a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs. It was established to develop next-generation pharmaceutical assets that leverage the breakthrough therapeutic potential of psychedelic drugs.
Mindset is developing several novel families of next-generation psychedelic compounds, as well as an innovative process to chemically synthesize psilocybins in addition to its own proprietary compounds. The company has a co-development agreement with the McQuade Center for Strategic Research and Development, a member of the Otsuka Pharmaceuticals family of companies, for its short-duration compounds, Mindset Families 2 & 4.
Contact the author at jon.hopkins@proactiveinvestors.com