PharmaDrug Inc (CSE:PHRX, OTCQB:LMLLF) said it plans to continue to carry out Securedose Synthetics’ strategy of developing synthetic formulations of existing drugs for potential commercialization and distribution following its acquisition of the company.
PharmaDrug said it has begun collaborating with a third-party regulated university-affiliated lab to continue Securedose Synthetics’ research and development activities, which it believes could lead to the development of intellectual property and novel formulations of existing drugs.
The company believes that the only viable way to produce safe supply is to develop biosynthetic versions of these substances which have been manufactured domestically in a regulated pharmaceutical supply chain.
It expects to announce in the coming months the drugs it has chosen to focus on. It also expects to commission its first test batch in the coming quarters.
“I want to be crystal clear that I or PharmaDrug do not condone the abuse of drugs and that we believe that rehabilitation should continue to be the main focus. However, drug abuse is a complex issue that requires a multi-dimensional approach,” PharmaDrug CEO Robert Steen said in a statement.
“A significant portion of street drugs are contaminated with lethal substances like fentanyl and the supply chain cannot be controlled. Harm reduction for abusers should also be addressed."
The company's shares traded up on the news, adding 12.5% at C$0.05 before Wednesday's opening bell.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled substances and natural medicines such as psychedelics and previously approved drugs.