MagicMed Industries Inc said Tuesday it had completed the establishment of its psilocybin-derivatives patent portfolio of the company’s Pysbrary, its library of molecular derivatives.
In addition, the Calgary-based privately-owned company said it launched its Candidate Selection program, which will zero in on the molecules that MagicMed believes have the best characteristics to become pharmaceutical drugs.
The psilocybin-derivatives portfolio, which also captures dimethyltryptamine (DMT) derivatives, includes 12 filed patent applications directed to 9 different chemical compound categories covering over 125 million individual molecules, according to the company’s chief scientific officer Dr Peter Facchini.
READ: MagicMed Industries and the University of Calgary team up to accelerate development of Pysbrary
“While we certainly don’t expect to synthesize all of these molecules during the development of new drug candidates, I am pleased to announce that, as of today’s launch of the Candidate Selection program, we have already synthesized more than 100 distinct psilocybin-derivative drug candidates in our state-of-the-art research and development facilities,” Facchini said in a statement.
MagicMed’s intellectual property advisor Dr Harm Deckers added that filing the patent applications is an “important moment” for the company.
“Now that these patent applications claiming composition, manufacture, and methods of use are on file with the US Patent and Trademark Office, international patent treaties prevent worldwide the issuance of claims to other parties, should any file patent applications in the future on any of these 125 million molecules,” Deckers told shareholders.
MagicMed is planning to develop the Psybrary to deliver improved drug candidates to its biotechnology and pharmaceutical partners.
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