MagicMed Industries Inc said in a corporate update that it will have more opportunities to bring new psychedelic therapies to market once its amalgamation with Enveric Biosciences Inc (NASDAQ:ENVB) closes.
In the brief update, MagicMed told shareholders that the two companies are "working diligently" to finalize the definitive agreement to close their amalgamation.
“MagicMed is focused on continuing the buildout of the Psybrary, implementing our PsyAI drug discovery tool, expanding our management and science teams, filing additional patents, and ramping up efforts to establish key biotechnology and pharmaceutical partnerships,” MagicMed CEO Joseph Tucker said in a letter to shareholders.
READ: Enveric Biosciences enters definitive agreement for an all-stock transaction to acquire MagicMed Industries
The Canadian psychedelic firm is also developing a novel psychedelic-derived drug candidate to treat post-traumatic stress disorder (PTSD) in cancer patients. Tucker told investors that the premise has already been set by the Canadian Minister of Health of granting exemptions for the use of psilocybin in certain terminal cancer patients.
MagicMed and Enveric announced their amalgamation deal in May 2021, merging the two companies in an all-stock transaction.
“We anticipate that upon completion of the amalgamation, the newly combined team and range of resources will provide additional opportunities to bring new therapies to market with the ultimate goal of increasing the quality of life for patients in need and emerging as a drug discovery and clinical-stage biotechnology leader, bringing forward novel psychedelic and cannabinoid therapies,” Tucker added.
MagicMed also noted that it will be presenting at the Psytech Summit on July 19 and 20, 2021.
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