PsyBio Therapeutics Corp (CVE:PSYB) (OTCMKTS:PSYBF) (FRA:PSYB) said it has filed a new provisional patent application with the US Patent and Trademark Office aimed at protecting numerous novel psychedelic drug candidates being developed for clinical trial evaluations.
The patent application, entitled 'Psilocybin and Norbaeocystin Compositions and Methods of Treatment', contains 67 new inventive claims. The biotechnology company said it further demonstrates its vision to build a strong intellectual property portfolio.
PsyBio’s portfolio now includes five pending provisional patents and one pending non-provisional patent application.
READ: PsyBio Therapeutics kicks off first European manufacturing run of its proprietary biosynthetic compounds
In a statement, PsyBio CEO Evan Levine told investors the company is uniquely positioned as one of the leading biotechnology companies sponsoring the development of new therapeutic targets for a myriad of human health conditions.
"PsyBio has a multifaceted, biotechnology-focused development program spanning compounds from different plants and fungi as well as a discovery program for a variety of non-natural drug targets,” Levine said.
"We have successfully tech transferred the first two molecules from the bench to commercial manufacturing and will continue with additional product candidates in the coming months,” he added.
The company said it plans to submit its initial pre-investigational new drug (IND) application request by the end of this quarter with the goal of filing an investigational new drug application around the end of 2021.
"Results from our latest testing demonstrate preliminary enhancement of efficacy when compounds are combined," said Dr Matthew S. McMurray, a member of PsyBio's scientific advisory board and assistant professor of psychology at Miami University in Oxford, Ohio.
"This suggests powerful synergies exist between certain tryptamines, which may herald improved therapeutic profiles and safety. The collaboration agreement with PsyBio has expedited testing of these novel tryptamine combinations in my laboratory," he added.
PsyBio Therapeutics is an intellectual property-driven biotechnology company developing novel formulations of psychoactive medications produced by genetically modified bacteria for the treatment of mental health challenges and other disorders.
The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering as well as clinical and regulatory expertise progressing drugs through human studies and regulatory protocols.
Contact the author at stephen.gunnion@proactiveinvestors.com