BetterLife Pharma Inc (CSE:BETR, OTCQB:BETRF) told investors it had applied for a patent for new compositions of 2-bromo-LSD to use as a treatment for cluster headaches and other neurological conditions.
One of these compositions is TD-0148A, which BetterLife is advancing. It is the only non-hallucinogenic and non-controlled LSD derivative in development and is unregulated and therefore can be self-administered.
BetterLife is already in advanced stages of GMP manufacturing TD-0148A and has begun the necessary preclinical IND-enabling studies for the drug candidate.
"The inventions covered by this provisional patent filing hold great promise, and help us advance on our path to becoming a leader in the psychedelic drug space which is estimated to become a US$6.85 billion industry by 2027," said Ahmad Doroudian, CEO of BetterLife.
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"We are excited to be developing and bringing to market treatments addressing cluster headaches, neuropathic pain and range of mental health conditions, including depression, anxiety and PTSD, and related disorders."
TD-0148A is currently in pre-clinical pharmacology and other IND-enabling studies and in 2022, BetterLife will file its IND and start Phases 1 and 2 in healthy subjects for major depressive disorder, the company said.
The global depression drugs market reached US$12.41 billion in 2019 and is projected to reach near US$25 billion by 2030. According to the World Health Organisation (WHO), depression is one of the leading causes of disability, impacting around 265 million people in the world.
BetterLife Pharma is an emerging biotechnology company primarily focused on developing and commercializing two compounds, TD-0148A and TD-010, to treat neuro-psychiatric and neurological disorders.
Contact the writer at giles@proactiveinvestors.com