Love Pharma (CSE:LUV) Co announced that it is developing a muco-adhesive sublingual strip for a psilocybin delivery system in partnership with a US-based pharmaceutical company.
The Vancouver-based firm said it is working to develop new extracted products designed for delivering accurate psilocybin doses. The company has acquired rights for a muco-adhesive sublingual strip, which it is currently developing for use with the psychedelic substance.
"Considering the incredible advancement of psychedelics (most notably, psilocybin) in the health and wellness market, Love Pharma (CSE:LUV)'s excitement about partnering with a US-based pharmaceutical company developing the technology behind this muco-adhesive strip as a delivery system for psilocybin-is palpable,” said Joshua Maurice, COO of Love Pharma.
READ: Love Pharma appoints Joshua Maurice as chief operating officer
“We recognize the need for discreet, consumer-friendly applications; and with its delivery of consistent dosing, this sublingual strip hits all the marks," he added.
Psilocybin, a Schedule III substance regulated under the Canadian Controlled Drugs and Substances Act, has gained legitimacy in the mental health space, after the 2018 “breakthrough” designation by the US Food and Drug Administration (FDA).
Various leading medical institutions in North America and Europe are exploring the therapeutic efficacy of psilocybin in treating health concerns. A 2020 clinical trial at Johns Hopkins University's Center for Psychedelic and Consciousness Research - the leading psychedelic research institution in the US - suggests that psilocybin with therapy is efficacious in treating Major Depressive Disorder (MDD).
Another research at Johns Hopkins has demonstrated the therapeutic effects of psilocybin in people facing such conditions as addiction (smoking, alcohol, other drugs of abuse), existential distress caused by life-threatening disease, and treatment-resistant depression.
Love Pharma also announces that it has entered into contractual agreements for marketing, communication, shareholder engagement, and social media communications. The marketing and communication program will include certain investor relations activities and is designed to provide improved visibility in the company's current and planned operations.
The global sexual health wellness and psychedelics firm is working to position itself to bring innovative products that enhance health and wellness. Love Pharma holds exclusive licenses to produce, market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
Contact Ritika at ritika@proactiveinvestors.com