BetterLife Pharma Inc (CSE:BETR, OTCQB:BETRF) said it has secured additional Mitacs funding for preclinical depression studies on its LSD-derivative molecule BETR-001.
The Vancouver-based biotechnology firm said in a statement that a joint application to the Mitacs Accelerate program, in collaboration with Dr Argel Aguilar-Valles at Carleton University Department of Neuroscience, was successfully funded for research into the anti-depressant effects and mechanism of action of BETR-001 in preclinical models of depression.
BetterLife believes BETR-001 will mimic the therapeutic potential of LSD without causing psychedelic effects, such as hallucinations.
READ: BetterLife Pharma to present BETR-001 preclinical data at FENS Forum in Paris, France in July
BetterLife CEO Ahmad Doroudian told shareholders that BETR-001 is a potential novel therapy to treat debilitating psychiatric disorders with high unmet need, such as treatment-resistant severe depression and cluster headaches.
“BetterLife's goal is to bring this treatment to Investigational New Drug application and the clinic as soon as possible, and the scientific expertise of Carleton University's team, headed by Dr. Argel Aguilar-Valles at the Department of Neuroscience, is an ideal partner to help us realize our vision," said Doroudian.
BetterLife is an emerging biotech company focused on the development and commercialization of cutting-edge treatments for mental disorders.
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