PharmaDrug Inc (CSE:PHRX, OTCQB:LMLLF) told investors it continues to advance its psychedelics research and development (R&D) strategy and aims to file a provisional patent describing novel therapeutic and delivery device for the treatment of glaucoma later this year.
The firm said it has selected a final lead drug candidate from a short list of six DMT analogues and intends to submit the patent in the fourth quarter this year.
PharmaDrug revealed it has also extended its contract with investigators at Johns Hopkins University in support of a FDA investigational new drug (IND) application, also in 4Q, for a Phase 1 clinical study to investigate persistent effects of DMT.
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"With a focused biotech strategy now in place, PharmaDrug can accelerate its push forward in its psychedelic programs," said Daniel Cohen, CEO of the company.
"Utilizing bottom up fundamental research and innovation fueled by world class collaborations, the company plans to continue to find novel uses and unique delivery forms of DMT to treat unmet medical needs."
PharmaDrug added it was positioning to become a leader of N,N-Dimethyltryptamine (DMT) based therapeutics for eye disease and neuropsychiatric conditions.
Pharmadrug said it intends to advance its program in primary open angle glaucoma (POAG) by finalizing details of a second sponsored research collaboration with Terasaki Institute for Biomedical Innovation (TIBI) to undertake the following four studies: a mechanism of action studies, optimization of medical device drug release characteristics, in vitro host-species justification studies, evaluation of drug efficacy in an IND-enabling study.
Under the TIBI agreement, PharmaDrug owns or co-owns all resulting intellectual property (IP) that arises and has an exclusive option to obtain a worldwide, royalty-bearing commercialization license to all rights and title that result from studies conducted within the scope of the sponsored research agreement.
And in the third part of the company's psychedelic strategy in DMT research and development, the firm also announced it has formally extended its collaboration with Dr Jimo Borjigin at the University of Michigan.
"Dr Borjigin, in collaboration with the company has undertaken experiments that aim to provide fundamental understanding related to the mechanisms that regulate the synthesis of endogenous DMT and the potential roles of endogenous DMT in normal, diseased, and altered states of consciousness in a newly created animal model," the company said.
Contact the writer at giles@proactiveinvestors.com