Mindset Pharma Inc (CSE:MSET, OTCQB:MSSTF), which is focused on developing next-generation psychedelic and non-psychedelic drugs to treat neuropsychiatric disorders, revealed that it has forged an exclusive sales agreement with PharmAla Biotech (CSE:MDMA) Holdings Inc.
The Vancouver-based drug discovery company said that under the sales agreement, PharmAla will be the exclusive global reseller of Mindset’s current good manufacturing practice (cGMP) pharmaceutical-grade psilocybin to appropriately licensed clinical researchers.
“In addition to forging new ground in next-generation psychedelic drug discovery, Mindset has also developed a patent-pending, highly scalable psilocybin synthesis technology,” said Mindset Pharma CEO James Lanthier.
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“A cost-effective supply of first-generation psychedelic therapeutics is essential to the overall development of the medical psychedelic space, and Mindset is eager to help meet this increased demand for pharmaceutical-grade psilocybin from researchers,” he added.
Lanthier noted that Mindset has chosen PharmAla as a partner because of their track record in working with clinical researchers, and existing sales infrastructure to sell psychedelic compounds.
“It’s also yet another concrete example of Mindset commercializing and creating value from its portfolio of innovations,” added Lanthier.
Mindset has recently completed the production of a large batch of cGMP psilocybin at the US site of an international contract development and manufacturing company (CDMO) following the annual US Drug Enforcement Administration (DEA) quota on psilocybin.
Meanwhile, PharmAla CEO Nick Kadysh said that while his company has until now focused on 3,4-methylenedioxymethamphetamine (MDMA) and its analogues, it has heard time and again that its clinical partners want access to other research materials.
“We see significant synergies in this partnership with Mindset; our sales infrastructure, as well as our Canadian pharmaceutical value chain, can create revenue opportunities for both companies,” said Kadysh. “With the culmination of this agreement, we’re the first and only organization that is able to offer the clinical research community two of the most high-quality and in-demand APIs in psychedelics: PharmAla’s GMP LaNeo MDMA, and Mindset’s cGMP Psilocybin.”
Mindset is developing several novel families of next-gen psychedelic compounds, as well as innovative ways to chemically synthesize psilocybin in addition to its own proprietary compounds. It has a co-development agreement with the McQuade Center for Strategic Research and Development, a member of the Otsuka Pharmaceuticals family of companies, for its short-duration compounds, Mindset Families 2 and 4.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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