MagicMed Industries Inc announced Thursday that it has filed a provisional patent application with the US Patent and Trademark Office (USPTO) related to the composition of matter, drug formation and the process of preparation for novel psilocybin derivatives.
The Calgary-based company expects the filing to be the first in a series of applications that together are designed to protect its portfolio of novel derivatives known as the Psybrary.
MagicMed partners will be able to search, select and test from the derivatives that are part of the Psybrary and use them as building blocks for their own products, such as treatments for anxiety, addiction, PTSD and other conditions, the company said.
“We are excited by the new opportunities to partner with pharmaceutical manufacturers afforded by the library of derivatives that this patent application claims,” MagicMed CEO Joseph Tucker said in a statement.
“Our business model is to work hand in hand with pharma partners to assist them in taking excellent medicinal product candidates forward. In fact, we have already initiated talks with potential partners to assist them in the development of new therapies for diverse psychological indications,” he added.
Psilocybin is a naturally occurring molecule with therapeutic potential for multiple psychological indications that are currently inadequately treated, the company said. The medical applications are encouraging, and the primary goal is to maximize its positive attributes while limiting its potential negative side effects, such as hallucinations and panic attacks.
MagicMed’s approach is to partner with pharmaceutical and other companies who can use the Psybrary as a building block to develop new patented products.
Contact Andrew Kessel at [email protected]nvestors.com
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