- Has agreed to its acquisition by NASDAQ-listed Enveric Bioscience
- Psybrary to deliver improved drug candidates to its biotechnology and pharmaceutical partners
- Initial focus of the Psybrary is on psilocybin but expected to be expanded to other psychedelics
What MagicMed Industries does:
MagicMed Industries Inc. is a Calgary-based company that is looking to unlock the full potential of psychedelic-derived medicines for the treatment of neurological and psychological indications.
MagicMed is focused on the discovery and early development of novel drug candidates, structurally related to the classic psychedelics but with vastly improved pharmaceutical characteristics and commercial potential.
The company's molecular derivatives library, the Psybrary is anticipated to be an essential building block from which industry can develop new patented products. The initial focus of the Psybrary is on psilocybin, but it is
expected to be opportunistically expanded to other psychedelics like MDMA, ketamine, Ibogaine, Mescaline, and Ayahuasca.
The psilocybin-derivatives portfolio, which also captures dimethyltryptamine (DMT) derivatives, includes 13 filed patent applications directed to 9 different chemical compound categories covering over 125 million individual molecules, according to the company’s chief scientific officer Dr Peter Facchini.
MagicMed’s goal is to have the Psybrary encompass hundreds of millions of psychedelic derivatives based on the structures of psilocybin, DMT, LSD, mescaline, ibogaine, and MDMA. To help achieve this, the company is developing and patenting additional chemical compound categories. MagicMed is planning to develop the Psybrary to deliver improved drug candidates to its biotechnology and pharmaceutical partners..
How is it doing:
MagicMed's preparations to list on the Canadian Securities Exchange under the ticker ‘MGIC’ were shelved on May 24, 2021, following news that Enveric Biosciences Inc. (NASDAQ:ENVB) has entered into a definitive agreement for an all-stock transaction to acquire the privately-held biotechnology company.
Enveric said the acquisition of MagicMed will expand and complement its current pipeline of naturally occurring compounds, which is primarily focused on cannabinoids, to now include a robust portfolio of psychedelic-derived molecules.
Once closing is complete, Magic Med CEO, Dr Joseph Tucker will be appointed chief executive officer of the enlarged company and David Johnson, chairman and CEO of Enveric, will be appointed executive chairman.
Under the terms of the amalgamation agreement and other related agreements, Enveric will issue the shareholders of MagicMed an aggregate of 9,946,969 shares of common stock of Enveric, as well as warrants, options, and restricted stock units to acquire an additional 9,039,882 shares of common stock of Enveric.
Current Enveric shareholders will own approximately 63.4% of the combined company’s common stock, as calculated on a fully diluted basis, and current MagicMed shareholders will own approximately 36.6% of the combined company’s common stock, as calculated on a fully diluted basis.
In a letter to shareholders on July 5, MagicMed said that it will have more opportunities to bring new psychedelic therapies to market once its amalgamation with Enveric Biosciences closes. MagicMed told shareholders that the two companies are "working diligently" to finalize the definitive agreement to close their amalgamation.
And on July 8, MagicMed noted that merger partner Enveric announced that it has received approval from the Israeli Ministry of Health to begin the Phase 1/2 portion of its study of its synthetic cannabidiol (CBD) glioblastoma treatment, EV101. The study is designed to investigate the safety and efficacy of synthetic CBD when administered alone or in combination with clomiphene, concurrently with the tumor medication temozolomide, to treat patients suffering from recurrent or progressive glioblastoma (GBM). The study will be conducted at the Davidoff Institute of Oncology, Rabin Medical Center, in Israel under principal investigator Tali Siegal.
In an update to shareholders on April 27, 2021, MagicMed had said it was actively recruiting new talent to enable and support the growing needs of the company and the development of its Psybrary and PsyAI drug discovery tool. It added that it is focused on recruiting for a number of scientific, investor relations, and business development positions.
Operationally, MagicMed said it was focused on the buildout of its Psybrary, implementing its PsyAI, expanding and strengthening its management and science teams, filing of additional patents, and ramping up of efforts to establish key biotechnology and pharmaceutical partnerships.
Back at the start of March, MagicMed had announced a new collaboration with two artificial intelligence experts to build PsyAI, a new tool designed to provide predictive and validating methodologies for psychedelic medicine.
MagicMed will be working with Drs Suran Goonatilake and Eric Nyberg, who the company described as “thought leaders in artificial intelligence”. Goonatilake, a visiting professor at the UCL Centre for Artificial Intelligence, and co-founder of April 19 Discovery Inc, has a track record in developing new AI methods and applying them to address some of the world’s hardest problems.
Nyberg is the chief data scientist at Cognistx and a professor at Carnegie Mellon University. He was a member of the original IBM Watson development team and helped create scalable architecture for multi-strategy question-answering systems.
The group will aim to build upon a classification and clustering matrix and ultimately deploy a tier-based model that designs structures, optimizes synthesis processes, and predicts biophysical properties from receptor binding and pharmacology and toxicology through to patient outcomes in distinct clinical indications, according to Nyberg.
And in December 2020, MagicMed said it had completed the establishment of its psilocybin-derivatives patent portfolio of the company’s Pysbray. In addition, the company said it had launched its Candidate Selection program, which will zero in on the molecules that MagicMed believes have the best characteristics to become pharmaceutical drugs.
- Progress on the company's amalgamation with Enveric Bioscience
- Further development of the Psybrary
- More news on partnership with the University of Calgary
What the boss says:
In the letter to shareholders published on July 5, MagicMed CEO Joseph Tucker said: “MagicMed is focused on continuing the buildout of the Psybrary, implementing our PsyAI drug discovery tool, expanding our management and science teams, filing additional patents, and ramping up efforts to establish key biotechnology and pharmaceutical partnerships."
Referring to the Enveric amalgamation deal announced in May 2021, merging the two companies in an all-stock transaction, Tucker added: “We anticipate that upon completion of the amalgamation, the newly combined team and range of resources will provide additional opportunities to bring new therapies to market with the ultimate goal of increasing the quality of life for patients in need and emerging as a drug discovery and clinical-stage biotechnology leader, bringing forward novel psychedelic and cannabinoid therapies."
Contact the author at firstname.lastname@example.org