Toronto, Ontario–(Newsfile Corp. – February 27, 2024) – PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) (“PharmaDrug” or the “Company“), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs, is pleased to announce that current board member Dr. David Kideckel has been appointed Chairman of the Board of PharmaDrug replacing Robert Steen who will remain as CEO of the Company.
Robert Steen, CEO of PharmaDrug commented, “We believe it is the right time to have David step into the Chairman role with his pedigree in the pharmaceutical industry given the potential for Sairiyo to move into a clinical trial in Australia while SecureDose plans to move into the manufacturing phase of its drug development in the short term.”
As Founder of the Kideckel Advisory Group Inc., David provides fractional CFO and CBO services to both public (TSX, Nasdaq) and private corporations. David combines nearly 20 years of industry, advisory, and capital markets experience, most recently serving as Managing Director, Head of Life Sciences & Senior Institutional Equity Research Analyst at ATB Capital Markets. David’s industry experience spans several senior healthcare & biotechnology executive roles including at Johnson & Johnson Inc. and Alexion Pharmaceuticals (acquired by AstraZeneca PLC). David holds a Doctorate in Neuroscience & Statistics from the University of Toronto’s Institute of Medical Science and an MBA from the University of Toronto’s Rotman School of Management.
Dr. David Kideckel, Chairman of PharmaDrug commented, “I believe the coming year will be transformational for PharmaDrug. As a proponent of biosynthesis and its applications through pharmaceutical manufacturing, I am excited about the work being done by SecureDose. At the same time, what initially attracted me to the Company, cepharanthine and specifically PD-001’s potential to become a multi-therapeutic agent ranging from oncology to infectious diseases, is proceeding according to plan.”
Sairiyo Therapeutics Inc. (“Sairiyo”), a company that is fifty-one percent (%1%) owned by PharmaDrug and forty-nine percent (49%) owned by PharmaTher Holdings Ltd, has initiated its regulatory and clinical development plan to evaluate Sairiyo’s patented reformulated enteric coated version of orally bioavailable cepharanthine (“PD-001”) as a potential treatment for oncology and infectious diseases in a Phase1 clinical study in Australia.
In pursuit of its clinical strategy for PD-001, Sairiyo is establishing a wholly-owned subsidiary in Australia to conduct the proposed Phase 1 study and capitalize on drug development incentives in Australia. Sairiyo could earn a 43.5 percent rebate from the Australian Federal Government’s Research and Development tax incentive program.
SecureDose has finalised its formulation and has been focusing on fine tuning the process. The next phase will come with the manufacturing of a test batch. Management’s priority will be to continue SecureDose’s strategy to develop synthetic formulations for the potential third wave of drug policy reform. The Company already has biosynthetic formulations, but will continue to fine tune them for scalable and economic production in pharmaceutical grade facilities. The Company plans to be able to announce the drugs it is focusing on in the next few weeks and also anticipates being able to commission its first test batch in the next couple of months.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 51% of Sairiyo Therapeutics (“Sairiyo”), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the US and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease and rare cancers. Sairiyo is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions. PharmaDrug also owns 100% of SecureDose Synthetics Inc. (“SecureDose”), a pharmaceutical research and development company focused on the development of synthetic formulations of currently existing drugs for potential commercialization and distribution.