Toronto, Ontario–(Newsfile Corp. – May 23, 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, natural medicines, and previously approved drugs, is pleased to announce that the Company’s wholly-owned subsidiary, Securedose Synthetics Inc. (“SecureDose”) has signed an Letter of Intent (“LOI”) on the 16th of May, 2024 with a Canadian controlled drug substance licensed dealer. The Letter of Intent allows for the company to initiate full GMP manufacturing once it has finalized the process development for its novel cocaine manufacturing process. The Company will begin technology transfer for SecureDose’s provisionally patented novel Cocaine synthesis method with a goal to ultimately enter into a full agreement for the manufacturing and distribution of biosynthetic pharmaceutical grade cocaine. The identity of the Licensed Dealer is being withheld at this time for business reasons.
Robert Steen, CEO of PharmaDrug commented, “We are extremely excited to begin the process of partnering with a Canadian controlled drug substance licensed dealer. The partnership will enable us to prepare for the next steps in SecureDose’s forward strategic and tactical plan by preparing us for the production of a commercial batch, with an eye towards distribution opportunities in the regulated supply chain.”
The goal of the LOI is for the parties to eventually enter into a full manufacturing and distribution agreement. PharmaDrug will initiate by sharing the details of its formulation and novel manufacturing process. The dealer will in turn provide feedback on the application of the process in a commercial-scale pharmaceutical manufacturing facility.
An ultimate agreement will also include marketing initiatives for research-based demand and potential global safe supply programs. The parties intend to work towards and sign a full agreement closer to the finalisation of SecureDose’s work with Chiral labs and the successful manufacturing of a test batch.
The SecureDose Pharmaceutical Cocaine Project
SecureDose initiated work in 2023 on a project to develop a novel manufacturing method for the commercial-scale manufacture of cocaine to support safe supply programs. PharmaDrug has already filed a patent for a novel method of development utilizing biosynthetic chemistry (see press release dated March 13, 2024), which it believes will allow for cost effective and efficient Good Manufacturing Practice (“GMP”) manufacturing of pharmaceutical grade cocaine at scale.
PharmaDrug’s innovative biosynthetic method aims to address these challenges by providing a reliable, clinically manufactured drug product for safe supply programs, potentially transforming the supply chain and offering new revenue or royalty stream opportunities through global partnerships and out-licensing.
The Company is dedicated to contributing to harm reduction and believes in a multi-dimensional approach to drug abuse, emphasizing the importance of biosynthetic versions of substances for a regulated pharmaceutical supply chain. PharmaDrug does not condone the abuse of drugs and the Company believes that rehabilitation should continue to be the main focus. However, drug abuse is a complex issue and rehabilitation is not always immediate or achievable for all victims in the short to mid-term. A significant portion of street drugs are contaminated with lethal substances like fentanyl and the supply chain cannot be controlled. Harm reduction for abusers should also be addressed. The Company believes that the only viable way to produce safe supply is to develop biosynthetic versions of these substances to be manufactured domestically in a regulated and pharmaceutical supply chain. The process being developed by PharmaDrug could potentially allow for the cost effective and efficient production of cocaine as a pharmaceutical-grade drug in a variety of facilities and at fairly low cost.
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.