PsyBio Therapeutics Corp. (TSXV: PSYB | OTCQB: PSYBF), an intellectual property driven biotechnology company focused upon discovery and development of novel, bespoke, psycho-targeted therapeutics to potentially improve mental and neurological health, today announces that it has reached an initial agreement with experienced clinical researchers to conduct a clinical trial utilizing PsyBio’s proprietary biosynthetic psilocybin product upon obtaining all necessary approvals and licenses. PsyBio is also pleased to announce the appointment of its Chief Medical Officer, Michael Spigarelli, MD, PhD, MBA, as Chief Scientific Officer of the Company, effective immediately. In this dual role, Dr. Spigarelli will continue leading the ongoing development of PsyBio’s drug discovery platform technology.
“PsyBio is actively focused on understanding the potential value of tryptamines and other related psycho-targeted molecules as novel therapeutic candidates with the goal to help potentially improve mental and neurological health. Without clinical trials, we cannot realize the potential of these compounds. This agreement paves the way to PsyBio conducting its first clinical trial utilizing biosynthetic psilocybin and is expected to further our understanding of these molecules as therapeutic agents.”
Michael Spigarelli, MD, PhD, MBA, PsyBio’s Chief Medical Officer and Chief Scientific Officer
The agreement between PsyBio and the clinical trial research team represents the first step towards conducting human clinical trials utilizing biosynthetic psilocybin. Additional details will be released as approvals are obtained, a definitive agreement is entered into and further specifics are available. This announcement demonstrates PsyBio’s commitment to scientific advancements.
“PsyBio continues to lead the industry in the development of biosynthetic psycho-targeted therapeutic candidates,” stated Evan Levine, PsyBio’s Chief Executive Officer. “With this latest partnership, PsyBio seeks to further establish its leadership role within the field upon entering clinical phase, human trial evaluations.”
About PsyBio Therapeutics Corp
PsyBio Therapeutics is an intellectual property driven biotechnology company developing new, bespoke, psycho-targeted therapeutics to potentially improve mental and neurological health. The team has extensive experience in drug discovery based on synthetic biology and metabolic engineering as well as clinical and regulatory expertise progressing drugs through human studies and regulatory protocols. Research and development is currently ongoing for naturally occurring psychoactive tryptamines originally discovered in different varieties of hallucinogenic mushrooms, other tryptamines and phenethylamines and combinations thereof. The Company utilizes a bio-medicinal chemistry approach to therapeutic development, in which psychoactive compounds can be utilized as a template upon which to develop precursors and analogs, both naturally and non-naturally occurring.