Polyrizon Ltd (NASDAQ: PLRZ), an Israeli biotech company that completed a US$4.2-million-dollar initial public offering last fall, will soon be using its patented intranasal delivery system for psychedelic therapeutics.
On Friday, the medical device creator revealed that it has signed a non-binding letter of intent with an unnamed psychedelics company to pioneer novel intranasal formulations for psychoactive drug administration. Polyrizon did not specify which substances they would be working with or any sort of timeline.
The aim is to utilize the Ra’anana-based biotech operator’s mucoadhesive nostril delivery tech to get psychedelic drugs into the user’s bloodstream quickly and efficiently. Funding for their research and development collaboration will be provided by Polyrizon’s new partner. Commercialization is the long-term goal after a definitive agreement is established.
“This collaboration emphasizes the growing potential of intranasal drug delivery in the psychedelic medicine space,” Polyrizon highlighted in a press release, “offering an innovative approach to enhancing bioavailability, efficacy, and patient accessibility.”
Polyrizon has two proprietary methods of drug delivery: Capture & Contain and Trap & Target. The former acts as an immune booster and protects the user from airborne contaminants while the latter is tailored to enhance the bioavailability of active pharmaceutical ingredients.
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Investor interest dwindles after IPO
The stock hit an all-time high of US$3.29 on Dec. 18 before steadily sliding down to its current price of US$0.59. The IPO was completed at the end of October.
The drop can be linked to Polyrizon’s current status as a pre-revenue, clinical development stage operator that has yet to come up with any commercial products. This is typical for small-cap biotech companies once speculative interest dissipates.
The announcement about the new psychedelics partnership briefly sent shares up by 16 per cent during pre-market hours at the end of last week, but enthusiasm has now faded once again.
Chief Executive Officer Tomer Izraeli founded Polyrizon back in 2005. The company managed to make its public debut nearly two decades later.
“This achievement is the result of a long journey through turbulent times,” Chief Technology Officer, About 67 per cent of Polyrizon’s shares are held by insiders.
rowan@mugglehead.com
