After raising a larger-than-expected cash pile, MagicMed Industries Inc. says its taking next steps to develop its library of novel psychedelic derivatives.
On Tuesday, the Calgary-based company said it’s filed 12 patents related to the extraction of nine different chemical compounds found in psilocybin that cover 125 million individual molecules. The firm then says it launched a candidate selection program to screen for new drugs for precision mental health treatments.
“While we certainly don’t expect to synthesize all of these molecules during the development of new drug candidates,” chief scientific officer Peter Facchini said in statement. “We have already synthesized more than 100 distinct psilocybin-derivative drug candidates in our state-of-the-art research and development facilities.”
Because many mental health conditions such as depression are so hard to treat, psychedelic therapies are offering hope as an alternative to less effective traditional treatments.
However, the field of science is still emerging and psychedelic-based drugs require improvement to achieve reduced side effects, better efficacy and broader patient access, MagicMed says.
The company’s mission is to develop its trademarked Psybrary to deliver drug candidates that will attract pharmaceutical partners.
While natural molecules like psilocybin can’t be patented, a key differentiator for MagicMed is the ability to create compositions that can.
“Now that these patent applications claiming composition, manufacture, and methods of use are on file with the U.S. Patent and Trademark Office, international patent treaties prevent worldwide the issuance of claims to other parties, should any file patent applications in the future on any of these 125 million molecules,” intellectual property advisor Harm Deckers said.
The company’s strategy appears to be on track as it closed this month an upsized and oversubscribed offering of $8.1 million, up from an initial target of $2.5 million.
The cash will be used to develop its patent-pending portfolio of novel pharmaceutical candidates. The company will also expand the library to cover other psychedelic molecules including dimethyltryptamine (DMT), and LSD.
Last month, MagicMed teamed up with the University of Calgary to help create the psychedelics library.
The research contract gives the firm access to the university’s state-of-the-art facilities and millions of dollars worth of equipment. It will use them to develop new medicines with drug companies for anxiety, depression and other mental health conditions.
MagicMed aims to be listed on the Canadian Securities Exchange early next year and has reserved the ticker symbol MGIC.
Top image via Imperial College London