PharmAla Biotech (CSE:MDMA) will no longer be solely focused on the production and distribution of MDMA, thanks to a new agreement with Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF).
On Wednesday, the companies announced a new sales agreement which will allow PharmAla to resell cGMP psilocybin developed by Mindset to certified clinical researchers.
Mindset produced a large batch of its psilocybin in the United States recently at the site of an unnamed international contract development and manufacturing company, which is in accordance with the yearly DEA quota on psilocybin.
“A cost-effective supply of first generation psychedelic therapeutics is essential to the overall development of the medical psychedelic space, and Mindset is eager to help meet this increased demand for pharmaceutical grade psilocybin from researchers,” said James Lanthier, CEO of Mindset.
Lanthier added that the company has chosen PharmAla as a partner because of its strong sales infrastructure and experience working with clinical investigators.
“While we have until now focused exclusively on MDMA and its analogues, we’ve heard time and again that our clinical partners want access to other research materials. We see significant synergies in this partnership with Mindset; our sales infrastructure, as well as our Canadian pharmaceutical value chain, can create revenue opportunities for both companies,” said Nick Kadysh, CEO of PharmAla.
Kadysh added that the new agreement had established PharmAla as the first and only organization capable of providing the clinical research community with two of the most sought after and high-grade APIs in psychedelics: MindSet’s cGMP psilocybin and PharmAla’s GMP LaNeo MDMA product.