TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corporation (“PharmaTher” or the “Company”) (CSE: PHRM) and a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals, announces that it has filed a provisional patent application with the U.S. Patent and Trademark Office outlining the potential novel use of psilocybin to treat cancer, which was discovered by panaceAI™, the Company’s proprietary psychedelic drug repurposing artificial intelligence platform. The patent application, entitled “Use of Psilocybin in the Treatment of Cancers”, outlines psilocybin’s use of significant unmet medical needs for Liver Carcinoma, Melanoma, Breast Neoplasms, Kidney Neoplasms and Acute Myeloid Leukemia.
“We continue to broaden our psychedelic-based patent portfolio and build our psilocybin product pipeline in neurological (i.e. traumatic brain injury and stroke) and cancer disorders that have the potential to obtain FDA orphan drug designation,” said Fabio Chianelli, CEO of PharmaTher. “Although we have positioned ourselves as a specialty pharmaceutical company advancing the clinical development of ketamine to treat Parkinson’s disease, depression and pain, we continue to leverage our drug repurposing artificial intelligence platform, panaceAI™, to discover new uses of psychedelics that we may develop internally or partner with life sciences companies. In addition, we are exploring novel uses of psychedelic drugs such as Ketamine, LSD, MDMA, Ayahuasca and combinations with FDA approved drugs to improve on their efficacy and side effects profile for clinical development and business development opportunities.”
PharmaTher intends to advance the research and development of psilocybin for cancer with leading U.S. research institutions with the objective to complete investigational new drug (“IND”)-enabling studies and to file an IND application with the U.S. Food and Drug Administration. The Company is exploring collaboration opportunities with life sciences companies seeking to expand their product pipeline in cancer and finding novel uses of psychedelic compounds with panaceAI™.
The Company cautions that psilocybin is still under early-stage research and development and is not making any express or implied claims as to their success in cancer treatment or commercial viability. The patent application seeks protection for, among others, methods for psilocybin’s use.
About PharmaTher Inc.
PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corporation (CSE: PHRM), is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals. PharmaTher repurposes psychedelic pharmaceuticals, such as ketamine and psilocybin, for FDA approval to treat cancer and disorders of the brain and nervous system. Our goal is to advance the commercialization of panaceAI™, our drug repurposing artificial intelligence platform, and our clinical product pipeline with ketamine and psilocybin in the treatment of Parkinson’s Disease, depression, pain, traumatic brain injury and stroke.
Learn more at: PharmaTher.com and follow us on Facebook, Twitter and LinkedIn.
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This press release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “potential” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Forward-looking information in this press release includes information with respect to U.S. patent application of psilocybin to treat cancer, psychedelic drug repurposing, drug combinations, U.S. Food and Drug Administration (“FDA”) approval, FDA Orphan Drug Designation (“ODD”) and investigational new drug (“IND”), psilocybin and ketamine programs towards human clinical studies under the FDA regulatory pathway and product developments. Forward-looking information is based on reasonable assumptions that have been made by the Company at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Company’s management’s discussion and analysis for the period of August 30, 2020 (“MD&A”), dated October 1, 2020, which is available on the Company’s profile at www.sedar.com.