As the race to own the psilocybin market heats up, MagicMed Industries Inc. (CSE: MGIC reserved) announced that it has completed the establishment of the psilocybin-derivatives patent portfolio of the Psybrary and the launch of the Candidate Selection program. The company said that Psybrary is a proprietary physical and knowledgebase collection of novel psychedelic-derivative drug candidates, manufacturing methods, pharmacological data, and patent filings that protect all of the above.
MagicMed’s Chief Scientific Officer, Dr. Peter Facchini said, “Our psilocybin-derivatives portfolio, which also captures dimethyltryptamine (DMT) derivatives, now includes 12 filed patent applications directed to 9 different chemical compound categories covering over 125 million individual molecules. While we certainly don’t expect to synthesize all of these molecules during the development of new drug candidates, I am pleased to announce that, as of today’s launch of the Candidate Selection program, we have already synthesized more than 100 distinct psilocybin-derivative drug candidates in our state-of-the-art research and development facilities”.
MagicMed’s Intellectual Property Advisor, Dr. Harm Deckers added, “Filing this broad portfolio of patent applications is an important moment for the Company. 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”. The mission of MagicMed is to develop the Psybrary to deliver such much needed improved drug candidates to its biotechnology and pharmaceutical partners.
In December MagicMed closed on an upsized and oversubscribed private placement that brought the company roughly approximately $8.1 million. The offering had been upsized from the previously announced $2.5 million following significant investor interest. The Conscious Fund, a leading global early-stage venture fund investing in psychedelic medicine companies, has made a significant contribution to the round. Founding Partner, Henri Sant-Cassia, commented, “We are very proud to be joining President and CEO Dr. Joseph Tucker and his team on this important journey, as MagicMed is one of the few next generation innovators in the space”.
MagicMed intends to file a non-offering prospectus with certain Canadian securities regulatory authorities and apply to list on the CSE. MagicMed has reserved the ticker symbol “MGIC.”