XPhyto Therapeutics secures exclusive psychedelic drug development agreement

XPhyto Therapeutics Corp (CSE:XPHY) (OTCMKTS:XPHYF) (FRA:4XT), a next-generation bioscience accelerator, revealed on Tuesday that it has expanded its exclusive development agreement with Professor Raimar Löbenberg to incorporate a number of psychedelic compounds, precursor molecules and metabolites (small molecules).  The Vancouver-based company which is working on cannabinoid-based therapeutics focused on European markets said the deal includes, but is not limited to the following: Psilocybin (O-phosphoryl-4-hydroxy-N,N-dimethyltryptamine); Mescaline (3,4,5-trimethoxyphenethylamine); LSD (lysergic acid diethylamide); MDMA (3,4-methylenedioxymethamphetamine); and DMT (N,N-dimethyltryptamine). Dr Löbenberg holds Health Canada licences for research and analytical testing on a wide range of psychedelic compounds under the Controlled Drugs and Substance Act. He also holds research and analytical testing licences for cannabis under the Cannabis Act. On August 20, 2018, the company signed the exclusive agreement with Dr Löbenberg in connection with exclusive commercial development rights under his cannabis licences and to related intellectual property. READ: XPhyto taps European healthcare veteran Per S Thoresen as director as it eyes commercialization XPhyto Therapeutics and Dr Löbenberg have recently signed an addendum to the original agreement to include psychedelic compounds. "We see a lot of potential therapeutic value in psychedelic compounds for their ability to positively influence neural networks through growth and reorganization," Dr Löbenberg said in a statement. "Our initial focus is to develop standardized drug formulations with precise, predictable and efficient API delivery for clinical study and therapeutic use." Dr Löbenberg is a director in XPhyto and founding director of the Drug Development and Innovation Centre, in the Faculty of Pharmacy and Pharmaceutical Sciences, in the University of Alberta, in Canada. He is a German-trained expert in biopharmaceutics with a focus on oral and inhalable nanoparticles for the treatment of cancer and infectious disease and is the former president of the Canadian Society for Pharmaceutical Sciences and vice-chair of the United States Pharmacopeia Dietary Supplement Expert Committee. He is also a current member of the Health Canada Scientific Advisory Committee on Pharmaceutical Sciences and Clinical Pharmacology and the Scientific Advisory Panel on Opioid Analgesic Abuse. XPhyto noted that psychedelic compounds are emerging as “a new class of drug with potential for significant impact in the treatment of mental health-related medical indications such as depression, anxiety, addiction, anorexia and post-traumatic stress disorder.” Psilocybin has recently been designated twice as a "breakthrough therapy" by the US Food and Drug Administration for the treatment of major depressive disorder and treatment-resistant depression. In November this year, XPhyto initiated a research agreement with a top German university for the exclusive development of a proprietary biotechnology process for the industrial manufacture of psilocybin as a certified active pharmaceutical ingredient. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive