XPhyto Therapeutics strikes agreement to produce pharmaceutical-grade psychedelic compounds

XPhyto Therapeutics Corp (CSE:XPHYU) (OTCQB:XPHYF) (FRA:4XT) is bolstering its psychedelic business with a new agreement to synthesize pharmaceutical-grade psychedelic compounds. 

The agreement with Applied Pharmaceutical Innovation will also include the development of standard operating procedures necessary to receive regulatory approval for the commercial production process. 

It will also look at potentially synthesizing a broad range of psychedelic compounds based on a previous dealing agreement between XPhyto and Dr Raimar Löbenberg, announced in November 2020, which is exclusive to psychedelic research carried out by Dr Löbenberg, subject to two pre-existing contracts for R&D. 

READ: XPhyto Therapeutics lays out strategic priorities and drug development milestones for 2021

In a statement Wednesday, Vancouver-based XPhyto told shareholders that the industrial-scale production of standardized active pharmaceutical ingredients is an important part of XPhyto’s psychedelic pharmaceutical program, adding that the company expects a shortage of large-scale supply of certain approved and standardized pharmaceutical grade psychedelics.

“In late 2020, XPhyto secured a development agreement for the industrial production of psilocybin with a leading German university,” XPhyto CEO Hugh Rogers said in a statement. “Now, with Applied Pharmaceutical Innovation, we will turn our minds to the industrial production of additional psychedelic compounds.”

Rogers added that XPhyto plans to expand its psychedelic programs in 2021 to include scalable production of pharmaceutical grade compounds, drug formulations, and clinical evaluation.

Applied Pharmaceutical Innovation is a not-for-profit institution at the University of Alberta that supports translational drug development for industry and innovators. It includes an interdisciplinary team of over 30 pharmaceutical scientists, clinicians, regulatory, patent, and market experts.

The group provides industry with access to translational science in a framework that supports commercial success, such as retention of IP and ownership of work product for the funder, focused and efficient project execution, and regulatory compliant operations.

XPhyto, a life sciences aggregator, is actively exploring opportunities in the emerging psychedelic sector, with a particular focus on using the compounds to treat mental health disorders. The company’s German subsidiary is in the midst of a psilocybin production program.

The firm is looking at several other compounds as potential candidates for its first psychedelic pharmaceutical production in Canada.

Contact Angela at [email protected]

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Story by ProactiveInvestors