Psyence is finalizing agreements with partners in Jamaica to develop its natural psilocybin-based formulations

Psyence Group Inc (CSE:PSYG) said in a corporate update that it is finalizing several partnerships with academic and industry organizations, including work in Jamaica to develop both nutraceuticals and pharmaceuticals.

The life science biotechnology company is pioneering the use of natural psilocybin to heal psychological trauma and its mental health consequences, especially in palliative care.

“Jamaica is the right country, and this is the right time for a breakthrough in psilocybin research and development (R&D),” Psyence Chief Scientific Officer Justin Grant said in a statement. “Our formulations will be used in observational studies that will go on to inform rigorous randomized clinical trials.”

READ: Psyence Group is advancing the extraordinary therapeutic potential of natural psilocybin

The company’s R&D is focused on developing therapeutic, hallucinogenic, and sub-hallucinogenic dosing and treatment protocols to help heal psychological trauma and the ICD-11 and DSM-5 diagnosable disorders that can result in anxiety, depression, grief and post-traumatic stress disorder (PTSD) in palliative care.

Psyence is also working on securing intellectual property (IP) for its active pharmaceutical ingredient (API), in the form of purified, standardized extracts, which it plans to have in market in 2022. “This will be followed by pharmaceutical products which include API and capsules,” said the company.

In May, Psyence’s therapeutics arm saw its abstract on psilocybin published in the peer-reviewed journal “Molecules.”

Meanwhile, the company said Psyence Function is developing over-the-counter IP-protected nutraceutical products to support mental wellbeing.

“With the skills and resources we have at Psyence, we are well positioned to develop a leading nutraceutical product portfolio focused on mental well-being. As psilocybin is legalized in more jurisdictions, we can then easily extend our existing product range, which will already have established routes to market and brand recognition, to include psilocybin-containing products,” said Kevin Coyne, Global Commercial Director. 

Psyence launched its first functional mushroom brand, GoodMind, in March 2021. “The product will be on shelf in pharmacies and in health outlets in South Africa during 2021. It will also be available through a dedicated online platform,” said the company.

The company intends to launch its Psyence Function products in the fourth quarter of 2021 to help with mood, anxiety and sleep. Psyence said it plans to have the “products accessible in North America, United Kingdom, Europe, Southern Africa and Australasia within six months of launch.”

Separately, Psyence is federally licensed to cultivate and export psilocybin mushrooms for the legal, global medical market and commercial medical research market. Its advanced facility based in Lesotho in southern Africa is operational, with the first successful harvest completed in January this year.

“Psyence is in the process of achieving its British Standards Institute (BSI) certification and will export its mushrooms to drug development partners in Canada, United Kingdom and Jamaica by Q4 2021,” said the company.

Psyence recently appointed experienced mycologist Neil van Rij to refine the genetic library and streamline production at the Lesotho facility. He previously worked as a mushroom researcher and plant pathologist at the KwaZulu-Natal Department of Agriculture, Environment and Rural Development, in South Africa.

Psyence has upgraded the Lesotho facility by installing an automated HVAC system, which will boost its production yield and give the facility better climate control parameters.

“With our own production facility, constructed to the highest standards, Psyence is able to ensure supply for our own R&D needs and meet the growing global demand for high quality, natural psilocybin products for the legal medical and research markets,” said Tony Budden, who heads strategic and government relations at Psyence.

“In conclusion, Psyence has a clear strategy, based on a diversified revenue pathway and is focused on meeting the milestones we have outlined in line with our commitment to delivering shareholder value,” said Psyence co-founder and CEO Jody Aufrichtig.

Contact the author Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive

Story by ProactiveInvestors