TORONTO, June 14, 2021 (GLOBE NEWSWIRE) -- Lucid Psycheceuticals Inc. (Lucid), a psychedelics-inspired company focusing on total brain health, today announced that it has entered into a world-wide license agreement with University Health Network (UHN), Canada’s top research hospital, granting Lucid exclusive rights to novel compounds for therapeutic applications in neurodegenerative disorders.
UHN encompasses the Toronto General and Toronto Western hospitals, the Princess Margaret Cancer Centre, Toronto Rehabilitation Institute, and The Michener Institute of Education at UHN. The scope of research and complexity of cases makes it a leading national and international source for discovery, education and patient care.
The newly licensed technologies will be used by Lucid to develop small molecule therapeutics addressing unmet therapeutic needs in neurodegenerative disorders, such as multiple sclerosis, where demyelination and neurodegeneration are key aspects of disease progression.
Lucid, founded with a mission to develop novel therapeutics for “Total Brain Health,” and rooted in world-class science that is supported by strong intellectual property and technology protection, considers this expansion of its drug development pipeline to be complementary and synergistic with its core values and scientific/drug discovery efforts.
“Congratulations to Lucid on its vision to advance new neuroregenerative therapies for multiple sclerosis. It is exciting to see a home-grown company developing innovative therapeutic approaches based on the world-class science created at UHN. Collaborations such as this one are a great example of how commercialization efforts can help translate key discoveries faster to benefit patients with unmet clinical needs sooner and create a healthier world," commented Dr. Brad Wouters, Executive VP, Science & Research, at UHN.
“This license agreement is a significant step in expanding a pipeline of molecules targeting some of the most challenging brain disorders, potentially helping millions of patients suffering from mental health challenges and neurodegenerative disorders in the future,” said Lucid co-founder and CEO, Dr. Lakshmi Kotra, a Professor of Medicinal Chemistry at University of Toronto, and senior scientist at Krembil Brain Institute at UHN. “It was a delight working with the UHN's Technology Development and Commercialization team, which shares our commitment to creating a healthier world."
The brain is the ultimate frontier in health research. Depression, anxiety, dementia and similar conditions often are prodromes to more serious neurodegenerative diseases, such as Alzheimer's disease, Parkinson's disease and multiple sclerosis. Inspired by the mechanisms of action of psychedelics, and the need for therapeutics to prevent, and possibly reverse, neurodegeneration, Lucid is exploring novel therapies to address total brain health, i.e. mind and biology behind it! For more information, please visit www.lucidpsycheceuticals.com.
This news release includes forward-looking statements regarding Lucid and its business. Such statements are based on the current expectations and views of future events of the Company's management. In some cases, the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements in this press release include the Company's expected development of small molecule therapeutics addressing unmet therapeutic needs in neurodegenerative disorders. No forward-looking statement can be guaranteed. In addition, certain information set forth in this news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. These include, but are not limited to, the impact of general economic conditions, industry conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward looking information or statements. Except as required by applicable securities laws, forward-looking statements or information speak only as of the date on which they are made, and the Company does not undertake any obligation to publicly update or revise any forward-looking statement or information, whether as a result of new information, future events, or otherwise.
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