- Oops!Something went wrong.Please try again later.
- Oops!Something went wrong.Please try again later.
TORONTO, April 27, 2021 (GLOBE NEWSWIRE) -- PharmaTher Holdings Ltd. (the “Company” or “PharmaTher”) (CSE: PHRM) (OTCQB: PHRRF), a specialty psychedelic pharmaceutical company, today announced that it has filed a provisional patent application with the U.S. Patent and Trademark Office outlining the novel use of ketamine as a potential treatment for Type 2 diabetes and obesity, based on the evaluation of the Company’s drug repurposing artificial intelligence (“AI”) platform, panaceAI™. PharmaTher is also advancing research with panaceAI™ to evaluate repurposing opportunities with N,N-Dimethyltryptamine (“DMT”), 3,4-Methylenedioxy methamphetamine (“MDMA”) and lysergic acid diethylamide (“LSD”) for future clinical development and partnering opportunities.
The patent application, entitled “Use of Ketamine in the Treatment of Diabetes and Obesity,” identifies protein bindings and interactions with ketamine leading to the discovery of ketamine as a potential treatment for Type 2 diabetes and obesity. The Company has submitted an Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”) for the initiation of a Phase 2 clinical trial to evaluate ketamine in the treatment of Parkinson’s disease. Upon the FDA accepting the IND, PharmaTher will leverage the IND to expand the clinical development of ketamine in depression, amyotrophic lateral sclerosis (Lou Gehrig’s disease), pain and obesity-related disorders.
PharmaTher uses its drug repurposing AI platform, panaceAI™, to expand on the Company’s patent portfolio of novel uses of DMT, MDMA and LSD. PharmaTher’s objective is to discover novel uses of these psychedelics and incorporate them into the Company’s proprietary microneedle patch delivery system currently being evaluated at the Terasaki Institute. The Company seeks to commercialize the product developments either internally or partner with life sciences companies seeking to expand their product portfolio with psychedelics. PharmaTher recently used panaceAI™ to discover novel uses of psilocybin in the potential treatment of certain cancers, which led to the sale of the Company’s psilocybin intellectual property portfolio to Revive Therapeutics Ltd. (CSE: RVV, OTC: RVVTF) for a consideration of up to CAD $10 million.
Fabio Chianelli, CEO of PharmaTher, commented: “We continue to focus on building our patent and product portfolio of prescription-based psychedelics through our drug repurposing and delivery methods for unmet medical needs,” Fabio Chianelli, CEO of PharmaTher. “Our strategy is to investigate ketamine in FDA Phase 2 clinical trials for Parkinson’s disease and depression and with panaceAI™, we aim to find new uses of psychedelics, such as ketamine, psilocybin, DMT, MDMA and LSD, and incorporate them into our proprietary microneedle patch delivery system. We are well-positioned to unlock value in our patent portfolio consisting of novel uses, formulations and delivery systems for psychedelics as a pharmaceutical prescription.”
About PharmaTher Holdings Ltd.
PharmaTher Holdings Ltd. (CSE: PHRM) (OTCQB: PHRRF) is a specialty psychedelic pharmaceutical company focused on the research, development and commercialization of ketamine and novel microneedle patches for the delivery of psychedelics to treat neuropsychiatric, neurodegenerative and pain disorders.
For more information about PharmaTher, please contact:
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated", "potential", "aim" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on PharmaTher Holdings Ltd. (the "Company") current belief or assumptions as to the outcome and timing of such future events. Forward-looking information is based on reasonable assumptions that have been made by the Company at the date of the information and is subject to known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking information. Given these risks, uncertainties and assumptions, you should not unduly rely on these forward-looking statements. The forward-looking information contained in this press release is made as of the date hereof, and Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in Company's management's discussion and analysis for the period of November 30, 2020 ("MD&A"), dated January 27, 2021, which is available on the Company's profile at www.sedar.com.
This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.