TORONTO, May 27, 2021 (GLOBE NEWSWIRE) – Psyence Group Inc. (CSE: PSYG) (âPsyenceâ or the âCompanyâ) is pleased to provide the following corporate update on its three clear avenues to income generation and value, namely: Production of Psyence, Therapeutics of Psyence and Function of Psyence.
Production of Psyence
Psyence is licensed by the federal government to cultivate and export psilocybin mushrooms for the legal and global medical market and the commercial medical research market. Its ultramodern facility based in Lesotho in Southern Africa (built to GMP standards) is operational, with the first successful harvest completed in January 2021. Psyence is in the process of obtaining its certification from the British Standards Institute (BSI) and will export its mushrooms to drug development partners in Canada, the UK and Jamaica by Q4 2021.
Psyence recently appointed the very experienced mycologist Neil van Rij (M.Sc. Agriculture – cum laude). Van Rij was previously a fungal researcher and plant pathologist at the Department of Agriculture, Environment and Rural Development of KwaZulu-Natal, South Africa. It will help Psyence refine the genetic library and streamline production in Lesotho.
Before starting its final validation cycles for certification, Psyence modernized the facility by installing an automated HVAC system. This will improve its production efficiency and give the facility better climate control parameters.
“With our own production facility, built to the highest standards, Psyence is able to ensure the supply for our own research and development needs and to meet the growing global demand for high quality natural psilocybin products. quality for the legal medical and research markets., “said Tony Budden, Director of Strategic and Government Relations at Psyence.
Led by a renowned global medical and pharmaceutical development team, Psyence Therapeutics develops proprietary nutraceutical and pharmaceutical products based on psilocybin.
Psyence’s current R&D priorities are the development of therapeutic, hallucinogenic and sub-hallucinogenic dosing and treatment protocols to help heal psychological trauma and diagnosable ICD-11 and DSM-5 disorders that may result, including the anxiety, depression, PTSD, grief and bereavement in the context of palliative care.
Psyence is finalizing several global partnerships with leading academic and industry organizations, including work in Jamaica to develop both nutraceuticals and pharmaceuticals.
âJamaica is the right country and now is the right time for a breakthrough in psilocybin R&D. Our formulations will be used in observational studies that will continue to inform rigorous randomized clinical trials (RCTs) â, said Justin Grant, Scientific Director of Psyence.
The Company is also working to secure the intellectual property of its active pharmaceutical ingredient (API), in the form of purified and standardized extracts, which it plans to market in 2022. It will be followed by pharmaceutical products (API and capsules) .
Psyence Therapeutics’ work spans treatment protocols, education and scientific research. In May, Psyence Therapeutics’ peer-reviewed publication on psilocybin was published in the journal “Molecules”.
Psyence Function is focused on the development of proprietary over-the-counter, IP-protected nutraceutical products to support mental wellness.
“With the skills and resources we have at Psyence, we are well positioned to develop a portfolio of leading nutraceuticals focused on mental wellness. As psilocybin is legalized in more jurisdictions, we can easily expand our existing product line, which will already have established pathways to market and brand recognition, to include products containing psilocybin., “said Kevin Coyne, Global Commercial Director.
Psyence launched its first brand of functional mushrooms, “Good spirit“, in March 2021 and this product will be on shelves in pharmacies and points of sale in South Africa in 2021. It will also be available through a dedicated online platform.
The company intends to launch its Psyence Function products in the fourth quarter of 2021, focusing on the areas of mood, anxiety and sleep. The Company intends to make the products accessible in North America, UK, Europe, Southern Africa and Australasia within six months of launch.
Psyence works with leading researchers, developers and producers for each new product, all of which will be nature-based and supported by clinical research.
“In conclusion, Psyence has a clear strategy, based on a diversified revenue trajectory and is focused on achieving the milestones we have set in accordance with our commitment to create shareholder value. We look forward to making further announcements in this regard in due course.Â», Concludes Co-founder and CEO of Psyence, Jody Aufrichtig.
About Psyence Group
The Psyence Group intends to set the global standard for natural psychedelics. Led by global experts in neurology, neuroscience and drug development, Psyence built and operates one of the first federally licensed commercial psilocybin cultivation and production facilities. Psyence is the pioneer in the use of natural psilocybin for the long-term treatment of psychological trauma and its consequences on mental health. Our global footprint operates in multiple legal jurisdictions, through the provision of advanced psychedelic therapy and experience, as well as market leading brands and a portfolio of functional mushroom products.
Psyence contact details
Certain statements in this press release regarding Psyence Group Inc and its subsidiaries (collectively “the company“) are forward-looking statements and are forward-looking in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections regarding future events and are therefore subject to risks and uncertainties that could result in material differences between actual results and future results expressed or implied by forward-looking statements. These statements can generally be identified by the use of forward-looking terms such as “may”, “should”, “could”, “have the intention “,” estimate “,” Plan “,” anticipate “,” expect “,” believe “or” continue “, or their negative or similar variations. Forward-looking statements contained in this press release include statements concerning the company’s future activities, perceived opportunities in the psilocybin-based medical and nutraceutical markets around the world, the potential for nce mushroom-based and psilocybin-containing products within current and planned global legal frameworks, successful R&D efforts supporting targeted company revenue streams, clinical trial approval by regulatory and governmental authorities and obtaining all licenses, registrations and consents that may be required from regulatory and governmental authorities regulating the products and activities mentioned in this press release. There are numerous risks and uncertainties which could cause the actual results and the plans and objectives of the company to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in this information. This information, as well as all subsequent written and oral forward-looking information, is based on management’s estimates and opinions on the dates on which it is made and is expressly qualified in its entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
The Company makes no medical, treatment or health benefit claims regarding the products offered by the Company. The United States Food and Drug Administration, Health Canada, or other similar regulatory authorities have not evaluated claims about psilocybin, psilocybin analogues, or other psychedelic compounds or nutraceuticals. The effectiveness of these products has not been confirmed by approved research. There is no guarantee that the use of psilocybin, psilocybin analogues or other psychedelic or nutraceutical compounds will diagnose, treat, cure or prevent any disease or condition. Vigorous scientific research and clinical trials are needed. The Company has not conducted clinical trials on the use of the products offered. Any reference to the quality, consistency, efficacy and safety of potential products does not imply that the Company has verified them in clinical trials or that the Company will complete such trials. If the Company cannot obtain the approvals or research necessary to market its activities, this may have a material adverse effect on the performance and activities of the Company.