- PharmaDrug Inc. (PHRX) has successfully executed key objectives for advancing its psychedelics research and development strategy
- Its research focuses on N,N-Dimethyltryptamine (DMT), a powerful hallucinogen
- It has selected its final lead drug candidate to treat primary open angle glaucoma
- PharmaDrug also entered a clinical research collaboration to investigate the acute and potentially persisting effects of DMT
- It extended another collaboration testing regulating the synthesis of endogenous DMT
- PharmaDrug Inc. (PHRX) is up 16.67 per cent trading at $0.03 per share as of 2:15 p.m. ET
PharmaDrug Inc. (PHRX) has successfully executed its key objectives for advancing its multiprong psychedelics research and development strategy.
The company’s research focuses on N,N-Dimethyltryptamine (DMT), one of the most powerful known hallucinogens.
“With a focused biotech strategy now in place, PharmaDrug can accelerate its push forward in its psychedelic programs… the company plans to continue to find novel uses and unique delivery forms of DMT to treat unmet medical needs,” Daniel Cohen, CEO and Chairman of PharmaDrug, said.
PharmaDrug stated it has selected its final lead drug candidate for the treatment of primary open angle glaucoma (POAG) from a short list of DMT formulations and will submit a patent in during its fourth financial quarter outlining the novel uses and dosage forms of its lead candidate and medical device.
It will now advance its program in POAG by finalizing details of a second sponsored research collaboration with the Terasaki Institute for Biomedical Innovation.
According to PharmaDrug, it entered a clinical research collaboration with the Johns Hopkins University (JHU) to investigate the acute and potentially persisting effects of DMT and an undisclosed psychoactive comparator drug.
The progress so far has been positive and preparations of the clinical drug supplies and drafting of an application to be submitted to the Food and Drug Administration is planned for the fourth quarter. As a result, the company will extend its clinical research program.
Finally, PharmaDrug has extended its collaboration with the University of Michigan to understand regulating the synthesis of endogenous DMT. Through this, the company hopes to develop novel therapeutic strategies that can be clinically relevant.
PharmaDrug Inc. (PHRX) is up 16.67 per cent trading at $0.03 per share as of 2:15 p.m. ET.