Revive Therapeutics Ltd (CSE:RVV) (OTCMKTS:RVVTF) announced a new milestone in its psilocybin and psychedelic-derived drug delivery program.
The Toronto-based firm received the first set of orally dissolvable thin film strips that will deliver psilocybin and, further down the line, psychedelic-derived medicine to help treat various conditions.
Revive is working with Reed Research Group out of the University of Wisconsin-Madison to evaluate novel formulations of psilocybin.
READ: Revive Therapeutics to initiate Phase 3 coronavirus trial of Bucillamine in September
“We are very pleased about the progress we have achieved to date and this technical milestone for our drug delivery technology specifically in the development of an orally dissolvable thin film strip for psilocybin, which will be used in future human clinical studies,” said Michael Frank, CEO of Revive in a statement.
“This is the first time that we have applied our drug delivery technology to oral thin films and we see great promise in delivering psychedelic-based medicines to treat various diseases and disorders that would benefit from such a delivery method and in partnering with life sciences companies seeking to add unique offerings in their product pipeline.”
The oral thin film strip dissolves rapidly, allowing quick delivery to the bloodstream without the need for water, chewing or swallowing, which could potentially improve therapeutic outcomes.
Revive said it plan to unveil the final prototype in the coming weeks.
Revive and Reed said it had identified tannin-chitosan composite of orally dissolvable thin films as the lead candidate to develop its delivery platform for therapeutic doses between one and 20 milligrams of psilocybin orally.
Also on Tuesday, the firm said it had granted 6 million stock options to an officer and director exercisable at C$0.33 for a five-year period.
Contact Angela at angela@proactiveinvestors.com
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