Revive Therapeutics Ltd (CSE:RVV) (OTC:RVVTF) signed a non-binding letter of intent Sunday to acquire full rights to PharmaTher Inc’s psilocybin-related intellectual property, the company announced Monday.
PharmaTher, a subsidiary of Newscope Capital Corporation (CSE:PHRM) (OTCPINK:PHRRF), is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals.
Revive will acquire a trio of provisional patent applications with the US Patent and Trademark Office, regarding psilocybin as a treatment for neurological brain injury, cancer and as part of combination therapies.
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Specifically, the patents focus on psilocybin as a treatment for neurological brain injuries and migraines, as well as the significant unmet medical needs for liver carcinoma, melanoma, breast neoplasms, kidney neoplasms and acute myeloid leukemia.
The acquired assets also include:
- Intellectual and work property derived from PharmaTher’s pre-clinical research activities in traumatic brain injury and stroke, for which the company hopes to earn US Food and Drug Administration Orphan Drug Designation; and
- Intellectual and work property derived from a study being currently undertaken by the National Health Research Institute in Taiwan.
“Our psychedelics pharmaceutical program has been predominantly focused on the development and evaluation of our novel orally dissolvable thin film strip for psilocybin, and with the acquisition of PharmaTher’s proprietary psilocybin platform it will complement our objectives in commercializing a unique prescription-based psilocybin product for neurological disorders and FDA orphan drug indications,” Revive CEO Michael Frank said in a statement.
The acquisition follows an exclusive research collaboration agreement between Revive and PharmaTher announced last month to accelerate the development of psilocybin in the treatment of cancer and the discovery of novel uses of undisclosed psychedelic compounds.
“PharmaTher discovers novel uses of psychedelic pharmaceuticals, such as psilocybin, and combinations with FDA-approved drugs for development internally or with pharmaceutical partners, such as Revive, which has a unique oral drug delivery system to complement our psilocybin development program,” said PharmaTher CEO Fabio Chianelli. “I am pleased that we have found a home for our psilocybin program which will allow us to solely focus our resources on our clinical-stage product pipeline with FDA-approved ketamine to treat neurological disorders, such as Parkinson’s disease and movement disorders, depression and pain.”
The final terms of the deal will be agreed to after the completion of due diligence by Revive, the company said. The parties expect the acquisition to close on or before January 31.
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