MagicMed Industries Inc CEO Joseph Tucker updated investors on Tuesday about its continued progress developing its Psybrary molecular derivatives library.
In a shareholder letter, Tucker said the firm is expanding and strengthening its management and science teams, filing additional patents and ramping up efforts to establish key biotechnology and pharmaceutical partnerships.
Tucker told shareholders that Vancouver-based MagicMed believes its Psybrary “is destined to be a vital and enabling platform” for the psychedelics and biotechnology industries.
READ: MagicMed finalizes establishment of patent portfolio for its Psybrary molecular derivatives collection
“We kicked off 2021 with excellent momentum towards the continued expansion of the breadth and depth of the psychedelic derivative portfolios contained in MagicMed’s Psybrary,” Tucker wrote.
MagicMed’s goal is to have the Psybrary encompass hundreds of millions of psychedelic derivatives based on the structures of psilocybin, DMT, LSD, mescaline, ibogaine, and MDMA. To help achieve this, the company is developing and patenting of additional chemical compound categories.
According to Tucker, the group initiated candidate selection efforts by synthesizing and analyzing over 200 individual molecules contained in the Psybrary.
“Our partnership with the University of Calgary has provided our industry leading scientists the opportunity to utilize state-of-the-art equipment to test and obtain desired characteristics, such as improved safety profiles and enhanced efficacy,” Tucker wrote.
“This is an exciting time for the psychedelics industry, as well as for MagicMed, and we are grateful for the opportunity to share our story amongst other industry leaders.”
MagicMed is preparing to list on the Canadian Securities Exchange under the ticker ‘MGIC’, and filed a preliminary prospectus with both the Alberta Securities Commission and the CSE.
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