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PsyBio Therapeutics advances intellectual property and clinical development milestones in 2Q

Published: 09:09 31 Aug 2021 EDT

Psybio Therapeutics - PsyBio Therapeutics advances intellectual property and clinical development milestones in 2Q
The TSX Venture Exchange has approved a share buyback program for up to 2,983,951 subordinate voting shares in PsyBio

PsyBio Therapeutics Corp, a biotechnology company developing a portfolio of psychoactive compounds aimed at the treatment of mental health disorders, said it advanced its intellectual property and clinical development milestones during the second quarter.

In June this year, the Ohio-based company kicked off its first European manufacturing run of its psychedelic portfolio of compounds with its proprietary biosynthetic formulation of psilocybin in collaboration with Biose Industrie, in Aurillac, France. The initial pilot-scale batch manufacturing run is the American company’s first in the continent. 

“The partnership with Biose will advance the company's research and development goals and continue its endeavor to the development of globally-tested and approved therapeutics,” said PsyBio Therapeutics.

READ: Noble Capital slaps Outperform rating on PsyBio Therapeutics as it initiates coverage with a $2 price target

PsyBio has recently filed a new provisional patent application with the US Patent and Trademark Office (USPTO) titled 'Methods for the Production of a Methylated Tryptamines and Intermediates or Side Products', adding additional methylated tryptamines including compounds such as N,N-Dimethyltryptamine (DMT) and associated analogs for development of potential treatments for a variety of human health conditions.

The company said its intellectual property portfolio now includes “seven pending provisionals and one pending non-provisional patent application”.

In a corporate finance update, PsyBio said it listed its shares for trading on the OTCQB Venture Market on July 14 under the symbol "PSYBF". The OTCQB listing positions “PsyBio with increased visibility among the US-based investment community, and is intended to improve liquidity,” said the company.

Significantly, PsyBio said the TSX Venture Exchange approved a share buyback program for up to 2,983,951 subordinate voting shares in the company, representing 5% of the issued and outstanding shares. The firm also entered a dealer agreement and automatic share purchase plan with Haywood Securities Inc related to the share buyback program.

“While the company has acquired no shares since the share buyback program became effective on June 30, 2021, management and the board of directors of the company continue to believe that the current market price of the shares does not adequately reflect their value,” said the company. “The company will continue to consider making purchases through the facilities of the TSXV,” it added.

PsyBio rounded out the second quarter ended June 30, 2021, with assets which included cash, equivalents, and short-term investments of C$10,133,174.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

PsyBio Therapeutics begins European manufacturing of its proprietary...

PsyBio Therapeutics Corp (TSXV:PSYB) (OTCMKTS:PSYBF) CEO Evan Levine tells Proactive ​it is starting to manufacture proprietary biosynthetic psychedelic compounds in Europe. Tevine says the initial pilot-scale batch manufacturing run is the Florida-based company’s first in the continent, and is...

on 1/7/21