Toronto, Ontario – August 5, 2021 – PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) (“PharmaDrug” or the “Company“), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs, is pleased to announce that PharmaDrug has entered into a sponsored research agreement with the Terasaki Institute to develop a novel ocular drug delivery platform that aims to deliver psychedelic and tryptamine-based pharmaceuticals, such as N, N-dimethyltryptamine (“DMT”), for eye diseases.
PharmaDrug will focus on developing a novel ocular drug delivery platform to deliver DMT and other undisclosed tryptamines as a potential therapeutic solution in treating the significant unmet medical needs of glaucoma patients. Glaucoma is a disorder of the optic nerve that results in irreversible vision loss and is the second leading cause of blindness in the world, according to the World Health Organization. Glaucoma impacts more than 2.7 million people aged 40 or older in the United States and current treatments are known to have poor rates of compliance of up to 80% of patients. The global market for glaucoma was estimated by Market Scope at $4.8 billion in 2019 with the U.S. market representing $1.9 billion.
Although the exact etiology of primary open angle glaucoma remains poorly understood, and may be variable across patient subsets, it is generally accepted that the observed increase in intraocular pressure (IOP) correlates with progressive vision loss1. As such, currently available glaucoma treatments, most commonly formulated into eye drops, are designed to lower IOP. While these approaches provide partial improvement, they often result in side effects such as redness and stinging and require multiple daily applications; all of which diminish patient compliance.
Key regions of the eye that regulate fluid dynamics, including maintenance of healthy IOP, are known to be richly decorated with various serotonin receptor family members. Previous research has highlighted the role of serotonin receptor signaling in the regulation of IOP2-5. Tryptamines, often hallucinogenic above certain threshold concentrations, constitute a large collection of molecules that selectively act on multiple different serotonin receptors including 5-HT1A and 5-HT2A. Topical application of several different tryptamines have shown early promise in preclinical models of elevated IOP, however formulation, delivery, the potential for undesirable hallucinogenic side effects, and the controlled substances act of 1970 have all contributed to a lack of development of tryptamines to treat this serious threat to vision. PharmaDrug, working with the renowned Terasaki Research Institute, has entered into a sponsored research agreement that will evaluate multiple candidate tryptamines, including DMT in various preclinical models of glaucoma. Studies will include cell-based basic research, active pharmaceutical ingredient formulation, and exploitation of novel delivery technologies aimed at improving patient outcome by delivering the optimal drug in a convenient format that improves compliance and diminishes side effects.
The Terasaki Institute for Biomedical Innovation is a biotechnology institute which develops medical devices and cutting-edge protocols for a variety of diagnostic, monitoring and treatment applications. Their research platforms include work in biomaterials, cellular and tissue engineering, wearable biosensors and organs-on-a-chip, with specific expertise in novel polymer development.
“We are very excited to partner with the Terasaki Institute, a leader in the design and development of novel drug delivery technologies. This relationship will expedite our development plan and move us meaningfully closer to our goal of evaluating DMT and other tryptamines for various types of eye disease which require both a pharmacological and delivery solution to fill the significant treatment gap in glaucoma,” said Daniel Cohen, Chairman and CEO of PharmaDrug. “By aligning ourselves with thought leaders in the space we aim to tackle the worthy challenge of developing a novel delivery device that will provide sub-psychedelic quantities of candidate tryptamines to the front of the eye.”
Dr. Ali Khademhosseini, CEO of the Terasaki Institute commented: “At the Terasaki Institute we have a number of core competences in developing next generation medical technologies such as polymer-based formulations and wearables for drug delivery purposes. We have partnered with various pharmaceutical and biotechnology companies seeking to evolve their product offerings in treating significant unmet medical needs. PharmaDrug’s unique proposed solution to the challenges that are present in eye diseases is what motivates the Terasaki team to answer the call in developing a drug delivery system that would positively affect the millions of people who suffer with impaired vision and compromised quality of life. We are excited to be working with PharmaDrug and be a part of their journey in their quest to develop therapeutic solutions for eye disease.”
About PharmaDrug Inc.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs. The Company owns 80% of Pharmadrug Production GmbH, a German medical cannabis distributor, with a Schedule I European Union narcotics license and German EuGMP certification allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the EU. The Company also owns 100% of Super Smart, a Dutch company building a modern adult use psychedelic retail business with an elevated and educational focus. PharmaDrug recently acquired Sairiyo Therapeutics, a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through regulatory and research driven clinical trials.
For further information, please contact:
Daniel Cohen, Chairman and CEO
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to locate additional supply of medical cannabis, owning interests in companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history, reliance on management, requirements for additional financing, competition, hindering market growth; regulatory and political change. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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