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  • PsyBio Therapeutics (PSYB) is announcing its unaudited financial results for the three-month period ended March 31, 2021
  • Filed a new provisional patent application with the U.S. Patent and Trademark Office entitled Optimized Methods for the Production of Psilocybin and its Intermediates or Side Products
  • Initiated pilot scale-up of its proprietary biosynthetic formulation of psilocybin in collaboration with Albany Molecular Research Inc.
  • Michael Spigarelli, M.D., Ph.D., MBA, was appointed as Chief Medical Officer to lead the ongoing development of PsyBio’s drug discovery platform technology
  • Submitted an application to have its subordinate voting shares listed for trading on the OTCQX ® Best Market and the OTCQX ® Venture Market
  • The company intends to commence a normal course issuer bid pending TSXV approval
  • PsyBio Therapeutics Corp. (PSYB) is up 8.11 per cent, trading at C$0.40 per share at 9:50 am ET

PsyBio Therapeutics (PSYB) is announcing its unaudited financial results for the three-month period ended March 31, 2021.

The company has also provided shareholders with a corporate update and is announcing its intention to institute a share buyback program pending approval from the TSX Venture Exchange.

First Quarter 2021 financial results

Upcoming webinar ‘Revolutionizing Psychedelic Medicine’

CEO, Evan Levine, will host a virtual investor luncheon on Wednesday, June 2 at 1 p.m. ET, in respect of revolutionizing psychedelic medicine.

The webinar will provide an inside look at PsyBio’s innovations in the field of psychedelic medicine and is open to both investors and the public.

Register for the webinar via the following link: https://bit.ly/2ROjwVn

Intellectual property and clinical development milestones

  • Filed a new provisional patent application with the U.S. Patent and Trademark Office entitled Optimized Methods for the Production of Psilocybin and its Intermediates or Side Products, increasing the company’s licensed patent portfolio to four pending provisional patents and one pending non-provisional patent with the U.S. Patent and Trademark Office as the company continues to build its platform around the bacterial-based synthesis of therapeutic tryptamines.
  • Amended its master sponsored agreement with Miami University based in Oxford, Ohio to extend and expand the research efforts of the laboratory of Dr. J. Andrew Jones in the Department of Chemical, Paper, and Biomedical Engineering, to include additional research efforts of the laboratory of Dr. Matthew McMurray in the Department of Psychology, and to provide an additional US$1.5 million in funding until May 2023 to Miami University to support all such research. This collaboration is anticipated to expediate progress towards the filing of an Investigational New Drug Application with the US Food and Drug Administration.
  • Initiated process development of its proprietary biosynthetic formulation of norbaeocystin in collaboration with the Advanced Biofuels and Bioproducts Process Development Unit, a scale-up facility managed by Lawrence Berkeley National Laboratory, a U.S. Department of Energy national laboratory.
  • Initiated pilot scale-up of its proprietary biosynthetic formulation of psilocybin in collaboration with Albany Molecular Research Inc. The company has completed Phase I of this process, including technology transfer activities, preparation of strain banks, and the adoption of analytical methods.

Key additions to the executive management team and Board of Directors

  • Appointed Michael Spigarelli, M.D., Ph.D., MBA, as Chief Medical Officer to lead the ongoing development of PsyBio’s drug discovery platform technology. Dr. Spigarelli brings his extensive expertise in the research and development of biopharmaceuticals including the clinical and regulatory strategy for numerous mental health therapeutics and other conditions. Dr. Spigarelli will provide PsyBio with decades of clinical product development experience, including clinical trial design and execution, data analytics and presentation, regulatory approval, quality control and GXP project management.
  • Appointed Mr. Bob Oliver to the company’s board of directors. Mr. Oliver has extensive experience in launching pharmaceutical products into global markets, offering invaluable depth for PsyBio. Mr. Oliver served as President and Chief Executive Officer of Otsuka America Pharmaceutical and delivered a US$6 billion profit and loss statement while managing a diverse and growing product portfolio across the cardio-renal, neuroscience, oncology, and medical device markets.

Recent corporate initiatives

  • Submitted an application to have its subordinate voting shares listed for trading on the OTCQX ® Best Market and the OTCQX ® Venture Market.
  • The company intends to commence a normal course issuer bid (NCIB). Upon receipt of TSXV approval, additional details regarding the NCIB will be announced.
  • The company announces today that it has agreed to issue subordinate voting shares (SVS) to settle US$125,144.48 of accrued liabilities owing for professional services provided to the company by a non-arm’s length party.

PsyBio is a biotechnology company developing novel formulations of psychoactive medications produced by genetically modified bacteria for the treatment of mental health and other disorders.

PsyBio Therapeutics Corp. (PSYB) is up 8.11 per cent, trading at C$0.40 per share at 9:50 am ET.

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