Mydecine (MYCO.CN) (NLBIF) is quickly upping its fungi authority. The mycology-focused company has signed an agreement with Applied Pharmaceutical Innovation (API), a translational commercial drug institute at the University of Alberta’s Faculty of Pharmacy and Pharmaceutical Sciences. Writes Green Market Report
Mydecine is a fungi and mushroom cultivator/product development company offering unique research and expertise in their field. Their partnership with API will quickly upgrade their value and already existing knowledge in the mycology arena. API is a sea of experts in this field, and the collaboration will provide the company with the ability to fast track its product development. The experts are knowledgeable in areas like pharmaceutical analysis, discovery, drug action, clinical development, and formulation. The Faculty of Pharmacy of Pharmaceutical Sciences consistently ranks in the top 15 for research citations (essentially the strength of the research) by international QS rankings in pharmacy and pharmacology. In addition, Mydecine will be able to utilize further talent and research capabilities by accessing API’s collaborating institute, Alberta Machine Intelligence Institute.
The partnership allows the company to commence fungal discovery investigations immediately with varietal mushrooms and their extracts, including scheduled substances. Mydecine is GMP and Health Canada eligible, able to conduct R&D, and perform clinical trials. This allows the company to launch research and work that will take others in their field years to achieve. Research and development are set to begin with a significant focus on extracting, analyzing, determining the effects from various compounds of fungi, and researching dosage forms. This is likely to position the company as a leader in the space for years to come.
Mydecine entered a two-year contract with API and will be paying a total $1,099,345 in year one and $1,136,249 in year two ending February 1, 2022, with year three and beyond being a right of refusal to either party.
“We see this agreement as a core component of our work as a company,” says Mydedine CEO Josh Bartch “the API team at the Faculty of Pharmacy and Pharmaceutical Sciences gives us the ability to rocket our product development ahead by years, providing the know-how, facilities, and licenses to quickly establish Mydecine as a leader in naturally sourced therapies for a wide variety of indications. The research division also provides a phenomenal synergy with our other recent acquisitions, giving us a dedicated team to explore myco-inspired treatments particularly for areas of high need such as mental health.”