Toronto, Ontario and Boston, Massachusetts–(Newsfile Corp. – October 11, 2023) – PurMinds NeuroPharma (“PurMinds™” or the “Company”), a clinical-stage neuroscience company focused on neurological and neurodegenerative disorders and advancing a robust clinical development pipeline of small molecules, psychedelic compounds and other modalities, is pleased to announce that under its Health Canada Schedule 1 Dealer’s License for Controlled Drugs and Substances (“Dealer’s License”), it has been awarded its first Psychedelic Import Permit from the Controlled Substances Directorate of Health Canada.
Revenue Producing Activities
PurMinds™ Dealer’s License authorizes the production, formulation and global supply of psychedelic compounds, and the Company’s newly awarded Import Permit allows for the legal importation of synthetic psilocybin active pharmaceutical ingredient (API) from PurMinds™ US-based API supplier to its Ontario-based neurolab and production facility. This import will be closely followed by the completion of upgrades to the facility’s drug substance formulation suite to fulfill International GMP requirements, and by the subsequent launch of PurMinds™ in-house psychedelic drug product formulation activities, which will ensure sufficient inventory to provide a legal, reliable supply of GMP-compliant, standardized, pharma-grade synthetic formulations of Psilocybin and MDMA in finished dosage forms for use as an investigational drug product in authorized clinical trials and research studies worldwide.
With MDMA therapy inching closer to receiving FDA approval, Alberta’s regulation of psychedelic drugs for therapeutic use, and Australia’s drug policy reform to reschedule MDMA and psilocybin, PurMinds™ anticipates a surge in the demand for investigatory psychedelic drug sales. “These pivotal legislative reforms present a large growth opportunity for the Company that should greatly accelerate the pathway to positive cash flow,” said Robin Shugar, J.D., Chief Commercial Officer and General Counsel. “As one of the very few, licensed psychedelic mushroom cultivation and investigational drug product production facilities worldwide, and with a strong focus on safety, efficacy, and accessibility, PurMinds is ideally positioned to be at the forefront of clinical trial psychedelic drug product supply.”