MagicMed Industries Inc. has announced the signing of Research Contract and Facilities Use Agreements with the University of Calgary to expedite the development of Psybrary™. The agreements will provide the company with additional laboratory and scientific support to expedite the advancement of its psychedelic derivatives patent library.
MagicMed receives support to accelerate Psybrary™ development progress
Dr. Steve Larter, Associate Vice-President Research innovation, stated that the University of Calgary is delighted to partner with MagicMed which is an innovative company conducting psychedelic research. He said that such partnerships combine frontline discovery with the provision of real solutions to society and also create opportunities for students and researchers to help deliver novel insights to the market.
MagicMed CEO Joseph Tucker stated that the additional resources the company will get from the University of Calgary will complement and enhances MagicMed’s strengths. He added that the collaboration places MagicMed in a better position to expand the depth and breadth of the psychedelic derivatives contained in the Psybrary™. Magic Med will leverage ultra-modern laboratory space and equipment at the University following the signing of the agreements. It will also draw upon the University of Calgary’s world-class expertise. This will enable the company to efficiently allocate lab and resource costs for the Psybrary™ while expediting development progress.
The company also plans to partner with other pharmaceutical companies in developing psychedelic-derived medicinal products. The Psybrary™, molecular derivatives library is expected to be a vital building block that will enable the company to develop new patented products. Most importantly the initial focus for Psybrary™ will be psilocybin with more expansion expected depending on opportunities to other psychedelics such as ketamine, MDMA, ibogaine, ayahuasca, and mescaline
MagicMed filed the first patent protecting psilocybin derivatives
Recently the company filed a provisional psychedelic derivative patent application to the USPTO. The patent covers the composition of matter, process of preparation, and drug formulation claims for proprietary psilocybin derivatives. This is the first patent filing in a series of MagicMed’s applications aimed at protecting its novel psilocybin derivatives portfolio, the Pysbrary™.