Biotech and life sciences company specializing in developing innovative solutions for mental illnesses Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) announced having reached a key milestone in its ongoing research geared towards finding out the chemical compounds and potential therapeutic effects of natural psilocybin.
The study is also focusing on the whole psychedelics catalogue of novel compounds Mydecine uses in manufacturing drugs.
The company kicked off its research by categorizing various compounds within the fruiting bodies of the dried psilocybin mushrooms. The research established existence of several chemical components which had not been previously listed within the species of the mushrooms.
Mydecine is set to start a screening process to test the any potential therapeutic effects of these components against serotonin receptors such as HTR1A, HTR2A, HTR2B, and HTR2C.
The CEO of the company’s facility at API in Alberta, Andrew MacIsaac, says they will do an end-to-end screening to establish potential effects of these substances if they are to be used for therapeutic purposes.
“Having the ability not only to discover and extract compounds, but also provide the end-to-end screening to determine their potential effects as therapeutics is a tremendous capability. We’ve built a world class drug discovery and development platform with Mydecine that will continue to set the company up for success as a global leader,” said Maclsaac.