Therapeutics company developing biosynthetic psychoactive compounds for treatment of mental conditions PsyBio Therapeutics Corp. (CVE: PSYB) has extended its sponsored partnership agreement with Ohio based Miami University.
The two parties amended their initial agreement to extend and expand their research in the laboratory to include continued advancement of PsyBio’s neuropsychiatric drug discovery platform.
As per the amended agreement, research activities of the laboratory of Dr. J. Andrew Jones in the Department of Chemical, Paper, and Biomedical Engineering ‘the Jones Lab’ will be expanded to include research activities of the laboratory of Dr. Matthew McMurray in the Department of Psychology ‘the McMurray Lab’.
In addition PsyBio will provide an extra $1.5 million to Miami University up to 2023 to finance the activities included with this extended neuropsychiatric drug research.
According to the CEO of PsyBio Evan M. Levin, this extended amendment is expected to facilitate progress towards the filling of an Investigational New Drug (IND) with the United States food and Drug Administration.
“The initial collaboration between PsyBio and Miami University has resulted in the discovery and scaled production of two medically-relevant tryptamine molecules that are naturally present in psychoactive magic mushrooms, psilocybin and norbaeocystin. The compounds have been efficiently synthesized and further studied in our labs and have now moved out of our labs into venerated commercial development facilities,” added the CEO.