Pharmather Inc (CSE: PHRM) this morning announced that it has entered into an exclusive license agreement for the development and commercialization of a microneedle delivery technology. The tech is designed for use with psychedelics, such as psilocybin, ketamine, LSD, cannabinoids and more.
The agreement itself has been signed with BioRAE, Inc, whom appears to be responsible for the tech that was developed at the University of California in Los Angeles. The license specifically is for a novel biocompatible and biodegradable gelatin methacryloyl microneedle (GelMA-MN) delivery technology.
The tech acquired has been shown to be able to deliver both water-soluble and insoluble drugs with desirable release profiles. It is said that the delivery technology is able to efficiently penetrate the outer layer of the skin, which enables flexible drug load capacity and combinations, and controlled drug delivery. Further, it enables transdermal applications of drugs, as well as through other organs such as the nose and eyes, while being minimally invasive and painless.
“We are very pleased to have acquired the rights to this novel microneedle delivery technology as it strengthens the foundation of our strategy to develop and commercialize a unique pipeline of psychedelic pharmaceuticals for FDA approval and I believe puts us in the conversation with companies such as Compass Pathways and Mind Medicine, who are leading the way in psychedelic medicines.
Fabio Chianelli, Chief Executive Officer of Pharmather
The agreement entered into by Pharmather has granted the company exclusive worldwide rights to the technology as it pertains to use with psychedelics, cannabinoids, and other compounds for therapeutic use. This applies to both the development and the commercialization of the dug. In exchange, Pharmather will pay a one time fee for entering the arrangement, with future payments to be made based on certain milestones.
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Pharmather Inc last traded at $0.14 on the CSE.
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