Revive Therapeutics (CSE: RVV) has completed its previously announced acquisition of Psilocin Pharma Corp, a specialty psychedelic pharma corporation that is focused on the development of psilocybin-based solutions for unmet medical needs which includes rare and orphan indications.
The transaction was valued at $2.75 million, and was satisfied via the issuance of common shares of Revive Therapeutics at a price per share of $0.05, of which a portion have already been issued and placed into escrow.
Psilocin Pharma has developed a number of patent pending formulations and solutions that utilize the active compound psilocybin, with the patents also protecting the process of formulation. The company has developed several formulations to date which include sublingual sprays, breath strips, gel caps, tablets, and capsules. The formulations work with both natural and synthetic psilocybin, and are precisely dosed.
Due to the nature of the formulations, clinical research will be performed, which will be required to go through US Food and Drug Administration (FDA) approval. The targeted research is currently focused on the treatment of depression, anxiety, bi-polar disorder and a number of other diseases. The company intends to take advantage of a number of incentives offered by the FDA, which includes orphan drug, fast track, breakthrough therapy and rare pediatric disease designations, and will prioritize clinical research that has potential for voucher approval. The formulations are expected to be complimentary to Revive’s current portfolio of pharmaceutical formulations, which includes its cannabinoid-based formulation focused on autoimmune hepatitis, which has FDA orphan drug designation.
Provisional patents have been filed that cover the nature of production of the formulations to protect the firms intellectual property, including in the aforementioned delivery systems. The company also has a patent pending portfolio of extraction and crystallization methods for psilocybin.
Patent applications made by Psilocin Pharma include the following:
- Solid Oral Pharmaceutical Compositions, United States Provisional Application Serial No. 62/985,052 – Psilocybin effervescent and psilocybin tablet designed to be placed under the tongue or dissolved in water. Allowing for improved taste and controlled release profiles.
- Pharmaceutical Capsule Compositions, United States Provisional Application Serial No. 62/985,070 – Psilocybin hard-shell capsules containing dry, powdered ingredients in 2-piece capsules. Allowing for contemporary consumption familiar to the user (Gelatin and vegetarian enclosure options in addition to unique nutrient delivery combination options).
- Pharmaceutical Gumdrop Compositions, United States Provisional Application Serial No. 62/985,084 – Psilocybin gum drops for improved administration of compounds. Offers unique delivery methods for fat and water soluble options.
- Thin-Film Pharmaceutical Delivery System and Formulations, United States Provisional Application Serial No. 62/985,098 – Psilocybin oral strips and psilocybin transmucosal delivery system. Proprietary oral fast-dissolving drug delivery system rapidly releases though the buccal pathway.
- Pharmaceutical Formulations and Methods for Sublingual and Buccal Administration, United States Provisional Application Serial No. 62/984,590 – Formulation for spray/pump/dosing pen.
- Methods for the Extraction and Crystallization of Psilocybin, United States Provisional Application Serial No. 62/985,360 – Psilocybin extraction and psilocybin re-crystallization method patent allows for the extraction of Psilocybin from raw form of magic mushrooms or magic truffles. Psilocin’s proprietary extraction process allows for the extraction of whole fungi extract with the option to selectively pull out pure Psilocybin Isolate in the downstream process.
Revive Therapeutics last traded at $0.12 on the CSE.
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