Revive Therapeutics (CSE: RVV) announced today that it has entered into a research collaboration agreement with PharmaTher Holdings Ltd. (CSE: PHRM). The agreement seeks to evaluate delivering psilocybin with the latter’s microneedle patch technology for treating neuropsychiatric disorders.

PharmaTher is conducting studies with MicroDose-MN–a biocompatible and biodegradable gelatin methacryloyl microneedle patch to deliver psilocybin. The studies are aimed to support its investigational new drug application with Food & Drug Authority for a possible clinical study in 2022.

On the other hand, Revive is currently building its psilocybin-based product pipeline to treat mental illness, substance abuse, and neurological disorders. The firm said that the collaboration agreement will enable evaluating MicroDose-MN™ for the psilocybin program to support upcoming clinical and commercial developments globally.

We are maintaining our focus in building a unique psilocybin-based product portfolio through research collaborations, licensing and commercialization agreements with academic research institutions and specialty pharmaceutical companies. The collaboration with PharmaTher complements our psilocybin product offerings as potential treatments for mental illness, substance abuse and neurological disorders.

Michael Frank, CEO

In August 2021, the firm entered into a licensing agreement for compounds of medicinal mushroom Ganoderma lucidum, which has been found to have anticancer properties.

Revive Therapeutics last traded at $0.57 on the CSE.

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