TORONTO, April 27, 2021 (GLOBE NEWSWIRE) -- PharmaTher Holdings Ltd. (the “Company” or “PharmaTher”) (CSE: PHRM) (OTCQB: PHRRF), a specialty psychedelic pharmaceutical company, today announced that it has filed a provisional patent application with the U.S. Patent and Trademark Office outlining the novel use of ketamine as a potential treatment for Type 2 diabetes and obesity, based on the evaluation of the Company’s drug repurposing artificial intelligence (“AI”) platform, panaceAI™. PharmaTher is also advancing research with panaceAI™ to evaluate repurposing opportunities with N,N-Dimethyltryptamine (“DMT”), 3,4-Methylenedioxy methamphetamine (“MDMA”) and lysergic acid diethylamide (“LSD”) for future clinical development and partnering opportunities.
The patent application, entitled “Use of Ketamine in the Treatment of Diabetes and Obesity,” identifies protein bindings and interactions with ketamine leading to the discovery of ketamine as a potential treatment for Type 2 diabetes and obesity. The Company has submitted an Investigational New Drug (“IND”) application with the U.S. Food and Drug Administration (“FDA”) for the initiation of a Phase 2 clinical trial to evaluate ketamine in the treatment of Parkinson’s disease. Upon the FDA accepting the IND, PharmaTher will leverage the IND to expand the clinical development of ketamine in depression, amyotrophic lateral sclerosis (Lou Gehrig’s disease), pain and obesity-related disorders.
PharmaTher uses its drug repurposing AI platform, panaceAI™, to expand on the Company’s patent portfolio of novel uses of DMT, MDMA and LSD. PharmaTher’s objective is to discover novel uses of these psychedelics and incorporate them into the Company’s proprietary microneedle patch delivery system currently being evaluated at the Terasaki Institute. The Company seeks to commercialize the product developments either internally or partner with life sciences companies seeking to expand their product portfolio with psychedelics. PharmaTher recently used panaceAI™ to discover novel uses of psilocybin in the potential treatment of certain cancers, which led to the sale of the Company’s psilocybin intellectual property portfolio to Revive Therapeutics Ltd. (CSE: RVV, OTC: RVVTF) for a consideration of up to CAD $10 million.
Fabio Chianelli, CEO of PharmaTher, commented: “We continue to focus on building our patent and product portfolio of prescription-based psychedelics through our drug repurposing and delivery methods for unmet medical needs,” Fabio Chianelli, CEO of PharmaTher. “Our strategy is to investigate ketamine in FDA Phase 2 clinical trials for Parkinson’s disease and depression and with panaceAI™, we aim to find new uses of psychedelics, such as ketamine, psilocybin, DMT, MDMA and LSD, and incorporate them into our proprietary microneedle patch delivery system. We are well-positioned to unlock value in our patent portfolio consisting of novel uses, formulations and delivery systems for psychedelics as a pharmaceutical prescription.”
About PharmaTher Holdings Ltd.
PharmaTher Holdings Ltd. (CSE: PHRM) (OTCQB: PHRRF) is a specialty psychedelic pharmaceutical company focused on the research, development and commercialization of ketamine and novel microneedle patches for the delivery of psychedelics to treat neuropsychiatric, neurodegenerative and pain disorders.
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