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Psycheceutical Secures Funding for Clinical Trials of NeuroDirect™ Ketamine Topical to Treat PTSD
Psycheceutical Secures Funding for Clinical Trials of NeuroDirect™ Ketamine Topical to Treat PTSD.
About this update from Blue Water Ventures International, Inc.
[{"type":"text","content":"Company raises $1.3M USD convertible note from Cantheon Capital for in-human trials of patented novel ketamine creamMiami, FL — June 1, 2023 — Psycheceutical Bioscience, Inc. (OTCPK: BWVI) (\"Psycheceutical\" or the \"Company\"), a bioscience company dedicated to developing cutting-edge technologies for the next generation of mental health treatments, today announced it has secured the funding that will allow it to move forward with the design and execution of two pivotal clinical trials that will evaluate the effectiveness of Psycheceutical’s novel NeuroDirect™ ketamine topical in the treatment of post-traumatic stress disorder (PTSD).Psycheceutical will use these funds to conduct clinical trials in Australia with its newly announced partner iNGENū Pty Ltd. (\"iNGENū\").“The world is experiencing a mental health crisis and psychedelic medicines show great promise to treat these debilitating illnesses. With NeuroDirect™ ketamine, we’ve developed a topical application that is being designed to give people relief from PTSD symptoms within minutes while eliminating the side effects usually experienced with psychedelics, such as hallucinations, nausea, and dizziness,” said Psycheceutical CEO Chad Harman. “This opportunity to advance our patented drug delivery technology in multiple human trials puts Psycheceutical in a leading position within the psychedelic biotech marketplace,” Harman said.\"Our mission is to identify and fund the most innovative biotech companies with the highest potential in the psychedelic market. Psycheceutical's growth potential is remarkable, as they have progressed rapidly in the last year and are now ready to initiate human clinical trials with their patented, first-of-its-kind NeuroDirect™ ketamine topical for PTSD,\" said Aaron Ray, General Partner of Cantheon Capital. \"We look forward to working together to identify and develop new and effective therapeutic opportunities to help people suffering from addiction, substance abuse, and other mental health disorders.\" Harman added, “Australia offers numerous advantages for our clinical development, including a reciprocal relationship with the FDA, allowing the data from our trials there to be transferable to the US clinical trial process.\" Convertible Note Terms The funding was secured under a convertible note (the \"Convertible Note\") wit...