Business
Psyence Group's NASDAQ-Listed Associate, Psyence Biomedical, Announces Export of Nature-Derived Psilocybin to Australia and Provides Update on Upcoming Phase IIb Trial
NEW YORK, July 26, 2024 (GLOBE NEWSWIRE) -- Psyence Group Inc ("Psyence Group") (CSE: PSYG), a life science biotechnology company pioneering the use of
About this update from Psyence Biomedical Ltd.
[{"type":"text","content":"NEW YORK, July 26, 2024 (GLOBE NEWSWIRE) -- Psyence Group Inc (\"Psyence Group\") (CSE: PSYG), a life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and wellbeing, is pleased to announce that its NASDAQ-listed associate, Psyence Biomedical Ltd (NASDAQ: PBM) (\"PBM\" or \"Psyence Biomed\"), has announced the export of nature-derived psilocybin to Australia and provided an update on its upcoming Phase IIb clinical trial. According to a news release issued by Psyence Biomed on Wednesday, July 24, 2024, it has made substantial progress in preparing for its Phase IIb study, and reported that all parties responsible for the carrying out of the study are poised to initiate the study imminently. The successful export of Psyence Biomed’s drug candidate, PEX010, is expected to activate the enrollment of patients for the study. \"We are very pleased with the progress being made by Psyence Biomed, and look forward to further updates on patient enrollment and trial initiation,\" said Jody Aufrichtig, Executive Chairman of the board of Psyence Group. The randomized, double-blind, placebo-controlled Phase IIb study will evaluate two therapeutic doses of nature-derived psilocybin (10mg, 25mg) against an active low-dose comparator (1mg) in 84 patients in conjunction with psychotherapy. Psyence Biomed states in this news release that it \"aims to execute an efficient yet rigorously designed study that, if successful, would best support advancement into future late-stage studies.\" Psyence Group currently holds 5,000,000 common shares in Psyence Biomed, equal to an approximate interest of 30.25%. Filament Health Commercial Licensing Agreement Update As previously disclosed, Psyence Group and Filament Health Corp. (\"Filament\") concluded an IP licensing agreement (\"R&D Licensing Agreement\"), relating to the supply and licensing of PEX010 by Filament in connection with phase II clinical trials evaluating nature derived psilocybin as a potential treatment for Adjustment Disorder within the context of palliative care. All right, title and interest in and to the R&D Licensing Agreement and the license contemplated therein has been assigned from Psyence Group to Psyence Biomed so that Psyence Biomed may pursue the execution of its upcoming Phase IIb clinical trial. As further previously disclosed, Psyen...