Allied Corp. Advances Psilocybin Product Psilonex™ RX and Initiates Manufacturing Process
Allied Corp (OTCQB: ALID) has commenced manufacturing its proprietary psilocybin product, Psilonex™ RX, following a production agreement with HAVN Life Sciences. The formulation aims to address mental health issues such as depression, anxiety, and PTSD, combining psilocybin with functional mushroom extracts and vitamins. The company plans to progress Psilonex™ RX through clinical trials, eventually seeking a partnership with a major pharmaceutical firm. Jim Smeeding, VP of Pharma, highlights the product's potential to assist individuals facing mental health challenges.
- Initiated manufacturing of Psilonex™ RX, a proprietary psilocybin product.
- Partnership with HAVN Life Sciences for manufacturing under legal licenses.
- Aims to address mental health disorders: depression, anxiety, PTSD.
- Plans to conduct human clinical phase I trials for Psilonex™ RX.
- None.
KELOWNA, British Columbia, Sept. 10, 2021 (GLOBE NEWSWIRE) -- Allied Corp. ("Allied" or the “Company”) (OTCQB: ALID) is pleased to announce that it has initiated the manufacturing activities for Psilonex™ RX – Allied’s proprietary psilocybin product. On June 29, 2021, Allied announced its manufacturing agreement with HAVN Life Sciences to manufacture Psilonex™ RX under their legal licenses and manufacturing process.
Over the past months, Allied’s scientists have further developed the Psilonex™ RX formulation and, through Allied’s licensed manufacturing partner, has initiated the manufacturing process for the production of the medicine. This psilocybin product includes a proprietary formulation of extracted psilocybin, other functional mushroom extracts as well as a proprietary vitamin constituency.
Allied has what it believes to be a unique approach to treatment of general depression, anxiety and PTSD. Initially, patients are to be prescribed Psilonex™ RX (the psilocybin-based product) followed by a daily product of cannabidiol (CBD) called Psilonex™ Daily.
Under the direction of Mr. Jim Smeeding, Director and VP of Pharma of Allied Corp, Psilonex™ RX has been formulated as a specific concentration ratio of functional mushrooms, vitamins and psilocybin. Allied intends to bring Psilonex™ RX through to the completion of human clinical phase I trials, and then intends to seek a licensing arrangement with a big pharma partner.
“The anecdotal evidence we have obtained has guided our formulation of Psilonex™ RX. We believe we are working with real people with real world mental health concerns. In our view, Psilonex™ RX is showing great promise to help individuals who have given of their lives to help their country,” said Mr. Jim Smeeding, Director and VP of Pharma of Allied Corp.
About Mr. Smeeding:
Jim Smeeding, RPh, MBA, is the Executive Vice President of CP Pharmaceutical International, a division of CP Global Health. He is the former executive director of the National Association of Specialty Pharmacy (NASP). He is also a founder of the Center for Pharmacoeconomic Studies at the University of Texas College of Pharmacy. His research interests are in applied pharmacoeconomics, systems integration and managed care. His pharmacy degree is from the University of Buffalo and his MBA from the University of Texas. Over the past 45 years his practice orientation has been in hospital pharmacy, clinical services design, home infusion therapy, managed care services and disease management. He has authored more than 85 peer reviewed publications and has given hundreds of presentations. Within professional organizations, Jim has served at the state, national and global level. He is an original founder of the International Society of Pharmacoeconomics and Outcomes Research (ISPOR) and their 3rd president. ISPOR now exceeds 35,000 members with chapters on every continent, including Hong Kong & Beijing, and within all major countries.
About Allied Corp. - https://allied.health/
Allied Corp. is an international cannabis company with its main production center in Colombia and is one of the few companies that has exported from Colombia internationally. In preparing for US legalization, Allied also has the option to purchase a US cannabis license in the US (Nevada). In addition to this, Allied has three CBD-brands to market with products selling in the United States. Lastly, Allied has both Cannabinoid and psilocybin products in the pharmaceutical development track seeking pharma drug indications for depression, anxiety and PTSD.
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Forward-Looking Statements:
This press release contains “forward-looking information” within the meaning of applicable securities laws in Canada or “forward-looking statements” made pursuant to the “safe harbour” provisions of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking information”). Forward-looking information may relate to the Company’s future outlook and anticipated events, plans or results, and may include information regarding the Company’s objectives, goals, strategies, future revenue or performance and capital expenditures, and other information that is not historical information. Forward-looking information can often be identified by the use of terminology such as “believe,” “anticipate,” “plan,” “expect,” “pending,” “in process,” “intend,” “estimate,” “project,” “may,” “will,” “should,” “would,” “could,” “can,” the negatives thereof, variations thereon and similar expressions. The forward-looking information contained in this press release is based on the Company’s opinions, estimates and assumptions in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors that management currently believes are appropriate and reasonable in the circumstances. Forward looking statements in this press release include the following: that Allied is leveraging the conditions in its Colombia grow operation and future Kelowna location to support its Research and Development efforts; that Allied is making important strides forward to position itself as a leader in the medical cannabis space, that Allied intends to make a series of proposed trademark and other intellectual property protection filings, as part of the Company’s Intellectual Property and Pharma Development (IP&PD) Strategy, statements respecting the joint development, manufacturing, and introduction of TACTICAL RELIEF™ branded products, and the use of proceeds from the offering of convertible notes.
There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Risk factors that could cause actual results to differ materially from forward-looking information in this release include: the Company’s exposure to legal and regulatory risk; the effect of the legalization of adult-use cannabis in Canada and Colombia on the medical cannabis industry is unknown and may significantly and negatively affect the Company’s medical cannabis business; that the medical benefits, viability, safety, efficacy, dosing and social acceptance of cannabis are not as currently expected; that adverse changes or developments affecting the Company’s main or planned facilities may have an adverse effect on the Company; that the medical cannabis industry and market may not continue to exist or develop as anticipated or the Company may not be able to succeed in this market; risks related to completion of the greenhouse construction in Colombia, risks related to market competition; risks related to the proposed adult-use cannabis industry and market in Canada and Colombia including the Company’s ability to enter into or compete in such markets; that the Company has a limited operating history and a history of net losses and that it may not achieve or maintain profitability in the future; risks related to the Company’s current or proposed international operations; risks related to future third party strategic alliances or the expansion of currently existing relationships with third parties; that the Company may not be able to successfully identify and execute future acquisitions or dispositions or successfully manage the impacts of such transactions on its operations; risks inherent to the operation of an agricultural business; that the Company may be unable to attract, develop and retain key personnel; risks resulting from significant interruptions to the Company’s access to certain key inputs such as raw materials, electricity, water and other utilities; that the Company may be unable to transport its cannabis products to patients in a safe and efficient manner; risks related to recalls of the Company’s cannabis products or product liability or regulatory claims or actions involving the Company’s cannabis products; risks related to the Company’s reliance on pharmaceutical distributors; that the Company, or the cannabis industry more generally, may receive unfavourable publicity or become subject to negative consumer or investor perception; that certain events or developments in the cannabis industry more generally may impact the Company’s reputation or its relationships with customers or suppliers; that the Company may not be able to obtain adequate insurance coverage in respect of the risks that it faces, that the premiums for such insurance may not continue to be commercially justifiable or that there may be coverage limitations and other exclusions which may result in such insurance not being sufficient; that the Company may become subject to liability arising from fraudulent or illegal activity by its employees, contractors, consultants and others; that the Company may experience breaches of security at its facilities or losses as a result of the theft of its products; risks related to the Company’s information technology systems; that the Company may be unable to sustain its revenue growth and development; that the Company may be unable to expand its operations quickly enough to meet demand or manage its operations beyond their current scale; that the Company may be unable to secure adequate or reliable sources of necessary funding; risks related to, or associated with, the Company’s exposure to reporting requirements; risks related to conflicts of interest; risks related to fluctuations in foreign currency exchange rates; risks related to the Company’s potential exposure to greater-than-anticipated tax liabilities; risks related to the protection and enforcement of the Company’s intellectual property rights, or the intellectual property that it licenses from others; that the Company may become subject to allegations that it or its licensors are in violation of the intellectual property rights of third parties; that the Company may not realize the full benefit of the clinical trials or studies that it participates in; that the Company may not realize the full benefit of its licenses if the licensed material has less market appeal than expected and the licenses may not be profitable; as well as any other risks that may be further described in and the risk factors discussed in the Company's continuous disclosure including its Management's Discussion and Analysis sections in its Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K and Current Reports on Form 8-K filed under the Company's profile at www.sec.gov.
Although management has attempted to identify important risk factors that could cause actual results to differ materially from those contained in the forward-looking information in this presentation, there may be other risk factors not presently known to the Company or that the Company presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information in this presentation. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers and viewers should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this release represents the Company’s expectations as of the date of this release or the date indicated, regardless of the time of delivery of the presentation. The Company disclaims any intention, obligation or undertaking to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
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