XPhyto Adds Mescaline Production to Psychedelic Medicine Programs

Rhea-AI Summary

XPhyto Therapeutics Corp has announced the addition of mescaline production to its psychedelic medicine programs through its subsidiary, XPhyto Laboratories. This expansion aligns with the company's goal to develop industrial-scale production and deliver pharmaceutical-grade mescaline, recognized for its potential in treating addiction and depression. The company aims to standardize dosage formulations for clinical and therapeutic use. XPhyto believes this move will significantly enhance its portfolio and market opportunities in the psychedelic drug space.

Positive

• Expansion into mescaline production indicates market growth potential.
• Development of industrial-scale production processes for mescaline.

Negative

• Mescaline is classified as a Schedule I drug in the U.S., which may limit market opportunities.
• Regulatory risks associated with the production and sale of psychedelic substances.

VANCOUVER, BC / ACCESSWIRE / February 10, 2021 / XPhyto Therapeutics Corp. (CSE:XPHY)(OTCQB:XPHYF)(FSE:4XT) ("XPhyto" or the "Company") is pleased to announce that XPhyto Laboratories Inc., its wholly owned Alberta subsidiary, has added mescaline production to its psychedelic medicine programs. Further to the Company's press release dated February 3, 2021, the capacity under contract with Applied Pharmaceutical Innovation will focus on the synthesis of pharmaceutical grade mescaline. Mescaline has been anecdotally recognized as a relatively safe psychedelic drug and has shown particular promise for the treatment of addiction and depression.

"In addition to our European-based psilocybin biotechnology production, the Company has now expanded its portfolio of psychedelic compounds to include mescaline. Our goal is to develop industrial scale production processes for the wholesale market and for incorporation into XPhyto's thin film drug delivery platforms," commented Hugh Rogers, CEO & Director. "We see a significant market opportunity in the production of pharmaceutical mescaline and the standardization of dosage formulations with precise, predictable and efficient drug delivery for clinical study and therapeutic use."

Mescaline (3,4,5-trimethoxyphenethylamine) is a naturally occurring psychedelic compound found in certain cacti, including peyote, San Pedro, and Peruvian torch, and is most commonly associated with traditional Native American religious rituals and ceremonies. Mescaline is a Schedule I drug in the United States; however, it is legal in certain religious ceremonies registered by the Native American Church and its use is expanding as a supplement to various types of meditation and psychedelic therapy.

In general, psychedelic compounds have emerged as a new class of drugs with the potential to improve the treatment of mental health related medical conditions such as depression, anxiety, addiction, and trauma-related stress disorder. The Company believes that the industrial-scale production of pharmaceutical grade psilocybin and mescaline will provide a strong foundation for its psychedelic medicine programs.

On November 3, 2020, the Company announced an agreement with a leading German university for the exclusive development of a proprietary biotechnology process for the industrial manufacture of pharmaceutical grade psilocybin.

The Company will provide further information and updates in due course.

About XPhyto Therapeutics Corp.

XPhyto Therapeutics Corp. is a bioscience accelerator focused on next-generation drug delivery, diagnostic, and new active pharmaceutical ingredient investment opportunities, including: precision transdermal and oral dissolvable drug formulations; rapid, low-cost infectious disease and oral health screening tests; and standardization of emerging active pharmaceutical ingredients for neurological applications, including psychedelic compounds and cannabinoids. The Company has research and development operations in North America and Europe, with an operational focus in Germany, and is currently focused on regulatory approval and commercialization of medical products for European markets.

XPhyto Therapeutics Corp.:
Hugh Rogers, CEO and Director

Investor Inquiries:
Mr. Knox Henderson
T: 604-551-2360
E: info@xphyto.com

Media Inquiries:
MC Services AG
Julia Hofmann, Andreas Jungfer
T: +49 89 210 228 0
E: xphyto@mc-services.eu

Forward looking statements

This news release includes statements containing forward-looking information within the meaning of applicable Canadian securities law ("forward-looking statements"). Forward-looking statements are frequently characterized by words such as "develop", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "potential", "propose" and other similar words, or statements that certain events or conditions "may" or "will" occur, and in this release include the statement regarding the Company's goal of building a successful diagnostic, drug delivery, and medical psychedelic/cannabis company. Forward-looking statements are only predictions based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements, including: that the Company may not succeed in developing a commercial product; that the sale of products may not be a viable business; that the Company may be unable to scale its business; product liability risks; product regulatory risk; general economic conditions; adverse industry events; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; currency risks; competition; international risks; and other risks beyond the Company's control. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE: XPhyto Therapeutics Corp.

View source version on accesswire.com:
https://www.accesswire.com/628874/XPhyto-Adds-Mescaline-Production-to-Psychedelic-Medicine-Programs

FAQ

What is XPhyto Therapeutics Corp's recent announcement regarding mescaline?

XPhyto announced the addition of mescaline production to its psychedelic medicine programs to enhance its market offerings.

How does mescaline relate to XPhyto's business strategy?

Mescaline production is part of XPhyto's strategy to develop industrial-scale production processes for psychedelic compounds.

What potential does mescaline have in medical treatments according to XPhyto?

Mescaline has shown promise for treating addiction and depression, aligning with XPhyto's focus on mental health therapies.

What are the risks associated with XPhyto's mescaline production?

The production of mescaline poses regulatory risks as it is classified as a Schedule I drug in the United States.

What is the stock symbol for XPhyto Therapeutics Corp?

The stock symbol for XPhyto is XPHYF.