XPhyto Files Patent Application for Library of Novel Psychedelic Compounds

Rhea-AI Summary

XPhyto Therapeutics Corp. has filed a patent application for a library of novel psychedelic compounds aimed at treating various neuropsychiatric and neurodegenerative disorders, including depression and addiction. The global psychedelic drugs market is projected to grow at a CAGR of 13.3%, reaching approximately USD 6.4 billion by 2029. XPhyto is engaged in exclusive R&D partnerships focused on drug synthesis and delivery of psychedelic compounds, retaining 100% of the intellectual property. Further updates are anticipated as the company progresses with regulatory and commercialization efforts.

Positive

• Filed patent application for a significant library of novel psychedelic compounds.
• Targets multiple treatment applications including depression and addiction.
• Retains 100% intellectual property from R&D partnerships.

Negative

• Success in developing commercial products is uncertain.
• Risks associated with product liability and regulatory challenges.

VANCOUVER, BC and UTTENWEILER, GERMANY / ACCESSWIRE / September 20, 2022 / XPhyto Therapeutics Corp. (CSE:XPHY)(OTCQB:XPHYF)(FSE:4XT) ("XPhyto" or the "Company") is pleased to report that it has filed a patent application for a significant library of novel psychedelic compounds. Each compound was designed to provide specific alterations in their respective biopharmaceutical properties.

The library of compounds can be selected to target (personalize) the treatment of neuropsychiatric, and neurodegenerative, neuroinflammatory and pain disorders including depression, as well as tobacco, opiate (OUD), and cocaine addiction, alcoholism (AUD), post-traumatic stress disorder (PTSD), and pain syndromes including cluster headaches and chemotherapy induced peripheral neuropathy. Novel methods of administration might be applied for dosing to further optimize therapeutic outcomes. This significant library of psychedelic derived molecules secures XPhyto a platform technology to which variations of the molecules can be applied to various indications as noted. The potential applications are subject to the requisite clinical and regulatory commercialization processes.

The global psychedelic drugs market is expected to gain significant market growth in the forecast period from 2022 to 2029. Data Bridge Market Research reports that the market is growing with a CAGR of 13.3% in the forecast period from 2022 to 2029 and is expected to reach USD 6,401.95 million by 2029 from USD 2,386.72 million in 2021.

Related development work has been carried out as part of an ongoing exclusive psychedelic R&D partnership with Applied Pharmaceutical Innovation ("Applied"). XPhyto is pursuing a multi-strategic approach to psychedelic medicine including drug synthesis, drug delivery and novel psychedelic analogue engineering. Applied is a not-for-profit institution at the University of Alberta created to support translational drug development for industry and innovators. The intellectual property is retained 100% by XPhyto. The Company will provide further updates in due course.

About XPhyto Therapeutics Corp.

XPhyto Therapeutics Corp. is a diversified bioscience accelerator focused on next-generation drug formulation, 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 manufacture, standardization, and evaluation of psychedelic compounds for the treatment of neurological conditions. 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

Email: info@xphyto.com

Phone: +1 780-818-6422

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 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/716679/XPhyto-Files-Patent-Application-for-Library-of-Novel-Psychedelic-Compounds

FAQ

What is the significance of XPhyto's patent application filed on September 20, 2022?

XPhyto's patent application is important as it covers a library of novel psychedelic compounds aimed at various neuropsychiatric disorders, indicating the company's commitment to advancing psychedelic medicine.

How does the global psychedelic drugs market impact XPhyto's business strategy?

The global psychedelic drugs market is expected to grow significantly, with a CAGR of 13.3%, potentially providing XPhyto with expanding opportunities for commercialization and product development in this emerging sector.

What disorders are targeted by XPhyto's novel psychedelic compounds?

XPhyto's compounds aim to treat depression, addiction (including opiate and alcohol), PTSD, and pain syndromes, including cluster headaches and chemotherapy-induced peripheral neuropathy.

What are the risks associated with XPhyto's forward-looking statements?

XPhyto's forward-looking statements highlight risks such as the uncertainty of successful product development, potential product liability, and regulatory challenges that could impact their business operations.