PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLD) (“PharmaDrug” or the “Company“), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs, is providing an update from the CEO to elaborate on the reasoning, vision and strategy for the previously announced and executed acquisition of Securedose Synthetics Inc. (“SecureDose“). (See press release dated November 7, 2023).
SecureDose is a private pharmaceutical research and development company focused on the development of synthetic formulations of currently existing drugs for potential commercialization and distribution. The founding team at SecureDose has already proven itself in the development of synthetic formulations in the psychedelic space followed by successfully bringing pharmaceutical grade synthetics to market both domestically and internationally.
Management’s priority will be to continue SecureDose’s strategy to develop synthetic formulations for the potential third wave of drug policy reform. The Company already has biosynthetic formulations, but will continue to fine tune them for scalable and economic production in pharmaceutical grade facilities.
“I spent a large part of my career building and operating multiple substance abuse clinics. One of the gravest issues today with substance abuse is fentanyl contamination. I want to be crystal clear that I or PharmaDrug do not condone the abuse of drugs and that we believe that rehabilitation should continue to be the main focus. However, drug abuse is a complex issue that requires a multi-dimensional approach. A significant portion of street drugs are contaminated with lethal substances like fentanyl and the supply chain cannot be controlled. Harm reduction for abusers should also be addressed.”
-Robert Steen, CEO and Chairman of PharmaDrug
The Company believes that the only viable way to produce safe supply is to develop biosynthetic versions of these substances to be manufactured domestically in a regulated and pharmaceutical supply chain. Management believes the advantages could include:
- A completely verified manufacturing process with regulated distribution channels.
- Pharmaceutical grade manufacturing.
- Locally sourced and legally verified inputs. Many street drugs are based off plants that could only be sourced illegal international players.
The Company has already begun to collaborate with a third party regulated university affiliated lab to continue its R&D activities. The Company believes these activities could lead to the development of intellectual property and novel formulations of existing drugs.
The Company plans to be able to announce the drugs it is focusing on in the next few months and also anticipates being able to commission its first test batch in the next couple of quarters.
Option Grant to Consultants
The Company has granted a total of 1,100,000 million stock options (“Options“) to purchase common shares of the Company to certain external consultants in lieu of cash payments pursuant to the Company’s Stock Option Plan. Such Options are exercisable into common shares of the Company at an exercise price of $0,05 per common share for a period of two years from the date of the grant. The Options vest immediately.
About PharmaDrug Inc.
PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics and previously approved drugs. PharmaDrug owns 51% of Sairiyo Therapeutics (“Sairiyo”), a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through clinical trials and the associated regulatory approval process in the US and Europe. Sairiyo is currently developing its patented reformulation of cepharanthine, a drug that has shown substantial third party validated potential for the treatment of infectious disease and rare cancers. Sairiyo is also conducting R&D in the psychedelics space for the treatment of non-neuropsychiatric conditions. PharmaDrug also owns 100% of SecureDose Synthetics Inc. (“SecureDose”), a pharmaceutical research and development company focused on the development of synthetic formulations of currently existing drugs for potential commercialization and distribution.