Toronto, Ontario and Boston, Massachusetts--(Newsfile Corp. - June 18, 2024) - PurMinds NeuroPharma ("PurMinds" or the "Company"), a neuro-medicine development company focused on advancing novel therapeutics for neurological and neurodegenerative disorders, today announced that it has signed the first Controlled Substances Supply Agreement with Bluestem API Inc ("Bluestem") to produce and supply botanical psilocybin from its Ontario based neurolab and production facility that holds a Dealer's License for Controlled Drugs and Substances ("DL").
This Supply Agreement forms part of PurMinds' revenue strategy and fulfills the biomass requirements for Phase 1 of Bluestem's Health Canada approved botanical psilocybin research program. Following the signing of the Supply Agreement, the first batch of botanical psilocybin biomass was delivered.
"This is the first commercial sale of our proprietary botanical psilocybin, representing two years of research and process development by our scientific and operations team. This initial sale helps position us for a growing market calling for high-quality, GMP-compliant, psilocybin products," says PurMinds' Chief Business Officer, Vanessa Williamson.
"We are pleased to finalize this transaction and hope that it is the beginning of a longstanding relationship with PurMinds," said Bluestem's President Austin Miller.
Miller went on to say: "This initial study will not only contribute to some of our proprietary R&D but will also support knowledge creation in the public interest that is much needed in the psychedelics space." Some of the data will be of use to - and will be made available to - regulators, medical professionals and patients alike to help inform decisions around dosing, packaging, storage, shelf-life, and more.
ABOUT PURMINDS
PurMinds™ is a neurological drug development company pursuing breakthrough solutions to neurological and neurodegenerative disorders. Its clinical pipeline includes innovative therapeutics that combine proven mechanisms of action with the powerful ability of psychedelics and other psychoplastogens to rapidly promote neuroplasticity and neuro-rejuvenation, and its drug development program includes the potential for FDA "Breakthrough Designation" with a fast track to Phase IIa. The company's Ontario NeuroLab and Production Facility was granted by Health Canada a Dealer's License for Controlled Drugs and Substances authorizing the production, formulation and global supply of pharma-grade Psychedelic compounds including Psilocybin and MDMA for clinical trials and research studies. PurMinds™ champions a de-risked business model that includes a multi-target approach to drug development, progressing long-term value creation through the accelerated development of novel therapeutics, accompanied by short and mid-term revenue paths. PurMinds™ is headquartered in Toronto, ON Canada with offices in Montreal, QC and Boston, MA USA. For further information about PurMinds™ NeuroPharma, please visit the Company's website at PurMinds.com.
About Bluestem
Bluestem API Inc. ("Bluestem") is an early-stage psychedelics company founded in Toronto, Canada, primarily focused on botanical psilocybin. Bluestem holds multiple research licenses from Health Canada for psilocybin studies and boasts a robust R&D pipeline. Among its innovations is a novel pharmaceutical composition designed to mitigate most of the common side effects of psilocybin. Additionally, Bluestem has developed a proprietary cultivation and processing system that automates and scales the production of psilocybin-containing mushrooms, reducing contamination while increasing yields and consistency. Bluestem is also developing several service delivery assets, including an innovative digital psychedelic health platform, patient access and physician training programs, and psychedelic assisted therapy clinics and retreat centres. Beyond commercial activities, Bluestem conducts advocacy work on the modernization of legislation, public research, and expanded access. For more information about Bluestem API Inc., please visit www.bluestem.co or email info@bluestem.co.
Forward-Looking Statements This press release contains forward-looking statements. Forward-Looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to PurMinds™' future business plans and partnerships. Forward-Looking statements include words or expressions such as "proposed", "anticipated", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions and include, but are not limited to: the ability of PurMinds™ to secure patent protection; the regulatory environment in which PurMinds™ operates; the ability of PurMinds™ to carry out its business plans and unforeseen challenges in carrying out such plans; trends in the future use of psychedelics; general business, economic, competitive, political and social uncertainties; the state of capital markets; and other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.
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SOURCE: PurMinds NeuroPharma
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