FSD Pharma has signed an agreement with Covar Pharmaceuticals to support the development of Lucid-PSYCH, a psychoactive compound potentially viable for the treatment of major depressive disorders. Research into Lucid-PSYCH’s pharmaceutical and metabolic properties will be processed via machine learning algorithms.
Covar Pharmaceuticals has successfully guided an assortment of pharmaceutical products from early development stage to commercialisation. However, drug development efforts of both Lucid and FSD BioSciences for Lucid-PSYCH are at an early stage, and it is not yet certain that Lucid-PSYCH is assured for viable commercial therapeutic application.
“This agreement with Covar continues our momentum in completing advanced preclinical studies and scale-up activities,” FSD interim CEO Anthony Durkacz has stated. “This potentially sets the stage for us to achieve our goal of moving Lucid-PSYCH from bench to clinic by obtaining IND approval and initiating a Phase I clinical study.”
Development of Lucid-PSYCH is continuing under the leadership of the CEO of Lucid Psychedeceuticals Inc, Dr Lakshmi P Kotra, PhD.
Covar Pharmaceuticals’ R&D facility is licensed to handle psychoactive compounds such as Lucid-PSYCH, Controlled Substances listed under the Controlled Drugs and Substances Act, Canada.
FSD Pharma is a publicly-traded holding company. Lucid Psycheteuticals is a psychedelics-inspired biotech company interested in utilising psychedelics for the prevention and possible reversal of neurodegeneration, such as that in Alzheimer’s and Parkinson’s disease that leads to brain illness. Lucid has exclusive worldwide rights to novel compounds shown to prevent and potentially reverse the biochemical mechanisms of progressive multiple sclerosis in multiple preclinical animal models.
FSD is seeking to develop a unique psychoactive therapeutic aimed at addressing neurodegenerative disorders, a multibillion-dollar mental health market. The company hopes to quickly advance its lead drug candidates through clinical trials.
