Victoria’s Chiral Labs to lead development of novel cocaine manufacturing process
Toronto, Ontario – April 16, 2024 – PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) (“PharmaDrug” or the “Company”), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances, natural medicines, and previously approved drugs, is pleased to announce that the Company’s wholly-owned subsidiary, Securedose Synthetics Inc. (“SecureDose”) has engaged Victoria-based Chiral Logistics Corp. (“Chiral Labs”) to advance and refine practical process development for SecureDose’s provisionally patented novel Cocaine synthesis method. Processes developed by Chiral Labs for SecureDose will be the wholly owned intellectual property of SecureDose.
Chiral Labs is a contract research laboratory specializing in chemical synthesis and process optimization in the pharmaceutical and natural science domains. Chiral Labs’s Health Canada issued controlled substances licence allows them to work with a wide range of regulated compounds and a recent amendment to expand the licence to accommodate this research has been submitted for approval to Health Canada.
Robert Steen, CEO of PharmaDrug commented, “We are extremely excited to begin working with Chiral Labs. The work will focus on both fine tuning the process and producing a test batch to prove out our method and formulation. We will also seek to partner with a licensed contract commercial manufacturer to collaborate on tactical commercial methods with a goal to begin producing a larger commercial batch early next year.”
The agreement was signed by both parties on April 8, 2024 and the terms of the contract agree to a fee rate of CAD 60,000 per month plus applicable taxes. A CAD 50,000 plus applicable taxes deposit was already paid against the first month. The project is anticipated to be completed in seven to nine months.
The SecureDose Pharmaceutical Cocaine Project
SecureDose initiated work in 2023 on a project to develop a novel manufacturing method for the commercial-scale manufacture of cocaine to support safe supply programs. PharmaDrug has already filed a patent for a novel method of development utilizing biosynthetic chemistry (see press release dated March 13, 2024), which it believes will allow for cost effective and efficient Good Manufacturing Practice (“GMP”) manufacturing of pharmaceutical grade cocaine at scale.
PharmaDrug’s innovative biosynthetic method aims to address these challenges by providing a reliable, clinically manufactured drug product for safe supply programs, potentially transforming the supply chain and offering new revenue or royalty stream opportunities through global partnerships and out-licensing.
The Company is dedicated to contributing to harm reduction and believes in a multi-dimensional approach to drug abuse, emphasizing the importance of biosynthetic versions of substances for a regulated pharmaceutical supply chain. PharmaDrug does not condone the abuse of drugs and the Company believes that rehabilitation should continue to be the main focus. However, drug abuse is a complex issue and rehabilitation is not always immediate or achievable for all victims in the short to mid-term. 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. 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. The process being developed by PharmaDrug could potentially allow for the cost effective and efficient production of cocaine as a pharmaceutical-grade drug in a variety of facilities and at fairly low cost.
Options Grant
The Company granted 1.2 million options to a consultant on April 12, 2024. The options can be exercised at a strike price of 5 cents per PharmaDrug share for a period of two years from granting.
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.
For further information, please contact:
Robert J. Steen, Chairman and CEO
rob@pharmadrug.ca
(416) 400-7086
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Forward looking statements in this press release relate to the ability to develop a novel manufacturing method for the commercial-scale manufacture of cocaine and the timing thereof, the ability to obtain the patent referenced herein, and the development of the Company’s business. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; the actual results of the Company’s future operations; competition; changes in legislation affecting the Company; the ability to obtain and maintain required permits and approvals, the timing and availability of external financing on acceptable terms; lack of qualified, skilled labour or loss of key individuals..
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