IPON to grant PharmAla an initial grant of $35,000, with a further total grant of $100,000 available in subsequent funding calls
VANCOUVER, BC - February 22, 2024 - PharmAla Biotech Holdings Inc. (“PharmAla” or the “Company”) (CSE: MDMA) (OTC:MDXXF), a biotechnology company focused on the research, development, and manufacturing of LaNeo™ MDMA and novel derivatives of MDMA (MDXX class molecules) announces today that it has been accepted as a client of Intellectual Property Ontario (IPON). IPON works with innovators, businesses, and researchers to provide access to expert IP education, financial support, and mentorship to help maximize the value of IP, strengthen their capacity to grow, compete in the market, and enhance research and commercialization outcomes.
PharmAla is further pleased to note that IPON has approved its initial Scope of Work pertaining to the national phase entry into numerous markets of the PharmAla ALA and ABA molecule families and will provide a non-dilutive grant of approximately $35,000 to PharmAla to complete this work. IPON will cover up to 80% of eligible costs based on approved scopes of work. IPON clients have access to future calls of up to $100,000 of non-dilutive IP funding.
“We are pleased to be recognized as a worthy recipient of this grant funding from the Province of Ontario and IPON,” said Dr. Harpreet Kaur, VP of Research at PharmAla Biotech. “As our drug discovery program continues to bear fruit, locking in valuable intellectual property remains a crucial and integral part of PharmAla’s long-term drug discovery program. We look forward to sharing updates on our progress on intellectual property and scientific data with both our potential drug development partners, and the broader market, in due course.”
Foundational research pertaining to PharmAla’s computational drug discovery program, performed in collaboration with the University of Windsor, was recently published in the journal ACS Chemical Neuroscience, and key elements of PharmAla’s in vivo rodent research were presented at the International Society for Research in Psychedelics conference.
PharmAla Biotech Holdings Inc. (CSE: MDMA) is a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA. PharmAla was founded with a dual focus: alleviating the global backlog of generic, clinical-grade MDMA to enable clinical trials, and to develop novel drugs in the same class. PharmAla is a “regulatory first” organization, formed under the principle that true success in the psychedelics industry will only be achieved through excellent relationships with regulators. Our team of dedicated professionals includes regulatory experts, scientists, and biomanufacturing professionals. PharmAla has built what it believes to be North America’s first cGMP MDMA value chain, encompassing GMP manufacturing of Active Pharmaceutical Ingredient (API), and drug product formulation. PharmAla’s research and development unit has also begun preclinical research into two patented Novel Chemical Entities (NCEs) based on MDXX class molecules, with proof-of-concept research currently ongoing at the University of Arkansas Medical School.
Nicholas Kadysh, CEO
press@pharmala.ca