Supports IP development for novel mushroom
genetics and therapeutics for multiple indications
NEW
YORK, April 9, 2024 /PRNewswire/ --
Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the
"Company"), an emerging biopharmaceutical company developing
therapeutics for neurodegenerative disorders, today announced that
it has increased its stake in psilocybin drug discovery company
PsygaBio through its previously announced partnership with
Cannasoul Analytics ("Cannasoul"). Synaptogenix acquired a 25%
stake in Cannasoul during November of 2023 in support of research
and development for psilocybin mushroom and cannabinoid-based
therapeutics. Cannasoul is founded by the Technion Research &
Development Foundation, the commercialization arm of The
Technion—Israel Institute of Technology ("the Technion").
Cannasoul's subsidiary, PsygaBio, is engaged in mushroom
cultivation, psilocybin extraction, and the exploration of active
compounds and formulations for therapeutic benefits. Its initial
therapeutic targets inflammatory and central nervous system
disorders such as Alzheimer's disease, Parkinson's disease,
inflammatory bowel disease, and ocular conditions. PsygaBio's
unique drug discovery platform utilizes intellectual property and
Technion technologies licensed by Cannasoul along with its own
proprietary extraction, separation, isolation, and synthesis
technologies.
"In addition to the continuing work on our Bryostatin program,
our mission and purpose extends to funding research on other
innovative assets and/or potential acquisitions of asset rights.
Psilocybin and psilocin, the major active metabolites in
psychedelic mushrooms, are gaining broad attention as potential
therapies for a range of conditions," said Dr. Alan Tuchman,
Chief Executive Officer of Synaptogenix. "PsygaBio is pursuing the
wide-open scientific field for mushroom-based therapies, with
backing from a leading international venture capital fund and a
renowned academic institution. The company's distinguished
scientists are creating and stabilizing new mushroom genetics and
developing novel intellectual property that could lead to exciting
new discoveries in psilocybin therapeutics. We are proud to support
their research and development efforts and look forward to sharing
more of their achievements in the future."
Synaptogenix, through its partnership with Cannasoul, expanded
its stake in PsygaBio, enabling Synaptogenix Chairman Josh Silverman and Director Bruce Bernstein to join PsygaBio's board of
directors. These board members remain in their roles at
Synaptogenix as the Company continues its work on Bryostatin for
therapeutic treatment of neurodegenerative disorders. No
additional funding was made by Synaptogenix with respect to its
stake in Cannasoul or PsygaBio.
According to its most recent 10-K filing as of December 31, 2023, Synaptogenix reported a cash
balance of $28.7 million.
Additionally, following a recent reverse split, the Company now has
approximately 1,085,333 outstanding shares.
Psilocybin Market Growth
According to a market
research report from January
20241, the global psychedelic drugs market will
grow at a projected compound annual growth rate of 12.2% over the
next decade. By segmentation, psilocybin is prominent, driven by
the substantial amount of research on its therapeutic potential.
Psilocybin was the highest revenue-grossing segment in the global
psychedelic drugs market in 2023.
About PsygaBio
PsygaBio is a drug discovery company focused on
developing groundbreaking therapeutics derived from natural
compounds. Founded by world-renowned cannabis and mushrooms
researcher and pioneer Prof. Dedi
Meiri from the Technion—Israel Institute of Technology, the
company is backed by robust scientific capabilities including
Cannasoul's proprietary analytical platform, data-driven approach,
unique know-how, and clinical trial framework supports PsygaBio's
active compound identification and development, from mushrooms
cultivation and extraction, through clinical approved
formulations.
About Synaptogenix
Synaptogenix is a clinical-stage biopharmaceutical company that
has historically worked to develop novel therapies
for neurodegenerative diseases. Synaptogenix has conducted
clinical and preclinical studies of its lead therapeutic candidate,
Bryostatin-1, in Alzheimer's disease. Preclinical studies have also
demonstrated bryostatin's regenerative mechanisms of action for the
rare disease Fragile X syndrome, and for other neurodegenerative
disorders such as multiple sclerosis, stroke, and traumatic brain
injury. The U.S. Food and Drug Administration has granted Orphan
Drug Designation to Synaptogenix for Bryostatin-1 as a treatment
for Fragile X syndrome. Bryostatin-1 has already undergone testing
in more than 1,500 people in cancer studies, thus creating a large
safety data base that will further inform clinical trial designs.
Additional information about Synaptogenix, Inc. may be found on its
website: www.synaptogen.com
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. Such forward-looking statements are subject to risks
and uncertainties and other influences, many of which the Company
has no control over. There can be no assurance that the clinical
program for Bryostatin-1 will be successful in demonstrating safety
and/or efficacy, that the Company will not encounter problems or
delays in clinical development, or that Bryostatin-1 will ever
receive regulatory approval or be successfully commercialized.
Actual results and the timing of certain events and circumstances
may differ materially from those described by the forward-looking
statements as a result of these risks and uncertainties. Additional
factors that may influence or cause actual results to differ
materially from expected or desired results may include, without
limitation, the Company's inability to obtain adequate financing,
the significant length of time associated with drug development and
related insufficient cash flows and resulting illiquidity, the
Company's patent portfolio, the Company's inability to expand its
business, significant government regulation of pharmaceuticals and
the healthcare industry, lack of product diversification,
availability of the Company's raw materials, existing or increased
competition, stock volatility and illiquidity, and the Company's
failure to implement its business plans or strategies. These and
other factors are identified and described in more detail in the
Company's filings with the Securities and Exchange Commission. The
Company does not undertake to update these forward-looking
statements.
Contact
800-811-5591
ir@synaptogen.com
1 Global Psychedelic Drugs Market Analysis &
Forecast to 2024-2034, Research and Markets, January 2024
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SOURCE Synaptogenix, Inc.