PsyBio Therapeutics Corp. (TSXV: PSYB) (OTCQB: PSYBF), an intellectual property-driven biotechnology company developing novel formulations of psychoactive drugs produced by genetically modified bacteria and other innovative mediums for the potential treatment of mental health challenges and other neurological disorders, released its unaudited financial results for the fiscal year ended December 31, 2018.
In conjunction with Biose Industrie in Aurillac, France, the Company began pilot scale batch manufacture of its psychedelic portfolio of chemicals using the patented biosynthetic formulation of psilocybin. The Company’s research and development aims will be advanced as a result of the relationship with Biose, and it will continue to create globally proven and approved treatments.
The company started a new initiative to look into N-methyl-D-aspartate receptor antagonists and analogs for their potential to treat a number of human diseases. NMDA Receptor Antagonist-Containing Compositions and Methods of Treatment was the title of a new provisional patent application submitted with the USPTO at the same time. The inclusion of NMDA receptor antagonists with pending patent protection is primarily aimed at improving neurological diseases such as traumatic brain injury, other neurological deficiencies, addiction, and other psychiatric issues.
The Company recently announced that the TSX Venture Exchange has approved a share buyback program for up to 2,983,951 subordinate voting shares in the capital of the Company, representing 5% of the issued and outstanding Shares, as well as a dealer agreement and automatic share purchase plan with Haywood Securities Inc. Despite the fact that the Company has not purchased any Shares since the Sharebuyback Program began on June 30, 2021, management and the Board of Directors of the Company consider that the current market price of the Shares does not appropriately reflect their value. The Company will continue to consider making purchases through the TSXV’s facilities, subject to the ASPP’s terms and restrictions.
