Psychedelics junior
Mydecine Innovations Group (CAN:MYCO / US:NLBIF) took a major step in ramping up its psilocybin-based research on Friday.
The company announced a “research division agreement” with Applied Pharmaceutical Innovation (API). API is a drug development institute, hosted in the University of Alberta’s Faculty of Pharmacy and Pharmaceutical Sciences.
The University of Alberta is a hotbed of pharmacology research.
The Faculty of Pharmacy and Pharmaceutical Sciences is consistently ranked in the top 15 globally for the citations of research by international QS rankings in pharmacy and pharmacology and includes a wide range of experts from discovery, pharmaceutical analysis, drug action, disposition, formulation and clinical development.
API brings additional assets to the table in this partnership.
Mydecine is also able to access broader expertise through the agreement such as API's collaborating institute the Alberta Machine Intelligence Institute (Amii) - ranked among the top 5 institutes in the world for AI/ML.
With psychedelics-based drug research already spreading into many different fields of medicine, adding an artificial intelligence/machine learning component to such research can only expedite Mydecine’s drug development initiatives.
Mydecine’s CSO, Robert Roscow put the announcement into context for investors.
“Our partnership with the University of Alberta will unlock brand new avenues for the study of medical uses of mushrooms… This research partnership opens up, not only investigation of single molecules from mushrooms but also more complex formulations. The breadth of research resources at the University of Alberta, from world class AI to cultivation and pharmacology, as well as their possession of Health Canada License allows an unprecedented level of study.”
The University’s Health Canada licensing for psychedelics-based research is the icing on the cake in this agreement.
For investors interested in Mydecine, this may be the missing puzzle-piece they were looking for. With a world class base of operations from which to pursue its psilocybin-based research, the company is now well-positioned to compete with industry leaders in the space.
