MGC Pharmaceuticals has secured the first import permit for 200g of psilocybin raw mushroom material to its Slovenian research facility from Psyence Group’s Southern Africa production site, as part of the material transfer agreement signed between the two companies.
Psilocybin is a naturally occurring psychedelic prodrug compound produced by more than 200 species of fungi.
Psyence is a life science biotechnology company listed on the Canadian Securities Exchange (CSE:PSYG) and OTCQB (OTCQB:PSYGF), which focuses on developing proprietary natural psilocybin drug development and treatment protocols with a focus on palliative care.
Psyence operates out of one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa, cultivating natural psilocybin mushrooms at its federally licensed facility.
Under the agreement, MGC Pharma (ASX:MXC) will perform an analysis on the materials with a view to assist Psyence in the development of new psilocybin products to take to market, through its GMP-certified research facility in Slovenia that was recently approved for psilocybin compounding.
Milestone entry into psilocybin market
“We are delighted to receive the first import approval of psilocybin under our collaboration with Psyence, which constitutes our first entry into the psilocybin market,” CEO and MD Roby Zomer said.
“This partnership marks a significant milestone for MGC Pharma following our recent approval for psilocybin research in our Slovenian facility and reinforces our commitment to growth and innovation.
“By joining forces with Psyence, we are combining our respective strengths and expertise to unlock new opportunities and deliver exceptional value to our customers.
“This collaboration enhances our ambitions to be one of the first companies to provide psilocybin treatments alongside our plant-based treatments.”
Developing standardised psilocybin containing products
MGC Pharma is one of the first companies in the world – and the first in Slovenia – to obtain permission to undertake pharmaceutical research on psilocybin and can now provide development and compounding services to companies dealing with psilocybin who wish to have a medicine in the market.
Based on the analytical findings and results of the technical evaluation of the first delivery of 200g of psilocybin raw mushrooms to Psyence, MGC will develop analytical methods and stability testing to meet International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH) guidelines – which aim to uncover potential risks like carcinogenicity, genotoxicity and reprotoxicity for new drug products.
“Psyence Production is pleased to collaborate with MGC Pharma in the research and development of standardized psilocybin containing products from our mushrooms,” Psyence director of strategy and head of production Tony Budden said.
Having access to MGC’s EU-GMP R&D lab, expert team and resources will help accelerate this process and we look forward to working together.”
This article was developed in collaboration with MGC Pharmaceuticals Limited, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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