VANCOUVER, British Columbia, Nov. 16, 2022 (GLOBE NEWSWIRE) -- PharmAla Biotech Holdings Inc. (“PharmAla”)(CSE: MDMA), a biotechnology company focused on the research, development, and manufacturing of MDXX class molecules, including MDMA, and Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) ("Mindset"), a drug discovery company developing novel, optimized, next-generation psychedelic and non-psychedelic medications to treat neuropsychiatric and neurological disorders with unmet medical needs, today announced that they have entered into an exclusive sales agreement. Under the sales agreement, PharmAla will be the exclusive global reseller of Mindset’s cGMP (i.e. pharmaceutical grade) psilocybin to appropriately licensed clinical researchers.

“In addition to forging new ground in next generation psychedelic drug discovery, Mindset has also developed a patent-pending, highly scalable psilocybin synthesis technology. A cost-effective supply of first generation psychedelic therapeutics is essential to the overall development of the medical psychedelic space, and Mindset is eager to help meet this increased demand for pharmaceutical grade psilocybin from researchers,” said James Lanthier, CEO of Mindset. “We have chosen PharmAla as a partner because of their track record in working with clinical researchers, and existing sales infrastructure to sell Pharmaceutical Grade Psychedelics compounds. It’s also yet another concrete example of Mindset commercializing and creating value from its portfolio of innovations.”

Mindset has recently completed production of a large batch of cGMP psilocybin at the U.S. site of an international contract development and manufacturing company (“CDMO”) pursuant to the annual DEA quota on psilocybin.

“While we have until now focused exclusively on MDMA and its analogues, we’ve heard time and again that our clinical partners want access to other research materials. We see significant synergies in this partnership with Mindset; our sales infrastructure, as well as our Canadian pharmaceutical value chain, can create revenue opportunities for both companies,” said Nick Kadysh, CEO of PharmAla. “With the culmination of this agreement, we’re the first and only organization that is able to offer the clinical research community two of the most high-quality and in-demand APIs in Psychedelics: PharmAla’s GMP LaNeo™ MDMA, and Mindset’s cGMP Psilocybin.”