Allied Corp. Begins Human Clinical PHASE I Research Trial for PTSD Pharmaceutical Product

ALID10

KELOWNA, British Columbia, June 19, 2020 (GLOBE NEWSWIRE) -- Allied Corp. ("Allied" or the "Company") (OTCQB: ALID), an international medical cannabis company focused on creating and providing targeted cannabinoid health solutions to address today’s medical issues is pleased to announce the initiation of a pharmaceutical human clinical PHASE I research trial with MGC Pharmaceuticals (“MGC”) (ASX: MXC).

Under the terms of this agreement, MGC Pharma will provide a comprehensive suite of pharmaceutical services to advance Allied’s pharmaceutical products into human clinical PHASE 1. This trial will test the efficacy and pharmacodynamics of Allied’s pipeline of proprietary cannabis derived drug candidates targeting Post Traumatic Stress Disorder (PTSD).  The scope of MGC Pharma’s services will cover clinical research, IMP registration, manufacturing of lab volumes for the research project, drug stability testing, GMP manufacturing and regulatory assistance for obtaining an Investigational Medicinal Product (IMP) number that is needed in order to sell the pharmaceutical product.

Allied has also conducted an extensive prior art review on its previously submitted provisional patents for products AC001 and AC002 and has decided to abandon these. Along with creation of new formulations, representing the conception of new inventions, and its prior art review, Allied will submit patent submissions for products ALID-10 and ALID-11. ALID-10 and ALID-11 will be the products entering into the human clinical trials.

“This agreement with MGC Pharma is a significant milestone for Allied as we continue to make progress towards advancing our first cannabis derived pharmaceutical product into clinical trials for PTSD”, said Calum Hughes, CEO of Allied.  “The drug candidates to be developed in our collaboration with MGC Pharma have been validated by Allied’s research through preliminary case study evidence conducted by our corporate physician and the Allied team. We are excited to be working with MGC Pharma, a company with a proven track record in developing cannabis-based drugs and bringing them to market.  We look forward to leveraging their technical capabilities to accelerate the development, manufacturing and sales of our first pharmaceutical product for PTSD”.