Revive Therapeutics Announces Research Collaboration with PharmaTher for Development of Psilocybin in Cancer and Discovery of Novel Uses of Psychedelics

TORONTO, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Revive Therapeutics Ltd. (“Revive”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce it has entered into an exclusive research collaboration agreement with PharmaTher Inc., a wholly-owned subsidiary of Newscope Capital Corporation (“PharmaTher”) (CSE: PHRM) and a specialty psychedelics pharmaceutical company, to accelerate the development of psilocybin in the treatment of cancer and the discovery of novel uses of undisclosed psychedelic compounds.

"Revive continues to be focused on developing novel uses for psilocybin that leverages our proprietary oral thin film delivery technology as a differentiated therapeutic approach," said Michael Frank, CEO of Revive. "We are excited to advance the development of PharmaTher’s recent discovery in the potential of psilocybin to treat certain cancers such as Liver Carcinoma, Melanoma, Breast Neoplasms, Kidney Neoplasms and Acute Myeloid Leukemia. We are also leveraging PharmaTher’s panaceAI discovery AI platform to discover new uses of undisclosed psychedelic compounds to be potentially used with our oral thin film delivery technology and expand our psychedelics drug pipeline."

"We are excited to partner with Revive Therapeutics on our psilocybin cancer program and our psychedelics discovery platform, panaceAI, to unlock the potential of novel uses of psychedelic compounds in diseases that have sub-optimal or no treatment options,” said Fabio Chianelli, CEO of PharmaTher. “We recently achieved an important milestone in expanding our patent portfolio with the potential of psilocybin to treat certain cancer indications. Our research collaboration with Revive validates our business model in discovering novel uses of psychedelics with panaceAI and partnering these discoveries with life sciences companies seeking to expand their product pipeline with psychedelics. We are happy to accelerate Revive’s objective in building a unique psychedelic drug pipeline via the FDA development and approval process.”

The collaboration will give Revive the exclusivity to advance the research of psilocybin in the treatment of cancer and leverage PharmaTher’s panaceAI psychedelic discovery AI platform to screen, identify and evaluate undisclosed psychedelic compounds directed at pre-specified targets for use with Revive’s drug delivery technology.