Supports IP development for novel mushroom genetics and therapeutics for multiple indications
NEW YORK, April 9, 2024 /PRNewswire/ -- Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the "Company"), an emerging biopharmaceutical company developing therapeutics for neurodegenerative disorders, today announced that it has increased its stake in psilocybin drug discovery company PsygaBio through its previously announced partnership with Cannasoul Analytics ("Cannasoul"). Synaptogenix acquired a 25% stake in Cannasoul during November of 2023 in support of research and development for psilocybin mushroom and cannabinoid-based therapeutics. Cannasoul is founded by the Technion Research & Development Foundation, the commercialization arm of The Technion—Israel Institute of Technology ("the Technion").
Cannasoul's subsidiary, PsygaBio, is engaged in mushroom cultivation, psilocybin extraction, and the exploration of active compounds and formulations for therapeutic benefits. Its initial therapeutic targets inflammatory and central nervous system disorders such as Alzheimer's disease, Parkinson's disease, inflammatory bowel disease, and ocular conditions. PsygaBio's unique drug discovery platform utilizes intellectual property and Technion technologies licensed by Cannasoul along with its own proprietary extraction, separation, isolation, and synthesis technologies.
"In addition to the continuing work on our Bryostatin program, our mission and purpose extends to funding research on other innovative assets and/or potential acquisitions of asset rights. Psilocybin and psilocin, the major active metabolites in psychedelic mushrooms, are gaining broad attention as potential therapies for a range of conditions," said Dr. Alan Tuchman, Chief Executive Officer of Synaptogenix. "PsygaBio is pursuing the wide-open scientific field for mushroom-based therapies, with backing from a leading international venture capital fund and a renowned academic institution. The company's distinguished scientists are creating and stabilizing new mushroom genetics and developing novel intellectual property that could lead to exciting new discoveries in psilocybin therapeutics. We are proud to support their research and development efforts and look forward to sharing more of their achievements in the future."
Synaptogenix, through its partnership with Cannasoul, expanded its stake in PsygaBio, enabling Synaptogenix Chairman Josh Silverman and Director Bruce Bernstein to join PsygaBio's board of directors. These board members remain in their roles at Synaptogenix as the Company continues its work on Bryostatin for therapeutic treatment of neurodegenerative disorders. No additional funding was made by Synaptogenix with respect to its stake in Cannasoul or PsygaBio.
According to its most recent 10-K filing as of December 31, 2023, Synaptogenix reported a cash balance of $28.7 million. Additionally, following a recent reverse split, the Company now has approximately 1,085,333 outstanding shares.
Psilocybin Market Growth According to a market research report from January 20241, the global psychedelic drugs market will grow at a projected compound annual growth rate of 12.2% over the next decade. By segmentation, psilocybin is prominent, driven by the substantial amount of research on its therapeutic potential. Psilocybin was the highest revenue-grossing segment in the global psychedelic drugs market in 2023.
About PsygaBio
PsygaBio is a drug discovery company focused on developing groundbreaking therapeutics derived from natural compounds. Founded by world-renowned cannabis and mushrooms researcher and pioneer Prof. Dedi Meiri from the Technion—Israel Institute of Technology, the company is backed by robust scientific capabilities including Cannasoul's proprietary analytical platform, data-driven approach, unique know-how, and clinical trial framework supports PsygaBio's active compound identification and development, from mushrooms cultivation and extraction, through clinical approved formulations.
About Synaptogenix
Synaptogenix is a clinical-stage biopharmaceutical company that has historically worked to develop novel therapies for neurodegenerative diseases. Synaptogenix has conducted clinical and preclinical studies of its lead therapeutic candidate, Bryostatin-1, in Alzheimer's disease. Preclinical studies have also demonstrated bryostatin's regenerative mechanisms of action for the rare disease Fragile X syndrome, and for other neurodegenerative disorders such as multiple sclerosis, stroke, and traumatic brain injury. The U.S. Food and Drug Administration has granted Orphan Drug Designation to Synaptogenix for Bryostatin-1 as a treatment for Fragile X syndrome. Bryostatin-1 has already undergone testing in more than 1,500 people in cancer studies, thus creating a large safety data base that will further inform clinical trial designs. Additional information about Synaptogenix, Inc. may be found on its website: www.synaptogen.com
Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Such forward-looking statements are subject to risks and uncertainties and other influences, many of which the Company has no control over. There can be no assurance that the clinical program for Bryostatin-1 will be successful in demonstrating safety and/or efficacy, that the Company will not encounter problems or delays in clinical development, or that Bryostatin-1 will ever receive regulatory approval or be successfully commercialized. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Additional factors that may influence or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain adequate financing, the significant length of time associated with drug development and related insufficient cash flows and resulting illiquidity, the Company's patent portfolio, the Company's inability to expand its business, significant government regulation of pharmaceuticals and the healthcare industry, lack of product diversification, availability of the Company's raw materials, existing or increased competition, stock volatility and illiquidity, and the Company's failure to implement its business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to update these forward-looking statements.
