After opening trading at CAD$0.195 on October 9th, PHRM has already risen to CAD$0.50
Activity among psychedelic drug companies continues to accelerate. The latest news is another psychedelics IPO.
Newscope Capital Corporation (CAN:PHRM), doing business as “Pharmather Inc.” commenced trading on Friday October 9th, on Canada’s CSE.
Who is Pharmather?
Pharmather is a life sciences startup that is focusing on repurposing drugs (such as ketamine and psilocybin) for new medicinal applications centering around brain and nervous system disorders.
Based in Toronto, Pharmather plans to incorporate a heavy AI component into its psychedelic drug R&D. The company’s research pipeline is presently at the pre-clinical stage.
Ketamine-based applications are being developed for both Parkinson’s Disease and depression. The Company is hoping to transition into clinical trials within the next 12 months.
Pharmather is also working on two psilocybin-based R&D initiatives, one for traumatic brain injury and the other for stroke.
The company is also developing related psychedelics technologies. This includes work on what Pharmather is calling a “Microneedle Patch” for delivering psychedelics molecules with improved bioavailability.
With respect to depression, Pharmather plans on “combining Ketamine with FDA approved drug”, which seems very similar to what Johnson & Johnson (US:JNJ) is already doing with its own licensed-and-approved ketamine-based drug, Spravato™.
Management sees the potential for near-term milestones to advance Pharmather’s operations.
Pharmather’s Chairman and CEO, Fabio Chianelli is the former CEO of cannabis company (and now also psychedelics company) Revive Therapeutics (CAN:RVV [ US:RVVTF). Pharmather has also already appointed scientific advisors to assist R&D with respect to both psychedelic drugs and AI.
With ~65 million shares outstanding, Pharmather debuted with a market cap of CAD$13 million, which has now surged above CAD$30 million.
As the rally in psychedelic stocks continues to unfold, investors now have one new option to add to their list of investment candidates.