MagicMed Industries Announces Agreements with the University of Calgary to Accelerate Development of the MagicMed Psybrary(TM)
CALGARY, AB, Oct. 30, 2020 /PRNewswire/ - MagicMed Industries Inc. ("MagicMed" or the "Company") is pleased to announce that it has entered into a Research Contract and a Facilities Use Agreement ("The Agreements") with the University of Calgary. The Agreements provide MagicMed with further scientific and laboratory support to accelerate development of its psychedelic derivatives patent library, the PsybraryTM.
"The University of Calgary is excited to partner with MagicMed, an innovative company pursuing psychedelics research," says Associate Vice-President (Research – Innovation), Dr. Steve Larter. "Partnerships like this combine frontline discovery with providing real solutions to society and create opportunities for our researchers and students to help bring cutting-edge knowledge to market."
"The additional resources that the University of Calgary is providing to MagicMed compliment and enhance our strengths," says Dr. Joseph Tucker, CEO MagicMed. "This collaboration places MagicMed in a position to expand the breadth and depth of the psychedelic derivatives contained in the MagicMed PsybraryTM."
Through the Agreements, MagicMed will be able to leverage new state of the art equipment and laboratory space at the University of Calgary, as well as draw upon its world-class expertise. Laboratory and resource costs of the MagicMed PsybraryTM expansion will be efficiently allocated while development progress will be expedited.
About the University of Calgary
The University of Calgary is a global intellectual hub located in Canada's most enterprising city. In our spirited, high-quality learning environment, students thrive in programs made rich by research, hands-on experiences and entrepreneurial thinking. Our strategy drives us to be recognized as one of Canada's top five research universities, engaging the communities we both serve and lead. This strategy is called Eyes High, inspired by the university's Gaelic motto, which translates as 'I will lift up my eyes.' For more information, visit ucalgary.ca/eyeshigh.
MagicMed Industries intends to partner with pharmaceutical and other companies to develop psychedelic-derived medicinal and licit consumer goods products. MagicMed's molecular derivatives library, the PsybraryTM is anticipated to be an essential building block from which industry can develop new patented products. The initial focus of the PsybraryTM is on psilocybin, which is expected to be opportunistically expanded to other psychedelics like MDMA, ketamine, ibogaine, mescaline, and ayahuasca. For more information, please visit our website at www.magicmedindustries.com @MagicMedInd.
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. All statements other than statements of present or historical fact are forward-looking statements, including statements with respect to MagicMed's future business plans and partnerships and the anticipated uses of MagicMed's patents and the development of the PsybraryTM. Forward-looking statements include words or expressions such as "proposed", "anticipated", "will", "subject to", "near future", "in the event", "would", "expect", "prepared to" and other similar words or expressions.
Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements which include, but are not limited to: the ability of MagicMed to secure patent protection; the ability of MagicMed to enter into partnership agreements or other arrangements; the ability of MagicMed to carry out its business plans and unforeseen challenges in carrying out such plans; the development and expansion of the PsybraryTM; trends in the future use of psilocybin; general business, economic, competitive, political and social uncertainties; the state of capital markets; risks relating to general economic, market and business conditions; and other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We disclaim any obligation to update or revise these forward-looking statements, except as required by applicable law.
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SOURCE MagicMed Industries Inc.
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