Lobe Sciences Ltd. (CSE: LOBE) (OTCQB: LOBEF) and Alera Pharma received a patent from the U.S. Patent and Trademark Office under the title “Psilocin Mucate” with patent number 12,102,616. Lobe Sciences said it will assign the intellectual property rights associated with this patent to Alera Pharma.
Last month, Lobe created the wholly owned U.S. subsidiary Alera Pharma Inc.
The company said in a statement that the newly issued patent contains claims covering compositions of matter, methods of use and methods of production for psilocin mucate. Lobe pointed out that psilocin is a very unstable compound that has been difficult to develop as a pharmaceutical medicine. However, this product, conjugated psilocin, is a stable, highly bioavailable pharmaceutical ingredient with the potential to be developed as a prescription medicine for a variety of neurological disorders.
Rick Goulburn, CEO of Alera Pharma, stated, “Companies trying to develop treatments have had to rely on using the prodrug psilocybin which relies on conversion in the gut resulting in poor bioavailability, uptake, and related adverse effects. With Conjugated Psilocin, we now have a stable, orally available psilocin that is rapidly and fully bioavailable. As a result, we believe that we can create an oral prescription medication that can be precisely dosed and developed for a variety of neurological disorders.”
The company told investors it also filed several additional patent applications to broaden the base of claims. In addition to filings with the USPTO, the company said it filed for international coverage of its intellectual property.
Dr. Fred Sancilio, chairman and CEO of Lobe Sciences, also commented: “We are highly aware of the desperate need patients with Chronic Cluster Headache have for this medication and we are anxious to move this product through the FDA approval process as quickly and efficiently as possible. However, treating Chronic Cluster Headaches is not our final application of this new and exciting drug candidate, and its potential use to treat several other disorders that are currently being studied in clinical trials utilizing psilocybin are clearly on our radar.”
Subject to payment of patent maintenance fees in the third, seventh and 11th years following the grant, the patent will be valid until expiration in July 2043.
In June, the company closed a convertible note with two major partners, Clearway Global LLC and Quality Chemical Laboratories Inc. to fund a $500,000 bridge to a larger funding round anticipated toward the end of 2024 or early 2025.
The company told investors that the note would be funded in two tranches. The first would be used to eliminate critical accounts payable, and the second would be used to fund legal and accounting costs associated with strategic alternatives.
[[{“value”:”The property rights will be assigned to the company’s U.S. subsidiary Alera Pharma.
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