Optimi Health, Psyence Biomedical sign LOI for psilocybin drug development

Optimi Health (OPTHF) and Psyence Biomedical (PBM) have entered into a non-binding Letter of Intent. This arrangement would position Optimi as the exclusive supplier of GMP nature-derived psilocybin extract for Psyence’s global drug development and commercialization initiatives for FDA-approved use in the Palliative Care context. Under the terms of the LOI, and subject to the execution of a binding agreement, Optimi will become the exclusive supplier of GMP nature-derived psilocybin extract for Psyence. Optimi will provide comprehensive Chemistry, Manufacturing, and Control support for regulatory submissions related to these trials and any future Investigational New Drug applications. Psyence will obtain exclusive rights to Optimi’s drug candidate for treatment use in the Palliative Care context. The successful outcomes of these trials may enable Psyence to commercialize the licensed product, in a way that it believes will revolutionize treatments within the Palliative Care setting. This is a non-binding LOI and there can be no guarantee that the companies will execute a fully binding agreement.