Synaptogenix increases psilocybin stake with PsygaBio

Biopharmaceutical company Synaptogenix, Inc. (Nasdaq: SNPX) has increased its stake in the psilocybin drug discovery company PsygaBio through its previously announced partnership with Cannasoul Analytics. Synaptogenix had taken a 25% stake in Cannasoul in November of 2023 to support research and development for psilocybin mushroom and cannabinoid-based therapeutics.

The company did not disclose what it spent to increase its position in PsygaBio. Synaptogenix Chairman Josh Silverman and Director Bruce Bernstein will join PsygaBio’s board of directors.

“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.”

Cannasoul was founded by the Technion Research & Development Foundation, the commercialization arm of The Technion—Israel Institute of Technology. Cannasoul’s subsidiary, PsygaBio, focuses on mushroom cultivation, psilocybin extraction, and the exploration of active compounds and formulations for therapeutic benefits. Its initial targets are inflammatory and central nervous system disorders such as Alzheimer’s disease, Parkinson’s disease, inflammatory bowel disease, and ocular conditions.

Synaptogenix background

On April 3, 2023, Synaptogenix engineered a reverse 1-for-25 split in its common shares. The reverse stock split cut the number of shares from 27,133,349 shares to approximately 1,085,333 shares. The company reported a cash balance of $28.7 million at the end of 2023.

According to the company’s statement, 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.

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