PsyBio Therapeutics Reports Interim Third Quarter 2022 Financial Results

PsyBio Therapeutics Reports Interim Third Quarter 2022 Financial Results

PsyBio Therapeutics Corp. PSYB PSYBF reported its unaudited interim financial results for the three and nine-month period ended September 30, 2022.

PsyBio, a fully integrated and intellectual property-driven biotechnology company, develops new psycho-targeted therapies aimed at the potential treatment of mental health problems, neurological disorders, and other human health conditions.

Third Quarter 2022 Financial Results

“A copy of the unaudited condensed consolidated interim financial statements prepared in accordance with International Financial Reporting Standards and the corresponding management's discussion and analysis for the three and nine months ended September 30, 2022,” reads a press release.
Intellectual Property and Clinical Development Milestones:

The company announced that it has reached an initial agreement with experienced clinical researchers to conduct a clinical trial utilizing PsyBio's proprietary biosynthetic psilocybin product upon obtaining all necessary approvals and licenses.

This would represent the first time Psybio’s biosynthetic psilocybin reaches the clinical trial stage, which “is expected to further our understanding of these molecules as therapeutic agents,” said Dr. Michael Spigarelli, the company’s chief medical and scientific officer.

The company announced the formal acceptance by the US Patent and Trademark Office of its latest U.S. PCT (Non-Provisional) Patent Application.

The First Six Months Of 2022 For PsyBio Therapeutics in numbers: In August, PsyBio published results for the three and six-month period that ended June 30, 2022. “Cash position of $58,685, compared to $124,392 as of December 31, 2021 (...) R&D expenses totaled $235,251 for the six-month period closing June 30, 2022, compared to $203,172 for the same period in 2021,” reads its financial report.

In April, Evan Levine, Psybio CEO and chairman was a guest speaker at Benzinga’s Psychedelic Capital Conference where he talked about how genetically modified bacteria can yield best-in-class psychedelics.

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Photo: Courtesy Of FLY:D On Unsplash

Posted In: Biosynthetic PsilocybinDr. Michael SpigarelliEvan Levinemental healthpremiumPsyBio Therapeutics Corp.CannabisEarningsNewsPenny StocksPsychedelicsMarkets

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