VANCOUVER, British Columbia, Jan. 19, 2023 (GLOBE NEWSWIRE) — FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, has submitted a Clinical Trial Application for a planned Phase-1 clinical trial for LUCID-MS, a candidate for the treatment of Multiple Sclerosis. Lucid-MS is a first-in-class neuroprotective compound with a novel mechanism action which, in preclinical models, has shown to prevent myelin degradation (demyelination), a cause for MS and other neurodegenerative diseases.
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Preclinical evidence also showed that Lucid-MS promotes functional recovery in experimental animal models of MS. Lucid-MS has demonstrated excellent results in several animal models.
According to a Datamonitor Healthcare report from March 2022, there were approximately 79,000 cases of MS in Canada, 553,000 in the United States, with 2.2 million worldwide.
In addition to Lucid-MS, FSD Pharma has two other drug candidates in different stages of development.
Lucid-MS, along with Lucid-Psych are being developed by Lucid Psycheceuticals Inc., a wholly owned subsidiary, led by Dr. Lakshmi P. Kotra, B.Pharm.(Hons), Ph.D., which is focused on the research and development of its lead compounds.
Lucid-Psych is a molecular compound identified for the potential treatment of mental health disorders, and expanding this category, the company is investigating other products addressing acute medical needs due to the abuse of drugs such as alcohol.
Dr. Lakshmi Kotra, CEO of Lucid Psycheceuticals, stated: “This is an exciting time for our company, shareholders, and most importantly for the MS community. Multiple Sclerosis is a debilitating disease without any cure, relegating patients and caregivers to significantly lower quality of life. There is an intense effort for disease-modifying treatments to address unmet needs especially for the treatment of progressive MS, and potentially that are non-immunomodulatory. Lucid-MS is a promising first-in-class agent with a novel mechanism of action with a potential to address progressive stages of the disease. Lucid-MS is non-immunomodulatory in its mechanisms of action based on current evidence. We are optimistic about the potential of Lucid-MS and we are eager to initiate this clinical trial taking this one step closer to the patients.”
FSD BioSciences, Inc., another wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, FSD201, a proprietary ultra-micronized PEA formulation, for the treatment of inflammatory diseases.
The shares are currently trading at $1.35 on the Canadian Securities Exchange. For more information, please visit the company’s website, www.FSDpharma.com, or contact Zeeshan Saeed, contact Zeeshan Saeed, Founder, President and Executive Co-Chairman, at 416-854-8884 or email info@FSDPharma.com or IR@FSDPharma.com.
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