Leading innovation to address chronic pain with neuromedicine
GSD portfolio company LongTermGevity is pleased to announce that they have received a Dealer's Licence from Health Canada that allows for the possession, production, packaging, sale, transport, R&D, laboratory analysis, Special Access Program (SAP) participation, and clinical trials on controlled substances including psilocybin, psilocin, 3,4-methylenedioxymethamphetamine ("MDMA"), N, N-dimethyltryptamine ("DMT"), among others.
"We are thrilled about receiving our Dealer's Licence. Our deep expertise in organic synthesis, product development, and pre-clinical testing will give us an edge in the industry by enabling in-house development of novel psychedelic medicines, delivery systems, molecules, and formulations." Says co-founder, CEO Sena Herath.
LongTermGevity has a laboratory in Toronto to support Phase I/IIa clinical trials in the U.S. and Canada using Q112 Electrogel on patients suffering from chronic lower back pain. Their lead product, Q112 Electrogel, which is the first product to stabilize psilocin (the active ingredient in psilocybin) for transdermal delivery, is a novel, non-invasive electrotherapeutic technology that targets a profound need highlighted by the World Health Organization and is poised to disrupt a $12b neuromodulation industry.
"Regulatory approval in the U.S. and Canada is the first step to #GoGlobal when it comes to pharmaceutical companies. We are so proud that LTG is tackling a problem specified as a global need by the WHO and we can't wait to see back pain eradicated in the U.S., Canada, and far beyond." - Derek Distenfield, COO, and Co-Founder of GSD Venture Studios
Q112 Electrogel uses a proven neuromodulation technique in combination with a proprietary stabilized psilocin gel that can be applied on the skin to directly target an injury site in the spinal cord to help reduce inflammation and promote nervous tissue repair.
"Securing a license of this magnitude for a novel drug with an unfortunate stigma is an extraordinary achievement. LTG's perseverance through the regulatory minefield is the exact kind of drive we at GSD look for when scouting for portfolio companies and is a signal to investors and the market that this team has what it takes to achieve their goal of ending lower back pain and beyond" - Gary Fowler, CEO, President, and Co-founder of GSD Venture Studios.
The company is currently in the process of closing a $2m seed fundraising round, of which the majority is earmarked for clinical trials, data generation, Q112 Electrogel product development, and novel molecule development.
LongTermGevity Inc. ("LTG") is a psychedelic neuromodulation therapeutics company developing novel medications for musculoskeletal disorders. LTG's core technology includes a proprietary transdermal psilocin neuromodulation therapy to alleviate pain, promote nervous tissue repair and improve motor function performance. LTG is focused on researching and developing rehabilitative psychedelic pharmaceuticals to treat leading causes of disabilities including chronic pain, spinal cord injury and multiple sclerosis.