Pharmadrug's Securedose Signs LOI with Canadian Licensed Dealer for Patent-Pending Pharmaceutical Cocaine

Toronto, Ontario – On May 23, 2024, PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF), a company specializing in the research, development, and commercialization of controlled substances, natural medicines, and previously approved drugs, announced a significant development. PharmaDrug's wholly-owned subsidiary, Securedose Synthetics Inc. ("SecureDose"), has signed a Letter of Intent (LOI) with a Canadian licensed dealer for controlled drug substances. The LOI, signed on May 16, 2024, paves the way for the company to commence full GMP manufacturing of pharmaceutical-grade cocaine once the process development is finalized.

Strategic Partnership and Manufacturing Process

The LOI allows PharmaDrug to initiate technology transfer for SecureDose’s provisionally patented cocaine synthesis method. The ultimate goal is to enter into a full agreement concerning the manufacturing and distribution of biosynthetic cocaine. Although the licensed dealer's identity remains confidential for strategic reasons, the partnership signifies a critical step towards advancing SecureDose’s operational capabilities.

Robert Steen, CEO of PharmaDrug, expressed enthusiasm about the collaboration, stating, "We are incredibly excited to partner with a licensed dealer in Canada. This partnership is crucial for preparing us for commercial batch production and exploring distribution opportunities within the regulated supply chain."

Goals and Future Prospects

The primary aim of the LOI is to transition into a definitive manufacturing and distribution agreement. PharmaDrug will provide detailed insights into its novel manufacturing process, while the dealer is expected to offer feedback on its application in a commercial-scale pharmaceutical environment. The agreement will also cover marketing strategies to address research-based demand and explore global safe supply programs. Both parties aim to finalize the agreement following SecureDose’s collaborative work with Chiral labs and the successful production of a test batch.

The SecureDose Pharmaceutical Cocaine Project

Launched in 2023, SecureDose's project focuses on developing a novel method for the commercial-scale production of cocaine to support safe supply initiatives. As part of this effort, PharmaDrug has filed a patent for a unique development method using biosynthetic chemistry. This method promises to enable cost-effective and efficient GMP manufacturing of pharmaceutical-grade cocaine at scale.

PharmaDrug's Commitment to Harm Reduction

PharmaDrug is dedicated to harm reduction and adopts a comprehensive approach to drug abuse. The company emphasizes the importance of biosynthetic versions of substances to maintain a regulated pharmaceutical supply chain. While not condoning drug abuse, PharmaDrug acknowledges the complexity of the issue and supports rehabilitation as a primary focus. However, given that immediate rehabilitation is not always possible, the company aims to provide safer alternatives to contaminated street drugs, such as those laced with fentanyl. The development of biosynthetic substances for domestic manufacturing within a regulated framework is seen as a viable solution.

About PharmaDrug Inc.

PharmaDrug Inc. is a specialty pharmaceutical company engaged in the research, development, and commercialization of controlled substances and natural medicines. The company owns 51% of Sairiyo Therapeutics, a biotech firm working on reformulating natural medicines for clinical trials and regulatory approval in the US and Europe. Sairiyo is developing a patented reformulation of cepharanthine, a drug with promising potential for treating infectious diseases and rare cancers. Additionally, Sairiyo is exploring psychedelic-based treatments for non-neuropsychiatric conditions. PharmaDrug fully owns SecureDose Synthetics Inc., focusing on synthetic formulations of existing drugs for potential commercialization and distribution.

PharmaDrug remains proactive in its mission to innovate within the pharmaceutical industry, aiming to address critical issues related to drug abuse and supply chain safety through advanced biosynthetic methods and strategic partnerships.

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