PurMinds NeuroPharma Delivers First Botanical Psilocybin to Bluestem API Inc.

June 18, 2024- PurMinds NeuroPharma, a company dedicated to neuro-medicine development, has announced a landmark Controlled Substances Supply Agreement with Bluestem API Inc. This collaboration focuses on the production and supply of botanical psilocybin from PurMinds' neurolab and production facility in Ontario, which holds a Dealer's License for Controlled Drugs and Substances.

This agreement is integral to PurMinds' revenue strategy and supports Phase 1 of Bluestem's Health Canada-approved botanical psilocybin research program. The first delivery of botanical psilocybin biomass has been completed following the agreement's signing.

"This marks our first commercial sale of proprietary botanical psilocybin, the result of two years of research and development by our team," noted Vanessa Williamson, Chief Business Officer at PurMinds. "This initial sale positions us well in a market that demands high-quality, GMP-compliant psilocybin products."

Bluestem's President, Austin Miller, expressed satisfaction with the agreement, emphasizing hopes for a long-term partnership. Miller remarked, "This initial study will contribute to our proprietary R&D and support public knowledge creation in the psychedelics field." Data from this study will be shared with regulators, medical professionals, and patients to inform decisions on dosing, packaging, storage, and shelf-life.

About PurMinds
PurMinds™ is a pioneering neurological drug development company focused on innovative therapeutics for neurological and neurodegenerative disorders. Their clinical pipeline includes drugs combining established mechanisms of action with the unique neuroplasticity and neuro-rejuvenation capabilities of psychedelics and psychoplastogens. Aiming for FDA "Breakthrough Designation," their drug development program targets rapid progression to Phase IIa clinical trials. The Ontario NeuroLab and Production Facility of PurMinds holds a Health Canada Dealer's License, allowing production, formulation, and global supply of pharmaceutical-grade psychedelic compounds like Psilocybin and MDMA for clinical research. PurMinds operates a de-risked business model with a multi-target approach to drug development, fostering long-term value creation through accelerated development of novel therapeutics and generating short and mid-term revenue. The company is headquartered in Toronto, with offices in Montreal and Boston.

About Bluestem
Bluestem API Inc. is a Toronto-based early-stage psychedelics company specializing in botanical psilocybin. The company holds multiple research licenses from Health Canada for psilocybin studies and has a strong R&D pipeline. Bluestem has developed a unique pharmaceutical composition to reduce common psilocybin side effects and a proprietary cultivation and processing system to increase yields and reduce contamination in psilocybin mushroom production. They are also working on several service delivery assets, including a digital psychedelic health platform, patient access and physician training programs, and psychedelic-assisted therapy clinics and retreat centers. Beyond commercial ventures, Bluestem advocates for legislative modernization, public research, and expanded access to psychedelic therapies.

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