PurMinds NeuroPharma Unveils PUR501 as Lead Neuroplastogen Candidate

PurMinds NeuroPharma, a clinical-stage company specializing in neuroscience, has announced the selection of PUR501 as their lead candidate for preclinical development. The company, headquartered in Toronto, Ontario, with offices in Montreal and Boston, focuses on advancing treatments for neurological and neurodegenerative disorders using a variety of small molecules, psychedelic compounds, and other modalities.

The decision to prioritize PUR501 is based on extensive data analysis indicating its potential to act as a first-in-class treatment aimed at promoting neuroplasticity without causing hallucinations. PUR501 is a novel, orally bioavailable serotonin 2A (5-HT2A) receptor partial agonist. This compound has shown positive effects on structural neuroplasticity and minimal hallucinogenic capacity, as evidenced by low head twitch responses in mice. Additionally, it has demonstrated cardiac safety with low hERG inhibition and no activation of the serotonin 2B receptor.

Activation of the 5-HT2A receptor is linked to neuroplastogenic activity, a characteristic of this new class of drugs. In cultured neurons, PUR501 induced structural changes similar to those caused by psilocin, the active component of psilocybin, which is under clinical evaluation for various neurological conditions. These findings suggest that PUR501 is a promising, non-hallucinogenic, neuroplastogenic therapy for neurological and neurodegenerative diseases.

Janet Qi, CEO and co-founder of PurMinds NeuroPharma, noted that selecting PUR501 as the lead candidate is a major milestone for the company. Qi emphasized the molecule's favorable pharmacological properties, including its tolerability and efficacy in relevant models. The company plans to begin Investigational New Drug (IND)-enabling activities in late 2024, aiming to file an IND and initiate clinical trials. The ultimate goal is to establish a new treatment paradigm for neurocognitive impairment.

PurMinds NeuroPharma is dedicated to developing groundbreaking treatments for neurological and neurodegenerative disorders. Their clinical pipeline includes innovative therapeutics that integrate proven mechanisms of action with the rapid neuroplasticity-promoting capabilities of psychedelics and other neuroplastogens. The company's Ontario NeuroLab and Production Facility has a Health Canada-approved Dealer's License for Controlled Drugs and Substances, allowing them to produce, formulate, and globally supply pharma-grade psychedelic compounds, including psilocybin and MDMA, for clinical trials and research.

PurMinds employs a de-risked business model that combines a multi-modal approach to drug development. This strategy aims to create long-term value through the accelerated development of novel therapeutics, supplemented by short- and mid-term revenue opportunities.

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