EGF Theramed Joint Venture Partner Pharmadelic Labs Announces Lab Services Agreement With Numinus Wellness
Vancouver, British Columbia--(Newsfile Corp. - June 25, 2021) - EGF Theramed Health Corp. (CSE: TMED) (OTC Pink: EVAHF) ("Theramed", the "Company") is pleased to announce that its subsidiary joint venture Pharmadelic Labs Inc. ("Pharmadelic") has signed a laboratory services agreement with Numinus Wellness Inc. (TSXV: NUMI) ("Numinus").
Pharmadelic is a biotech company focused on developing, improving and patenting engineering processes for the biosynthesis of compounds, primarily psilocybin. Through the Health Canada-licensed Numinus Bioscience lab in British Columbia, Canada, Numinus will provide Pharmadelic with lab expertise and R&D services such as analytical, purity and compound identification testing along with regulatory and compliance consulting services.
Pharmadelic aims to develop a portfolio of intellectual property around biosynthesis pathways using yeast and psilocybin. By editing the genome sequences of industrial brewing yeasts, the company plans to create commercially viable compounds derived from psilocybin. The expected advantages of this method include:
● significantly quicker than growing and extracting from mushrooms (days rather than weeks)
● safe, through the use of GRAS (Generally Recognized As Safe) products ready for use in industry
● a controlled and uniform level of psilocybin throughout the finished product
● much cheaper to produce on a mass scale than greenhouse growing
"The agreement with Numinus accelerates and expands Pharmadelic's ability to produce valuable intellectual property and increase shareholder value for both Pharmadelic and TMED," said George Anstey, CEO of Pharmadelic Labs Corp and director of EGF Theramed. "We look forward to working with Numinus to drive our R&D agenda and create and support the advancement of health and wellness for all."
Pharmadelic will work with a wide range of partners across multiple industries, starting with pharmaceutical companies creating products for the nascent psychedelics market.
Under Canada's Controlled Drugs and Substances Act, Numinus Bioscience can possess, produce, assemble, sell, export, and deliver a wide variety of psychedelics including Ketamine, Lysergic acid diethylamide (LSD), Mescaline, N,N-Dimethyltryptamine (DMT), N-Methyl-3,4, methylenedioxyamphetamine (MDMA), Psilocin and Psilocybin.
The laboratory provides internationally acclaimed analytical and natural product chemists, biochemists, molecular biologists and quality management experts, state-of-the-art equipment and proprietary methods to ensure validated results and finished products.
The specific terms of the two-year agreement are private. Numinus Wellness has taken an equity position in Pharmadelic. The agreement was signed May 28, 2021. The agreement is subject to certain requirements.
About EGF Theramed Health Corp.
EGF Theramed is a consumer technology company engaged in the provision of biomedical services for treating common health problems. The Company is working to collaborate with other companies for medical technology, equipment protocols and laboratory standard operating procedures. Through the Company's recent joint venture acquisitions, it has begun to research psilocybin and psychedelic extraction and processing for commercialization.
For more information please contact:
EGF THERAMED HEALTH CORP.
Telephone: (778) 331 8505
CSE Micro-site: http://thecse.com/en/listings/technology/Theramed-Health-Corporation
US OTC Markets (OTC Pink): http://www.otcmarkets.com/stock/EVAHF/news
Frankfurt Borse: https://www.boerse-frankfurt.de/equity/egf-theramed-health-corp
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including with respect to the completion of the use of funds from the Offering and its operational plans. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
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