Targeting the Approximate $22 Billion Multiple Sclerosis Drug Treatment Market
TORONTO, ON / ACCESSWIRE / August 15, 2023 / FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A) ("FSD Pharma" or the "Company"), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders, is pleased to announce that its late breaking abstract about Phase 1 first-in-human data on Lucid-MS (Lucid-21-302) was selected for presentation at the upcoming MSMilan 2023 - 9th Joint ECTRIMS-ACTRIMS meeting scheduled for October 11-13, 2023.
Lucid-MS is a potential drug candidate for multiple sclerosis (MS) targeting demyelination, the loss of the protective myelin sheath, in the central nervous system. At the ECTRIMS-ACTRIMS meeting, FSD Pharma will present Phase 1 data on a randomized, double-blind, placebo controlled, single ascending dose study to evaluate the safety, tolerability, and pharmacokinetics of Lucid-21-302 in healthy volunteers.
Andrzej Chruscinski, M.D., Ph.D., Vice-President, Clinical and Scientific Affairs, Lucid Psycheceuticals, commented, "We are excited about presenting our Phase 1 first-in-human clinical data on Lucid-MS at this peer conference in Milan. Current disease modifying therapies for MS target immune mechanisms, reducing inflammation, but have only modest effects on delaying neurodegeneration. Our candidate molecule prevents demyelination in several animal models of MS and was well tolerated in rats and dogs. We look forward to sharing our clinical data as we advance our MS program." Lakshmi P. Kotra, B.Pharm.(Hons),Ph.D. CEO of Lucid Psycheceuticals added, "This is potentially a first-in-class therapy that could change the treatment paradigm for all stages of MS including for progressive MS, addressing neurodegenerative mechanisms. We are eager to advance this candidate into the next stages of clinical development to be able to help patients and improve their quality of life."
Current global research efforts in MS are focused on developing treatments to repair damaged myelin, the fatty layer surrounding nerves, and protect them from further damage. While a cure for MS has not yet been found, scientists worldwide continue to work towards finding ways to stop MS progression and its resulting disability. The FSD Pharma team is among the leaders in advancing novel treatments in this space, joining forces with the global research community.
Approximate $22 Billion Multiple Sclerosis Drug Treatment Market:
About MSMilan 2023 - 9th Joint ECTRIMS-ACTRIMS Meeting
The world's largest research meeting in multiple sclerosis. MSMilan2023 - to be held 11-13 October at Allianz MiCo in Milan, IT - offers participants a full range of opportunities to participate onsite and online, with a diverse programme aimed at connecting colleagues from across multiple disciplines, institutes, and countries.
For additional information, please visit: https://www.ectrims.eu/msmilan2023/
About FSD Pharma
FSD Pharma Inc. is a biotechnology company with two candidates in different stages of development. Lucid Psychcheceuticals Inc., a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-MS and UNBUZZD™. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders. UNBUZZD™ is a proprietary formulation of natural ingredients, vitamins, and minerals to help with liver and brain function for the purposes of potentially quickly relieving from the effects of alcohol consumption, such as inebriation, and restoring normal lifestyle.
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Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. The Company cautions that although it believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct and these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including, but not limited to: the fact that the drug development efforts of both Lucid and FSD BioSciences are at a very early stage; the fact that preclinical drug development is uncertain, and the drug product candidates of Lucid and FSD BioSciences may never advance to clinical trials; the fact that results of preclinical studies and early-stage clinical trials may not be predictive of the results of later stage clinical trials; the uncertain outcome, cost, and timing of product development activities, preclinical studies and clinical trials of Lucid and FSD BioSciences; the uncertain clinical development process, including the risk that clinical trials may not have an effective design or generate positive results; the potential inability to obtain or maintain regulatory approval of the drug product candidates of Lucid and FSD BioSciences; the introduction of competing drugs that are safer, more effective or less expensive than, or otherwise superior to, the drug product candidates of Lucid and FSD BioSciences; the initiation, conduct, and completion of preclinical studies and clinical trials may be delayed, adversely affected, or impacted by COVID-19 related issues; the potential inability to obtain adequate financing; the potential inability to obtain or maintain intellectual property protection for the drug product candidates of Lucid and FSD BioSciences; and other risks. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release, which speak only as of the date of this press release.
Further information regarding factors that may cause actual results to differ materially are included in the Company's annual and other reports filed from time to time with the Canadian Securities Administrators on SEDAR (www.sedar.com) and with the U.S. Securities and Exchange Commission on EDGAR (www.sec.gov), including the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2021, under the heading "Risk Factors." This list of risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this document speak only as of the date of this document. FSD Pharma does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board, FSD Pharma Inc.
Telephone: (416) 854-8884
Telephone: (917) 658-7878
SOURCE: FSD Pharma
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