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- Nova Mentis Life Science (OTCQB:NMLSF) on Tuesday said it had got a required export approval from the U.S. Drug Enforcement Administration for its psilocybin drug NM-1001.
- The drug has been exported and received at Canada's Toronto Institute of Pharmaceutical Technology, where it will be used in a planned phase 2a trial for the treatment of fragile X syndrome, a genetic disorder which causes intellectual disability.
- The successful import of NM-1001 into Canada "allows (OTCQB:NMLSF) to move forward with the formulation and final production of microdose capsules in preparation for our clinical trial application submission to Health Canada," said NMLSF CEO Will Rascan.
- Earlier this year, NMLSF announced that a very low microdose formulation of NM-1001 significantly modulated behavioral and cognitive defects, such as recognition memory, in a genetic model of fragile X syndrome.
- Psilocybin is the psychedelic active compound in magic mushrooms. Several biotech companies have been looking into its use as a treatment for several diseases and disorders.