VANCOUVER, British Columbia, Oct. 18, 2022 (GLOBE NEWSWIRE) -- LOVE Pharma (CSE:LUV) (FSE:G1Q0) has provided an update on the launch of its psilocybin trials at John Hopkins University. LOVE Pharma’s wholly owned subsidiary, MicroDoz Therapy, is sponsoring the study to test the effectiveness of psilocybin in treating Cannabis Use Disorder.
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The study, led by Dr. Albert Garcia-Romeu, will help establish consumer confidence and guide the development and use of psilocybin products for addiction treatment. Albert Garcia-Romeu, Ph.D. is a member of the Psychiatry and Behavioral Sciences faculty at the Johns Hopkins University School of Medicine and a Guest Researcher at the National Institute on Drug Abuse Intramural Neuroimaging Research Branch. His research examines the effects of psychedelics in humans, with a focus on psilocybin as an aid in the treatment of addiction.
Zach Stadnyk, President and CEO, stated: "LOVE is actively working to identify and assess biotechnology and pharmaceutical solutions to address addiction, with intent to grow its pharmaceutical presence in the underserved addiction treatment market. Since acquiring MicroDoz, the LOVE team has worked diligently to design and prepare to launch this comprehensive study relating to the potential of psilocybin assisted treatment for cannabis use disorder, and we are excited to advance this initiative."
The proposed study timeline, which is subject to changes, is currently at the final regulatory approval stage along with the engagement of the study coordinator. The initial recruitment of 12 patients is scheduled to take place during December and January, with treatment completed in the first quarter of 2024 and follow-ups completed in the second and third quarters of 2024.
This pilot trial will serve as a foundation to advance the research to larger scale trials and drive future licensing and commercialization opportunities.
According to a study by the Centers for Disease Control and Prevention: “Approximately 3 in 10 people who use marijuana have marijuana use disorder, meaning that they are unable to stop using marijuana even though it is causing health and/or social problems in their lives.”
A February 2020 market report forecast the global drug addiction treatment market would grow at a compound annual growth rate of 7%, reaching US$31.17 billion by 2027.
With a focus on the global sexual Health and Wellness markets, Love Pharma was founded in 2020, with a mission to bring to market innovative products that enhance sexual health and wellness while providing an improved quality of life. Love Pharma holds exclusive licenses to produce market, package, sell, and distribute patent-protected therapeutic and pharmaceutical products throughout Europe, the United Kingdom, and North America.
The shares are currently trading at $0.015. For more information, please visit the company’s website www.love-pharma.com, contact Zach Stadnyk, CEO, at 604-343-2977 or by email at investors@love-pharma.com.
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