Subsidiary EI.ventures to Specialize in Psychoactive Compound Formulation and Intellectual Property Rights
Kihei, Hawaii, Sept. 25, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Orthogonal Thinker Inc. (“Orthogonal” or the “Company”), a holding company focused on health and well-being through clean-label, whole plant products and prodrugs, including psychoactive compounds, announced today that it recently closed approximately $2.5 million in bridge financing. This financing completes approximately $4 million in total seed capital raised to date.
Orthogonal will use this financing to support the distribution and development of new products across its family of companies, including subsidiaries EI.ventures and Maui Raw. EI.ventures is a formulations company that holds the intellectual property rights for plant-based psychoactive compounds. Maui Raw is a clean-food CPG company committed to delivering non-GMO raw food products. Over the last 10 years, Orthogonal has acquired and developed products supporting new food, technology and scientific advancements in plant medicine to elevate and empower humanity.
Proceeds will be used to: (i) further develop the Company’s signature product Psilly, a plant-based prodrug of psilocin; (ii) pursue intellectual property protection on Psilly and other products; (iii) manufacture GMP products; (iv) and bring Maui Raw branded products into distribution outlets and storefronts nationwide. Psilocin is the active component in psilocybin-containing mushrooms that recent research has shown promising medical potential in the treatment of depression and addiction.
Additionally, Orthogonal is endeavoring to acquire a laboratory to specialize in chromatography testing to ensure full transparency and efficacy of its plant-based botanicals for future distribution. The Company also continues to identify and align with licensed chemists and laboratories in the traditional fields of organic and bio chemistry with the goal of bringing to market the synthesis of relevant psychoactive materials and compounds.
“This latest financing will allow us to further build upon our expertise in nutritional alkaloids, extraction methodology and developing foods that are clean label and we look forward to deploying our knowledge and products throughout the world,” said David Nikzad, Founder of Orthogonal. “The timing could not be better to begin leveraging and growing the resources of EI.ventures to position ourselves on the frontlines of the rapidly emerging psychedelics market.”
U.S. cities Denver and Oakland approved the decriminalization of mushrooms that contain psilocybin in May and June of 2019, respectively. In 2020, Oregon and California will put forth to the voters initiatives to legalize mushrooms that contain psilocybin for medical use and decriminalize psilocybin for adults 18 years and older, respectively. As decriminalization campaigns continue across the country and new regulatory frameworks emerge, the Company is well positioned to be on the forefront of research and product development in this new market.
For more information about Orthogonal Thinker Inc., visit www.orthogonalthinker.com.
About Orthogonal Thinker Inc.
Orthogonal is a holding company focused on health and well-being through clean-label, whole plant products and prodrugs, including psychoactive compounds. Orthogonal utilizes deep learning technology and emotional intelligence (EI) to elevate and empower humanity with plant medicine to set a new standard for health and mental wellness. We call it a “New Standard of Farma.”