Many biotech companies have seen their stocks soar in recent times due to advances made with regards to some of their products and one such company is Revive Therapeutics (OTCPK:RVVTF). The company had made a significant announcement with regards to its psilocybin product and that brought the stock into focus among investors. Over the course of the past week, the stock has rallied by as much as 25%. Here is a closer look at Revive Therapeutics.
Earlier in November, the company announced that it managed to complete the oral thin film product that contained psilocybin. The thin films contained dosage in the 1 mg to 20 mg range.
It is a significant development for Revive and more importantly, the company announced that the product is ready for clinical trials approved by the Food and Drug Administration. However, the clinical trials can only take place in states like Oregon which have approved this form of treatment.
Psychedelics based medicines are regarded as the next frontier when it comes to treating mental health issues and depression. There are other companies that are working on similar products as well, however, Revive pointed out that it has the capability of scaling up manufacturing considerably.
Around a week ago, Revive announced that it has signed a collaboration agreement with PharmaTher by way of which the two companies are going to conduct research exclusively. PharmaTher, which is fully owned by Newscope Capital Corporation, is involved in the specialty psychedelics pharmaceutical space.
According to the announcement made on November 18, the two companies are going to collaborate in order to speed up the development of psilocybin based treatments meant for cancer. The research is also going to be involved with discovering new psychedelic compounds that could be put to use in treating different conditions.
Importance of PharmaTher Tie Up
The collaboration with a well-known company in this space is a significant development for Revive and the company’s Chief Executive Officer said as much.
CEO Michael Frank stated that the research agreement is going to see the development of new uses for psilocybin. The thin film delivery technology that has been developed by Revive is going to be leveraged in order to come up with these new products.
The excitement among investors regards the developments is understandable and it remains to be seen if the Revive stock can continue to extend its gains over the coming days.
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