Toronto, Ontario, July 6, 2021 – Psyched Wellness Ltd. (CSE:PSYC, OTCQB:PSYCF, FRANKFURT:5U9) (the “Company” or “Psyched”) a life sciences company focused on the production and distribution of artisanal functional mushrooms, is pleased to announce the company has received the results from the 14-day oral toxicity preclinical study conducted by KGK Science, a licensed CRO in Canada. The significant information obtained from the test results showed no treatment-related adverse effects on treated animals during the study period in several key measures, allowing the next preclinical 90-day oral toxicity study to further identify a safe, effective dose for human consumption.
“This is a major milestone for Psyched Wellness in the development of its Amanita muscaria-derived products which will help with promoting stress relief, relaxation, and assisting with restful sleeping,” said Brian Tancowny, Scientific Advisor, Psyched. “The 14-day and 90-day toxicological assessments of AME-1 will importantly form the foundation for all of our future preclinical studies,” Mr. Tancowny said.
This study consisted of thorough toxicology assessments on Psyched Wellness proprietary extract of Amanita Muscaria, AME-1. The 14-day oral toxicity preclinical study summarized the NOAEL (No Observed Adverse Event Level) of Amanita muscaria extract, when administered once daily for 14 consecutive days.
The Company is pleased to announce that there were no adverse clinical signs of toxicity and neither mortality nor morbidity observed in both genders for vehicle and test item-treated animals during the study period. There were no treatment-related adverse effects observed in all the treatment groups of both genders in comparison with the vehicle control groups during the study over several indicators including: body weight and normal body weight gain, feed consumption, hematology parameters, coagulation, clinical chemistry, gross necropsy, and organ weights. All parameters studied were found to be normal during the duration of the study period, and no observed adverse event level occurred.
Jeff Stevens, CEO of Psyched, said: “Our scientific team is doing a great job executing on the individual studies that make up our pre-clinical trials. I am pleased to share the positive results of our 14-day toxicity study and look forward to communicating the results from our previously announced 90-day toxicity study when available”.
Neither the Canadian Securities Exchange nor its Regulation Services Provider have reviewed or accept responsibility for the adequacy or accuracy of this release.
About Psyched Wellness Ltd.:
Psyched Wellness Ltd. is a Canadian-based health supplements company dedicated to the distribution of mushroom-derived products and associated consumer packaged goods. The Company’s objective is to create premium mushroom-derived products that have the potential to become a leading North American brand in the emerging functional food category. The Company is in the process of developing a line of Amanita muscaria-derived water-based extracts, teas and capsules designed to help with three health objectives: promote stress relief, relaxation and assist with restful sleeping.
Cautionary Statement Regarding Forward Looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the ability of the Company to develop Amanita Muscaria-derived products; the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and (ii) the uses and potential benefits of Amanita Muscaria.
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s ability to continue as a going concern; the Company’s ability to continue to develop its mushroom-derived products and associated consumer packaged goods; continued approval of the Company’s activities by the relevant governmental and/or regulatory authorities; and the continued growth of the Company.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with potential governmental and/or regulatory action with respect to the Company’s operations; competition within the psychedelics market; risks with respect to the safety of Amanita Muscaria consumption and the safety and purity of any extracts thereof; and the risk that there is no potential benefit of Amanita Muscaria consumption.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
For further information, please contact:
Chief Executive Officer
Psyched Wellness Ltd.
t: (647) 400-8494
Tim Regan/Sophia Bashford
KCSA Strategic Communications
t: (978) 505-2478