Field Trip Psychedelics Inc. Announces Successful GLP Synthesis, Results From Initial Preclinical Testing for FT-104, its First Molecule in Development

Field Trip Psychedelics Inc. (“Field Trip”), the company redefining mental health and well-being through its ground-breaking work in psychedelics and psychedelic-enhanced psychotherapy, has successfully completed GLP (Good Laboratory Practices) synthesis of its first molecule in development, FT-104.

TORONTO, Sept. 29, 2020 /PRNewswire/ -- Field Trip Psychedelics Inc. (“Field Trip”), the company redefining mental health and well-being through its ground-breaking work in psychedelics and psychedelic-enhanced psychotherapy, has successfully completed GLP (Good Laboratory Practices) synthesis of its first molecule in development, FT-104.

Preliminary assessment from in-vitro and in-vivo tests confirms the activity of FT-104 at the 5HT2A receptor, which is believed to be responsible for psychedelic experiences.

About FT-104: A Novel Psychedelic Molecule

FT-104, developed by Field Trip’s Discovery division led by Dr. Nathan Bryson, is a novel psychedelic molecule derived from the chemical structures of known psychedelic substances. FT-104 is designed to provide unique and useful pharmacological features to make a commercially viable alternative to naturally derived substances such as psilocybin, DMT and LSD. It was selected as Field Trip’s first drug candidate because it meets the criteria established by the Company for its drug development strategy in terms of differentiation, availability of intellectual property protection and suitability for the intended condition it is being developed to treat.

Field Trip believes that FT-104 is unique and patentable in Canada and the United States and has received advice from counsel in Canada confirming such belief. On such basis, Field Trip has filed a provisional patent with the USPTO with claims that include FT-104 structures and uses.

FT-104 is in the pre-clinical stage of development. Field Trip, through its GMP-compliant contract manufacturing research organization, is working to optimize the synthetic process of FT-104. Ongoing pre-clinical and CMC (chemistry, manufacturing and control) efforts to support Phase 1 are expected to be completed by Q3 2021.

FT-104 is a new chemical substance and no assurances can be given that Field Trip will be able to meet this timeline or that FT-104 will be a viable molecule.

“The successful GLP synthesis of FT-104, along with confirmation of 5HT2A agonism, is a significant milestone for our drug development efforts through Field Trip Discovery,” said Dr. Nathan Bryson, Field Trip’s Chief Science Officer. “It validates many of the hypotheses we had for FT-104 and positions us well to continue to advance this molecule through the rest of our preclinical work and into Phase 1 trials, which we expect to commence later next year.”

“Despite all the progress that has been made in treatment of psychiatric disorders, such as depression, anxiety and PTSD, a significant unmet medical need remains with many patients not being helped by current medications. As pharmaceutical companies have moved away from developing new treatments for these conditions, psychoactive therapies targeting serotonergic receptors offer the potential to fill this void and address this serious unmet medical need, with the potential of far greater efficacy,” said Dieter Weinand, Field Trip Board Member and former Chairman and CEO of Bayer Pharmaceuticals AG. “But in order for that potential to live up to its promise, a robust suite of next generation psychoactive molecules targeted at different populations and indications than psilocybin or MDMA will be needed. Based on this preliminary work, FT-104 stands likely to be one of the first such next generation psychoactive molecules.”

Ronan Levy, Executive Chairman of Field Trip added, “At Field Trip our mission is to bring the world to life through psychedelic therapies, and these early successes with FT-104 position us well to do so through new drug formulations, along with the rollout of our Field Trip Health centers currently operating in Toronto, New York and Los Angeles.” Levy continued, “The fact that our drug development efforts are ahead of the timelines we set for them are a testament to the skill and execution of Nathan, with the support of our scientific advisory team including Dr. Michael Ehlers, Dr. Matt Johnson and Dr. David Erritzoe.”

About Field Trip Psychedelics Inc.

Field Trip is the world’s first mental wellness company at the forefront of the scientific re-emergence of psychedelics and psychedelic-enhanced therapies. With Field Trip Health centres opening across North America, drug development and advanced research on plant-based psychedelics through Field Trip Discovery, and digital tools to support psychedelic experiences and consciousness expansion through Field Trip Digital, we help people, from those in treatment to those seeking accelerated personal growth, with a simple, evidence-based way to heal and heighten engagement with the world.

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Cautionary Note Regarding Forward Looking Information

This news release contains projections and forward - looking information that involves various risks and uncertainties regarding future events and are not guarantees of future performance of Field Trip. These risks and uncertainties could cause actual results and Field Trip’s plans and objectives to differ materially from those expressed in the forward-looking information. These and all subsequent written and oral forward- looking information are based on assumptions, estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. Field Trip assumes no obligation to update forward-looking information should circumstance or management’s assumptions, estimates or opinions change.

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