Psygen is among the latest companies to be issued a dealer’s licence by Health Canada, giving it the ability to manufacture, import, export and otherwise work with several restricted drugs, including psychedelics.
Last week, The Dales Report sat down with Psygen CEO Danny Motyka and Chief Science Officer Peter van der Heyden after being granted its licence on January 17, to learn more about the company’s role in the emerging psychedelic industry, its supply deals, and its manufacturing facility, plus, whether or not the company intends to go public in the near future.
Working With Health Canada A Breeze
“If you have great attention to detail and you put a lot of time and effort into your application, the process is actually quite smooth,” said Motyka, noting that in Psygen’s case, Health Canada “beat” its 270-day calendar service standard in approving the company’s application.
“I think a lot of people approach the regulator as this scary group that’s trying to prevent you from getting a licence, but really, if you look to work with them and approach them as if they’re just other people, it’s actually quite.”
Supply Agreements In Place With 20+ Companies
Psygen has signed more than 20 supply agreements with domestic and international companies focusing on psychedelics. Van der Heyden notes that while many companies are eager to get their hands on materials, the process of obtaining them for use in a clinical trial can be complicated.
“Our observation is that lots of people are interested, but they may not really understand the process that they have to go through,” he said. “Very often, companies don’t really know the pathway themselves. We had to familiarize ourselves with that. So, we’re quite capable of giving them guidance in this but ultimately, it’s their responsibility.”
Psygen has been in talks with Health Canada about its role in the production of drugs for use in the recently amended Special Access Program, however Motyka indicated that the company doesn’t think it will be a huge part of their business.
“I do think Health Canada is going to be quite selective in the approvals that they do provide, but that is something we hope that we are going to be able to provide access for, with the goal of demonstrating that these medicines are safe and efficacious and can help outcomes in mental health.”
Calgary Facility Will Enable Batch Production In The Kilos
The company’s Calgary facility is almost finished, and for Van der Heyden and team, it can’t come soon enough.
“It’s going to be a dream lab. We’re going to have everything we need to produce initially smaller amounts, but ultimately we’re aiming at production of kilo-size batches for most of the substances we have on our licence,” he said. (Those substances include LSD, MDMA, psilocybin, DMT, 2-CB and mescaline, as well as unscheduled substances like ibogaine and 5-MeO-DMT.)
Watch the interview to learn more about which compounds Psygen says are being sought out by companies pursuing clinical research, plus, find out if the private company is on a path to going public.