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Wake Network, Inc. Subsidiary MagicBio Research Inc. Receives a Health Canada Exemption for Research and Development on Psilocybin and Psilocin Biosynthesis

Ryan Allway

August 18th, 2021

Psychedelics

TORONTO, Aug. 18, 2021 /CNW/ – Wake Network, Inc. (“Wake” or the “Company“), a global leader in naturally-derived psilocybin production and the developer of genomics-based integration therapies, is pleased to announce that MagicBio Research Inc. (“MagicBio“), a wholly-owned subsidiary of Wake, has received an exemption from Health Canada to carry out laboratory research on the biosynthesis process of psilocybin and psilocin in genetically engineered microorganisms at the Company’s facility located in Collingwood, Ontario.

 

This exemption marks a major milestone for Wake as it allows MagicBio to develop technology and make scientific discoveries related to the biosynthesis of psilocybin and psilocin from natural sources, while using a microbial host similar to ones that are commonly used in pharmaceutical production. Wake’s business model includes the formulation of products derived from natural sources as it is an integral part of delivering a personalized approach to healthcare. This technology will potentially enable the Company to develop additional revenue streams beyond its current biomass cultivation activities, by creating pharma-grade products that are naturally sourced.

 

Nick Murray, Chief Executive Officer of Wake, commented, “As the benefits of psychedelic compounds become more well known, Wake remains committed to a natural-first approach to the creation of these amazing compounds for people in need.”

 

Biosynthesis has the potential to produce rare and difficult-to-cultivate psychedelic compounds while capturing all the natural benefits that these compounds provide. Wake’s MagicBio lab has the potential to be replicated in other parts of the world where regulatory bodies may provide authorization for the production of replicable, natural compounds as new jurisdictions open up for research and medical applications of psychedelic compounds.

 

MagicBio plans to advance biosynthesis production beyond psilocybin and psilocin to other compounds that offer medical benefits in the future.

 

ABOUT WAKE NETWORK, INC.

Wake Network, Inc. is a fungi bioscience company focused on advancing, through research, the field of psychedelic and fungi-based therapeutics. To address the growing need for psychedelic-assisted mental health support in medicine and society at large, Wake has partnered with academics, governments and best-in-class mycologists around the world. Wake is currently developing fungus-derived psilocybin and is making advancements in the engineering of novel psychedelic biologics, while working on proving out their safety through proprietary genetics-based integration therapies.

 

Caution Regarding Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance, are “forward-looking statements.” Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements.

 

Forward looking statements are based on certain assumptions regarding the Company, including but not limited to expected growth, results of operations, performance, industry trends and growth opportunities. While the Company considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including but not limited to: dependence on obtaining and maintaining regulatory approvals, including federal, provincial, municipal, local or other licences, to operate and expand the Company’s facilities; the Company’s limited operating history and lack of historical profits; reliance on management; the Company’s requirements for additional financing and the effect of capital market conditions and other factors on the availability of capital; competition, including from more established or better financed competitors; the need to secure and maintain corporate alliances and partnerships, including with research and development institutions, customers and suppliers; the Company and/or MagicBio’s ability to develop technology and make scientific discoveries related to the biosynthesis of psilocybin and psilocin; the anticipated potential of biosynthesis to produce psychedelic compounds with the desired attributes; the Company and/or MagicBio’s ability to develop an additional revenue stream from its work in biosynthesis of psilocybin and psilocin; the Company’s ability to conduct the clinical trials that it intends to; the ability of the Company to discover new and/or more effective options for patients to treat their conditions; the development and implementation of medical protocols and treatment standard operating procedures for the use of psychedelic therapies; the Company’s ability to successfully withstand the economic and geopolitical impact of the COVID-19 pandemic; the medical benefits, safety, efficacy, dosing and social acceptance of psychedelics; and the cultivation and harvest of psilocybe mushrooms; and any other factors or developments that may hinder the market or the Company’s growth.

 

These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law. Readers should not place undue reliance on the Company’s forward-looking statements.

 

SOURCE Wake Network, Inc.

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About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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