Last Updated on August 18, 2022 by GlobeNewsWire
NEW YORK, Aug. 18, 2022 (GLOBE NEWSWIRE) — Innovation1 Biotech Inc. (OTCQB: IVBT) (“Innovation1” or the “Company”), a small molecule drug discovery company focused on the clinical development of modified Schedule 1 molecules of botanical origin, today announced it has filed a provisional patent application with the United States Patent and Trademark Office (USPTO) covering its novel and proprietary combination therapy targeting the addiction center in the human brain. In contrast to traditional approaches to treat addiction, Innovation1’s combination therapy is designed to “rewire” neural networks to combat drug addiction by suppressing cravings and blocking withdrawal symptoms of opiates, alcohol, and nicotine.
The patent application uniquely combines therapeutics that target different aspects of the alpha3beta4 nicotinic acetylcholine receptor. A first component includes a prodrug of tetrahydrocannabivarin (THCV), modulating the level and desensitizing the expression of the alpha3beta4 nicotinic acetylcholine receptor. A second component, a synthetic analog of ibogaine designated 18-MAC, directly antagonizes the ligand binding to this receptor. Taken together, the combined impact of receptor downregulation and desensitization is expected to profoundly suppress a broad range of addiction types including nicotine, alcohol, opioids, cocaine, and eating disorders. Other benefits from the derivatization of THCV to form a water-soluble prodrug include improved oral bioavailability and water solubility, thereby optimizing an oral route of administration.
“Addiction affects millions of people nationwide and remains a thriving epidemic across the U.S. between nicotine, alcohol, substance abuse, prescription, and illegal drugs,” said Dr. Andrew Salzman, Chief Science Officer of Innovation1 Biotech. “While each of these selected components have previously been utilized in experimental studies of addiction and drug withdrawal treatment, we believe this novel approach of combining the two will be much more effective in suppressing neuronal craving impulses. The two components each influence the alpha3beta4 nicotinic acetylcholine receptor, but do so in a different manner, thus making their combination profoundly impactful.”
The two components of the combination therapy are manufactured chemically without any connection to the cannabis plant for THCV and tree bark of the iboga tree for 18-MAC, allowing for convenient and cost-effective sourcing.
“This patent represents another key step at a differentiated approach to help all who suffer from addiction,” said Jeffrey Kraws, CEO of Innovation1 Biotech.
The Company’s clinical portfolio includes four other proprietary preclinical prodrugs, all fully synthetic without connection to botanical sourcing: a mushroom-derived psychedelic molecule for treatment of post-traumatic stress disorder and depression and three additional novel cannabinoid prodrugs addressing clinical indications of refractory pediatric epilepsy, hypertrophic scarring after burn wound injury, and ocular inflammation of the cornea and anterior uvea. In addition, Innovation1’s nutraceutical complex, Mioxal, is designed and formulated to contribute and help maintain normal energy metabolism, improve mood, and reduce fatigue for those suffering from fibromyalgia and chronic fatigue syndrome.
For more information on Innovation1, please visit the Company’s website at www.innovation1bio.com.
About Innovation1 Biotech
Innovation1 Biotech Inc. is a small molecule drug discovery company focused on the clinical development of modified Schedule 1 molecules of botanical origin, where there is the opportunity to create breakthrough advances in diseases of unmet medical need. The Company’s portfolio includes five proprietary, fully synthetic preclinical prodrugs addressing independent clinical indications: a mushroom-derived psychedelic molecule for treatment of post-traumatic stress disorder and depression, a novel cannabinoid and tree bark derived psychedelic for treatment of addiction and three additional novel cannabinoid prodrugs addressing clinical indications of refractory pediatric epilepsy, hypertrophic scarring after burn wound injury, and ocular inflammation of the cornea and anterior uvea. Innovation1 also owns a currently approved nutraceutical complex specially designed and formulated to contribute and help maintain normal energy metabolism, improve mood, and reduce fatigue for those suffering from fibromyalgia and chronic fatigue syndrome.
Forward Looking Statements
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Innovation1 Biotech Inc. (the “Company”) or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission. Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company’s ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management’s ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other risks and information that may be detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in our filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.