Psycheceutical Bioscience Strategically Pivots Into the Brain-Computer Interface (BCI) Space
The inability of the Company to undertake certain corporate actions (name and symbol change etc.) due to regulatory filing deficiencies from over a decade ago has hampered the ability of the Company to reposition itself.
Psycheceutical Bioscience, Inc. , a bioscience company dedicated to developing cutting-edge technologies for the next generation of neurological treatments, appointed Neilank K. Jha, MD, Executive Chairman and CEO on November 1, 2023 to initiate an immediate turnaround to avert restructuring for operational, financial and regulatory reasons.
The Company, following Dr. Jha's appointment, underwent an organizational transformation involving substantial operational and financial changes. "When I assumed leadership, I consulted our leaders and teams to get clarity on-what is it that the world needs that we are good at, passionate about, and can create a sustainable Company around?", said Dr. Jha.
With both the Executive Chairman/CEO and the Chief Medical Officer leading the Company as neurosurgeons, it became clear to the entire organization that treating neurological conditions was the Company's future direction.
The Company's mission is to now develop products that have the potential to increase the survival and quality of life for our patients, family members, relatives, and friends. "We firmly believe that the future of brain cancer and neurological disorder treatments lies in taking Brain-Computer Interface (BCI) technology into the previously uncharted deep brain," said Dr. Jha. "We envision a future where neurological disorders are treated effectively using our innovative solutions, directly addressing disease states, enhancing cognitive abilities and improving lives."
The decision to pivot the Company's primary focus from the psychedelic space to the BCI space allows for a fresh start. The Company plans to continue its commitment towards the advancement of human trials related to the NeuroDirectTM ketamine topical for PTSD clinical development program.
The Company believes that the innovative and decisive moves by the new CEO and clear setting of a new direction have aligned the interests of employees, partners and various stakeholders. This expeditious course of action avoided restructuring and the associated negative consequences for the Company's partners, employees, creditors, and shareholders. "It has been a great pleasure working alongside Dr. Jha in repositioning and strengthening the company with an inspired and mission-driven focus centered on building technologies to improve patient outcomes," said Chad Harman, Chief Operating Officer of Psycheceutical Bioscience. "We are laser-focused on executing strategic activities in the organization, from which its shareholders stand to derive the greatest value."
The Company believes that the steps now being taken will enable the Company to maximize future opportunities and compete more effectively with significantly less debt on the balance sheet and more capital for growth.
In the past 3 months, management has stabilized the Company from a financial perspective with an estimated 12 months of cash available for both operations and progress in the BCI space.
The Company is now focused on developing products with the potential to improve the quality of life and survival rate of those with neurological conditions. This singular focus is driving the entire organization.
The Company currently has partnerships with top-tier academic institutions nearing completion of a prototype smart medical device expected to bypass the blood-brain barrier and treat lethal brain cancer. Next steps will involve insertion of the prototype device into animal models with brain cancer to test safety and efficacy. "NeuraSeed BCI hopes to make technological advancements that extend the possibilities of human health and cognitive capabilities. Our deep-brain implantation technology aspires to offer unprecedented solutions to some of the most challenging neurological conditions, marking a new dawn in medical science and patient care," said Julian Bailes, MD, Chief Medical Officer of Psycheceutical Bioscience.
The Company's Board is currently exploring various options to cure regulatory filing deficiencies from over a decade ago that will enable the Company to undertake much needed corporate actions in the future, including a name and symbol change to reflect the new direction of the Company.
Published on : 22nd January, 2024