Vancouver, BC — March 14, 2022 — Telescope Innovations Corp. (“Telescope” or the “Company”) (CSE: TELI), a chemical technology company, announces it has engaged Translational Life Sciences Inc. (“TLS”) to evaluate the potential therapeutic effects of Telescope’s proprietary, psilocybin-like novel chemical entities (“NCEs”).
TLS performs high throughput drug screening using functional cell-based assays and animal testing to develop effective mental health treatments based on psychedelic medicines. The TLS leadership includes internationally recognized scientists and physicians in the fields of neurology, pharmacology, and biochemistry. Under the terms of the engagement, TLS will test whether Telescope’s NCEs activate the same brain cell receptors that are triggered by psilocin (the active form of psilocybin) and other psychedelic molecules. Telescope will cover the cost of these studies and retain intellectual property rights to the NCEs as well as all information gained from the tests. These NCEs are included in the Patent Cooperation Treaty (“PCT”) application filed by Telescope in late 2021, claiming a priority date of December 31, 2020. Positive results from these studies could warrant preclinical development of Telescope’s compounds as next-generation psychedelic therapeutics, targeting improvements in safety, potency, specificity, or tunability relative to known candidates.
“We are thrilled to be working with world leaders in the neurochemical space to explore the potential of Telescope’s proprietary chemical entities as next-generation psychedelic medicines. This study is expected to dramatically expand Telescope’s portfolio in the metal health space and serve to demonstrate the enabling technology at the core of our Company,” commented Jason Hein, CEO of Telescope.
Further, Telescope announces that it has granted an incentive stock option in the amount of 100,000 options to a consultant of the Company in accordance with the Company’s incentive stock option plan. The option vests on July 15, 2022 and is exercisable to acquire common shares of the Company at a price of $0.55 until March 14, 2027.
Telescope is a chemical technology company developing scalable manufacturing processes and tools for the pharmaceutical and chemical industry. The Company builds and deploys new enabling technologies including flexible robotic platforms and artificial intelligence software that improves experimental throughput, efficiency, and data quality. A key area of application for these tools is the development of scalable manufacturing processes for mental health medicines in the under-utilized tryptamine class of compounds, including psychedelic therapeutics. Our aim is to bring modern chemical solutions to meet the most serious challenges in human health.
On behalf of the Board,
Telescope Innovations Corp.
Jason Hein, Chief Executive Officer
Forward-Looking Information Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks,