Orthogonal Thinker Inc, a biotech holding company focused on health and well-being through clean-label, whole plant products and prodrugs, including psychoactive compounds, announced that it recently closed approximately $2.5 million in bridge financing.
Proceeds will be used to further develop the Company’s signature product Psilly, a plant-based prodrug of psilocin. Psilocin is the active component in psilocybin, containing mushrooms that recent research has shown promising medical potential in the treatment of depression and addiction.
EI.ventures, an Orthogonal Thinker’s subsidiary, has intellectual property rights for Psilly, which the company aims to bring to market in water-soluble pouches.
“This latest financing will allow us to further build upon our expertise in nutritional alkaloids, extraction methodology and developing foods that are clean label and we look forward to deploying our knowledge and products throughout the world,” said David Nikzad, Founder of Orthogonal. “The timing could not be better to begin leveraging and growing the resources of EI.ventures to position ourselves on the frontlines of the rapidly emerging psychedelics market.”
Additionally, Orthogonal Thinker is endeavoring to acquire a laboratory to specialize in chromatography testing to ensure full transparency and efficacy of its plant-based botanicals for future distribution. The Company also continues to identify and align with licensed chemists and laboratories in the traditional fields of organic and bio chemistry with the goal of bringing to market the synthesis of relevant psychoactive materials and compounds.
U.S. cities Denver and Oakland approved the decriminalization of mushrooms that contain psilocybin in May and June of 2019, respectively. In 2020, Oregon and California will put forth to the voters initiatives to legalize mushrooms that contain psilocybin for medical use and decriminalize psilocybin for adults 18 years and older, respectively. As decriminalization campaigns continue across the country and new regulatory frameworks emerge, the Company is well positioned to be on the forefront of research and product development in this new market.
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