Specialty Pharma Company Moving Higher After Signing LOI for Pharmaceutical-Grade Cocaine

By: Tomas Ronolski - AllPennyStocks.com News

Thursday, May 23, 2024

This company believes that the only viable way to produce a safe supply of street drugs is to develop biosynthetic versions of these substances to be manufactured domestically in a regulated pharmaceutical supply chain. The signing of a recent LOI could potentially allow for the cost-effective and efficient production of cocaine as a pharmaceutical-grade drug in a variety of facilities and at a fairly low cost.

Speciality pharmaceutical company PharmaDrug Inc. (CSE: PHRX) (OTC Pink: LMLLF) focuses on the research, development and commercialization of controlled-substances, natural medicines, and previously approved drugs. Today, the company announced in a press release that its wholly-owned subsidiary, Securedose Synthetics Inc., has signed a LOI with a Canadian controlled drug substance licensed dealer.

The LOI paves the way for the company to commence full GMP manufacturing once it has finalized the process development for its innovative cocaine manufacturing process. PharmaDrug will initiate technology transfer for SecureDose’s provisionally patented novel cocaine synthesis method, with a vision to ultimately enter into a comprehensive agreement for the manufacturing and distribution of biosynthetic pharmaceutical-grade cocaine.

Both Canadian and U.S. shares were trading higher in morning trade.

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