Benzinga | Jun 4, 2021 04:50PM EDT

EXCLUSIVE: MagicMed CEO On Psychedelics Company's 'Secret Sauce,' M&A Deal With Enveric Biosciences

MagicMed Industries' focus is on creating new molecules based on psychedelics, said CEO Dr. Joseph Tucker -- but with better attributes.

Those attributes help take molecules from the discovery to the preclinical phase, Tucker said Friday at the virtual Benzinga Cannabis Capital Conference.

A May acquisition agreement with Enveric Biosciences Inc (NASDAQ:ENVB) will help expand MagicMed's efforts to include cannabinoids, he said.

"Now we have a complete end-to-end company from discovery all the way through clinical trials with psychedelics and cannabinoids," Tucker said.

The work would be focused entirely on the central nervous system, the CEO said.

MagicMed's CEO On Its 'Secret Sauce'

MagicMed stands out among the competition by using a "secret sauce" of synthetic biology, he said.

Through combining enzymes and nature, "we're able to create molecules that nature never made, and the chemists are not able to make," Tucker said.

The result is the company's portfolio of psychedelics: the Psybrary.

The new molecules allow companies to patent developments, unlike companies working with psychedelics like LSD and psilocybin, the CEO said.

"You really can't patent those, and frankly, you shouldn't be allowed."

MagicMed's CEO On Psychedelics Company's Next Steps

Tucker said he's excited for MagicMed's transformation as it merges with Enveric.

The CEO highlighted the end-to-end capabilities of the combined venture and said it has "a very robust pipeline."

The pipeline and the company's data are critical to its growth, Tucker said.

R&D should continue to progress this year, the CEO said.

The company's first Phase 1 clinical trial for its cannabinoid-based drug is expected to launch this year, with enrollment to be completed in 2022.

Another cannabinoid drug for radiation dermatitis will begin its Phase 1 trial next year, he said, adding that the company's first psychedelic drug begins its lead selection in 2022.