Benzinga | Jan 6, 2021 08:08AM EST

AIkido Pharma Announces Execution Of Patent License Agreement For 'technology that covers the use of psilocybin for cancer applications'

EW YORK, Jan. 6, 2021 /PRNewswire/ -- AIkido Pharma Inc. (NASDAQ:AIKI) ("AIkido" or the "Company") today announced that the Company executed a Patent License Agreement for technology that covers the use of psilocybin for cancer applications. The technology is covered by four patent applications already on file with the United States Patent and Trademark Office.

Psilocybin is a naturally occurring psychedelic compound. Research has shown psilocybin to have potential to treat a range of psychiatric and behavioral disorders, notably, cancer-related depression and anxiety. The use of psilocybin to treat cancer patients is a growing field. Studies by such notable institutions as Johns Hopkins and NYU Grossman School of Medicine found that one-time, single-dose treatments of psilocybin, combined with psychotherapy, appears to be associated with significant improvements in emotional distress in people with cancer and that these effects persisted nearly five years after the drug was administered.

Mr. Anthony Hayes, CEO of AIkido, stated, "We are excited to explore this aspect of cancer treatment. Our license covers the use of psilocybin to treat both cancer and cancer side-effects and we believe this to be an expanding area for treatment."