08:31 AM EDT, 04/02/2024 (MT Newswires) -- Revive Therapeutics Ltd. ( RVVTF ) on Tuesday provided an update on its clinical study evaluating the safety and feasibility of oral psilocybin as a potential treatment for methamphetamine use disorder.

The study being conducted at the University of Wisconsin-Madison, has enrolled nearly 50% of its intended study sample, with initial efficacy described as "encouraging." The clinical data generated from the study may provide valuable information on the safety, efficacy and dosing of oral psilocybin to support a potential pivotal clinical study and commercial initiatives in countries like Australia, where psilocybin can be available to licensed psychiatrists to prescribe for certain conditions, the statement noted.

Revive will also have exclusive access to key intellectual property from this study to support commercial and development initiatives, including future clinical studies for its proposed novel delivery of psilocybin by a proprietary microneedle patch under its research collaboration agreement with PharmaTher Holdings Ltd. (PHRM.CN) for neuropsychiatric disorders.