\Vancouver, British Columbia - TheNewswire - January 10, 2022 - Lexston Life Sciences Corp. (the “Company” or “Lexston”) (CSE:LEXT) (CNSX:LEXT.CN) (OTC:LEXTF) is pleased to announce the signing of a Memorandum of Understanding (the “MOU”) between its wholly owned subsidiary Egret Bioscience Ltd. (“Egret”) and Panacea Plant Sciences Inc. (“Panacea”), a leading United States biotechnology company focused on developing new therapeutic, cultivation, extraction and isolation techniques for high value natural products such as psychedelic-containing lifeforms and cannabis.

Under the terms of the MOU, Panacea and Egret intend to create joint ventures (“JV”) through which they plan to expand the supply chain, reduce the supply cost, and characterize the chemistry and pharmacology of a suite of psychedelic compounds using each team’s particular expertise.  The goal of the JVs will be to develop cell-based culture systems for the standardized production and formulation of novel psychedelic combinations.  In addition to assigning intellectual property to the JV, the parties will also assign four percent (4%) of its equity to environmental and indigenous groups associated with the lifeform or compound of interest.  

The teams recently launched an initial pilot study on allosteric modulators of the serotonin receptor 5HT2A in combination with DMT, 5-Meo-DMT, mescaline, LSD, and psilocin.  This work will identify the mechanisms for the entourage effect of psychedelic plant and fungi.

"We are excited to continue our collaboration efforts with Panacea. This agreement is significant for Lexston as it allows us to expand on our expertise in the chemical and genetic analyses of natural products to classical psychedelics. Involving the indigenous groups is an important aspect to both companies as it encourages acceptance of our research and can potentially improve many lives.” States Dr. Philippe Henry, Chief Science Officer and Director of Lexston.

The parties will also explore different botanical sources of naturally derived tryptamines to identify ideal candidates for traditional and cell culture-based production.  The research is expected to lead to low-cost manufacturing of psychedelic compounds which may reduce costs for researchers as well as patients once these items are approved by regulators.  

Both parties hold licenses in their respective jurisdictions for scientific research on cannabis and are applicants for psychedelic research licenses with the US DEA and Health Canada.  The parties have also entered into a material transfer agreement in which Panacea will transfer key germplasm for botanicals containing uncontrolled tryptamines and phenethylamines such as Lophophora williamsii, Echinopsis pachanoi, Pterocarpus santalinus and Anadenantherra peregrina to Lexston for the optimization of plant tissue and cell culture methodologies alongside chemical and genetic characterization of the Panacea germplasm.

For more information and to subscribe to the Company’s mailing list, please visit https://lexston.ca/contact/ .

About Lexston Life Sciences Corp.

Lexston Life Sciences Corp. is a Canadian biotechnology company providing cannabis testing and research services.  Lexston is also in the process of securing licensing under the exemptions prescribed by section 56 of the Controlled Drugs and Substances Act (Canada) to enable the expansion of its services into the psychedelic industry with an initial focus on the detection and quantification of psychedelic molecules in the lab and point of care. Lexston intends to develop and validate methods for standardized manufacturing of plant derived psychedelics in support of burgeoning trials in the field of mental health and wellness.

On Behalf of the Board of Directors

LEXSTON LIFE SCIENCES CORP.

Jagdip Bal Chief Executive Officer

Telephone: (604) 928-8913

Forward-Looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of LEXT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. 

Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.