Creso Pharma secures additional supply of psilocybin, paves the way for future psychedelics products
Health & Biotech
Health & Biotech
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For Creso and Halucenex, the doubling of its supply of synthetic psilocybin has opened up options for future clinical trials and R&D initiatives.
Global medicinal cannabis company, Creso Pharma (ASX:CPH), announced that its target acquisition company, Halucenex, is in a position to expedite clinical trials and R&D initiatives after securing an additional 10 grams of synthetic psilocybin from its Canadian manufacturing partner.
The additional 10g secured takes the company’s synthetic psilocybin total inventory to 22.3g, making Halucenex one of the largest holders of single batch GMP grade synthetic psilocybin in Canada.
This marks a critical development, as the additional supply will now allow the company to ramp up its clinical trial and R&D initiatives.
Halucenex will now be able to increase the total number of clinical trial participants in its pending Phase II clinical trial, by ensuring that participants in both trials receive a consistent amount of the GMP batch for tracking and traceability purposes.
This additional supply will also allow Halucenex to conduct GMP formulations in future delivery methods for faster onset.
“We have a number of R&D initiatives planned over the coming months, including new delivery integrations for faster onset and potentially enhanced efficacy, as well and the integration of our compounds in collaboration with clinical partners,” says Halucenex founder and CEO, Bill Fleming.
The new supply will also allow Halucenex to integrate the GMP formulations with other beneficial compounds, including those already in Creso’s current product range, enabling the company to efficiently produce tailor-made solutions for new drug development.
Halucenex is able to possess and conduct research and development and clinical studies on psychedelic substances, following receipt of a Controlled Drugs and Substances Dealer’s License from Health Canada in March.
Creso will continue to explore the potential in combining its existing CBD and hemp extracts already used in its current product range, with synthetic psilocybin for new product creation.
New products developed using the additional psilocybin supply could have significant benefit to people living with debilitating mental health conditions.
More broadly, it could also considerably increase the company’s total addressable market.
Creso believes there is an increasing growth and interest in psychedelic inspired medicines, and a bottleneck of supply of psilocybin.
In this regard, Halucenex’ strong relationships with manufacturing partners means that it will remain one of only 11 companies in Canada to secure supply of synthetic psilocybin.
“There is strong competition and a bottleneck in the current psilocybin supply chain, so to nearly double our inventory is a major derisking event,” says Halucenex founder and CEO, Bill Fleming.
“Securing additional inventory also highlights the strength of our relationship with Canada’s only synthetic psilocybin manufacturer,” he added.
Creso Pharma is about to list itself on the OTC market in the US, with DTC eligibility to allow real time electronic settlement expected to be granted shortly.
Listing in the US is expected to provide it with greater access to North American capital, and potentially unlock shareholder value.
This article was developed in collaboration with Creso Pharma, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.