Creso Pharma targets acquisition company to explore genome sequencing of ‘magic mushrooms’
Health & Biotech
Health & Biotech
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Special Report: Creso Pharma (ASX:CPH) says the Canadian psychedelic research company it has agreed to acquire is exploring sequencing the genome of hallucinogenic mushrooms to better understand what makes them so ‘magic’.
Halucenex Life Sciences has entered into an advisory agreement with Growing Together Research to explore the genome sequencing of natural psilocybe, the fungus prized since ancient times for its psychedelic qualities.
Creso last month agreed to acquire Halucenex ,which in June is slated to begin a phase 2 clinical trial evaluating psilocybin to treat post-traumatic stress disorder (PTSD) in veterans and first responders.
The company is also moving beyond researching “shrooms” to include research on using LSD, ketamine and MDMA to treat mental health disorders – a move that considerably broadens its opportunities, Creso says.
But it’s the agreement with Growing Together Research that Creso executives are most excited about.
A company made up of a multi-disciplinary team of genetics, computer scientists and bioinformatics specialists, GTR has until now focused on exploring the potential of cannabis sativa (hemp).
It will now work with Halucenex to sequence the genomes of psychedelic mushrooms, particularly the best-known strain psilocybe cubensis.
Once the initial analysis is complete, Halucenex plans to use that research to create optimised psychedelic organisms for specific use cases – either for its own use, or possibly licensed to other companies for royalties.
Halucenex founder and chief executive Bill Fleming said sequencing the fungus’ genome would let the company create an intellectual property platform and better understand which mushroom component works best for each mental and physical disorder and addiction.
“The agreement with GTR will provide the company with a scientifically backed approach, which allows for a better understanding of the important components of psilocybe mushrooms and how particular components can be used more effectively,” said non-executive chairman Adam Blumenthal.
“We are very confident that the genome sequencing initiatives and the group’s strategic decision to expand the range of compounds it is researching will unlock a number of opportunities for the company in the future.”
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.