Universal Ibogaine Inc announced Tuesday that it has appointed Dr Rami Batal as its new CEO.
Batal, a veteran biopharmaceutical executive, is taking the reins from Jeremy Weate, who will remain involved in the psychedelics company through his seat on the board of directors.
New CEO Batal forged a global career in biomedical innovation, specifically biopharmaceutical research, development and commercialization of medicines for central nervous system disorders and pain, with multinational pharmaceutical companies and biotech startups.
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His most recent role at Canadian pharmaceutical firm Antibe Therapeutics (TSE:ATE) saw him responsible for the commercial readiness of otenaproxesul, a phase 3 pain/osteoarthritis drug candidate, which was recently out-licensed to Nuance Pharma for the Greater China region.
Batal obtained his doctorate in experimental medicine from McGill University. His clinical practice work involved hands-on experience in counselling, preparing, and administering conventional medicines for opioid addiction.
“I am excited to be joining the Universal Ibogaine team at this strategic juncture to lead the company in advancing a potentially transformational clinical development program, targeting opioid use disorder and ultimately other addictions,” Batal said in a statement. “I am equally thrilled to support UI’s ambition to acquire and operate addiction treatment centres, which will innovate and directly apply authorized tools and technologies to patient care.”
Planned clinical research program
Universal Ibogaine is planning a clinical development program in Canada based on the ibogaine-based addiction treatment protocol developed by board member Dr Alberto Sola. Sola, at his Clear Sky Recovery Clinic in Cancun, Mexico, successfully undertook more ibogaine-based addiction patient treatments than any other physician globally, according to Universal Ibogaine.
Executive Chairman Shayne Nyquvest commented: “Rami’s past experience in biopharmaceutical research, particularly in CNS, is exactly the leadership UI needs to advance our planned clinical research program with Health Canada for the use of ibogaine in addiction treatment, which is an integral part of our overall strategy to address the global and devastating opioid addiction crisis.”
Shabir Premji, CEO of P-Squared Renewables, which will be the capital pool company for UI’s qualifying transaction, said there was shareholder support for Batal's appointment. “We look forward to his leadership and team building capabilities, clinical development experience and capital markets recognition,” Premji said.
Universal Ibogaine is a privately-held pharma company formed in 2018 which is poised to address the opioid epidemic in North America through proven plant medicine.
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