Creso Pharma Ltd's (ASX:CPH) (FRA:1X8) target acquisition company Halucenex Life Sciences has secured an additional supply of 700 milligrams of pharmaceutical-grade psilocybin from its manufacturing partner for use in its upcoming clinical trial program, adding to the 11.6 grams previously secured.
This additional stock will take Halucenex’s total accessible volume of synthetic psilocybin to 12.3 grams, allowing it to increase the number of clinical trial participants in Phase II of the trial, whilst also ensuring the participants in its Phase II and Phase III trials are treated with the same, consistent GMP batch of synthetic psilocybin for tracking and traceability.
There is growing interest in psychedelic inspired medicines and a bottleneck in the supply chain for synthetic psilocybin as more companies enter the research domain and Halucenex, which is set to become part of the Creso Pharma Group, is only one of 11 companies to secure supply in Canada, with its relationship with manufacturing partners reducing risks to its clinical trial timelines.
“Supply reduces risks to trial schedule”
Importantly, the additional supply provided is GMP certified, which will allow Halucenex to conduct GMP formulations in future delivery mechanisms such as capsules, microdoses, nasal and IV solution – with the stability and validation of the delivery being critical for any clinical trial.
Creso non-executive chairman Adam Blumenthal said: “Securing an additional supply of psilocybin is a very pleasing development and highlights the strength of Halucenex’s relationship with Canada’s only manufacturer.
“We are very excited to progress the upcoming clinical trial program and are confident that the initiative will add to the growing body of evidence for the use of psychedelic medicines as a much-needed alternative.”
Halucenex founder and CEO Bill Fleming said: “This additional batch of synthetic psilocybin reduces risks to our clinical trial schedule.
“The substance is currently gaining significant popularity with researchers and other companies and having an ample supply will ensure Halucenex is best placed to progress its research initiatives.”
“Halucenex continues to make steps forward in the commencement of its Phase II Clinical Trial and we are very excited to share these developments in the next few months.”
Planned OTC dual listing
Creso Pharma is also progressing an application to dual list on the OTCQB (OTC) market in the USA with this expected to provides an additional growth platform for the company ahead of potential US federal cannabis legislation reform.
This decision follows growing interest from North American investors and is part of Creso Pharma’s strategy to raise global awareness of the company’s operations in the cannabis and psychedelics medicines space.
The recent acquisition of Halucenex, as well as the company’s planned expansion into the US cannabis market, subject to federal legalisation, is of interest to many North American investors.
Dual listing will allow easier access for North American Investors to trade in Creso Pharma’s shares listed on the Australian Stock Exchange (ASX), with one of the key advantages being that North American investors are able to trade and settle in US Dollars during normal US trading hours.
The OTCQB listing aims to provide existing and potential North American investors in the company with appropriate accessibility and liquidity to invest and will provide Creso Pharma with access to one of the largest investment markets in the world at nominal cost.
Creso Pharma anticipates the listing to go live during the second quarter of 2021.