Creso Pharma Ltd (ASX:CPH) (FRA:1X8) has been granted a trading halt by the ASX while the company considers, plans and executes a capital raising.
This halt will remain in place until the start of regular trading on Friday, March 26, or when an announcement is released to the market, whichever occurs earliest.
The company's market cap is approximately $200.2 million and shares last traded at 23 cents, up from 3.2 cents at the market close on November 26, 2020.
Target acquisition Halucenex secures psilocybin
Creso Pharma’s target acquisition company recently 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.
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.