Creso Pharma Ltd (ASX:CPH) has been granted a trading halt by the ASX ahead of the release of a material operational update regarding proposed acquisition target Halucenex Life Sciences Inc.
The company’s securities will remain halted until the start of normal trading on Friday, May 14, 2021, or until an announcement is released to the market.
Creso Pharma has a market cap of approximately A$198.4 million and shares last traded at A$0.18.
To test psilocybin liquid formulations
Earlier this month, Halucenex signed an agreement with leading pharmaceutical contract research organisation Nucro-Technics to provide microbiology and chemistry test work for a salient delivery solution using synthetic psilocybin, which will be used in upcoming clinical trial submissions.
Under the deal, Halucenex will work with Nucro-Technics to test the stability and shelf life of psilocybin liquid formulations for use in its Phase II clinical trial.
Halucenex will have access to a good manufacturing practice-certified lab to formulate and test the bioavailability of its synthetic psilocybin compound, the ability to handle control substances for formulations of current delivery solutions and potential future methods that may have a faster onset.
The agreement will also provide Creso Pharma with the ability to develop and validate methods for potency, component identification and microbiology for botanical psilocybe mushrooms grown in the future at Halucenex.