Wellbeing Digital Sciences (NEO:MEDI.AQN, OTCQB:KONEF) Inc has highlighted the achievements of its wholly-owned subsidiary KGK Science Inc (CRO) in 2021 and noted that the unit expects significant growth in 2022 based on current client interest in new projects and requests for proposals, including a substantial expansion in psychedelics-related work.
KGK is currently working on psychedelic drug projects with eight distinct clients, managing four clinical trials including a Phase 1 study of a proprietary psilocybin extract in healthy adults, and working with an Ontario-based contract manufacturer to provide a joint solution for the production and study of psychedelic compounds.
“2021 was an important development year for both KGK and our overall organization as the subsidiary was integrated after being acquired and synergies were quickly realized,” said Adam Deffett, Interim CEO of Wellbeing. "With a large number of clinical trials, research projects and collaborations with aligned counterparties already underway at the CRO, management expects that 2022 may be even more rewarding.”
READ: Wellbeing says its subsidiary KGK Science partners with Nova Mentis for developing psychedelic drug portfolio
He added: “The acquisition of KGK was definitely a highlight of last year and we look forward to growing together, along with the rest of the organization.”
In 2021, KGK won contracts for 11 clinical trial service projects and five medical writing projects.
Despite the restrictions associated with the COVID-19 pandemic, KGK was able to complete nine clinical trials and advanced several others towards completion.
The company said that KGK’s Regulatory Division completed 19 consulting projects for clients in the nutraceutical, cannabis and psychedelic spheres. It received approvals for eight Product License Applications for Natural Health Products, acknowledgment letters for four unique New Dietary Ingredient Notifications and expert panel consensus that three food ingredients possess Generally Recognized As Safe status.
CRO is working on 15 Product License Applications submissions for Health Canada; seven pharmaceutical and 20 nutraceutical clinical trials, including two cannabis studies; as well as three paths-to-market and one new substance notification.
Internally, CRO is helping Wellbeing enhance its network of clinics to conduct psychedelic clinical trials. The company’s goal is for KGK to become the premier contract research organization in the psychedelics industry, the company said.
Wellbeing is also looking to improve virtual trial conduct, by implementing a novel platform and technology along with its other subsidiary, IRP Health, that the company expects to be launched next year.
As a result of their 2021 achievements, KGK advanced its reputation as an expert in the psychedelics sector and became a founding member of the Psychedelic Science 2023 Event that is being planned as the world’s largest gathering of people in the psychedelic ecosystem.
“By the lengthy list of engagements currently underway, it is clear that KGK’s services are in high demand. Our management team and employees are working hard every day to help clients navigate the clinical trial process and regulatory environment” said Najla Guthrie, CEO of KGK.
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