Universal Ibogaine Inc (TSX-V:IBO) said it has kicked off development plans for its Kelburn facility in Manitoba, Canada ahead of potential treatment protocol approval and the firm offering ibogaine treatments.
The centre, acquired by the life sciences group in October 2021, sits on a 50 acre estate with a nine-hole golf course and is currently a traditional addiction treatment center.
Universal Ibogaine plans to expand the facility to include traditional drug detox and to begin to incorporate treatments using Ketamine, Psilocybin and MDMA assisted psychotherapies.
It also has plans to construct a stand-alone "ibogaine detox facility" on the property in preparation for the completion of its proof of concept study with regulator Health Canada.
Ibogaine is a plant-derived neuroactive compound that appears to reset the brains of drug-dependent individuals to a pre-addicted state.
"In my 20 years of addiction treatment, I have not seen anything with the power and promise of ibogaine to break the cycle of addiction," said Dr Ian Rabb, the group's chief clinics officer.
READ: Universal Ibogaine introduces its CRO partners ahead of potential clinical trial for opioid use disorder in Canada
"When paired with a long term support plan, which we provide through our Kelburn facility, we expect to completely disrupt the addiction treatment model. Ibogaine is legal in Canada under the prescription drug list and requires a proof of safety trial through Health Canada. We are sitting on the edge of being able to tackle the opioid crisis head on," he added.
Also in the statement, Universal Ibogaine updated on the drug supply agreement with Psygen.
"The agreement was announced prematurely and contained some minor errors regarding the synthesis of the compound. As a result, the parties to the agreement have withdrawn," it said, adding that the firm was "currently in negotiations with two alternative drug suppliers".
Universal Ibogaine is a life sciences company, with a mission to demonstrate the safety and efficacy of its ibogaine-based drug detox protocol through a Canadian Clinical Trial, and ultimately to utilize that protocol around the globe through future licensing agreements.
The company is concurrently developing a state-of-the-art holistic addiction treatment protocol at its Kelburn Clinic that, when paired with the ibogaine detox protocol, is intended to revolutionize the way addiction is treated, improving the lives of individuals and families affected by addiction.
Contact the author at giles@proactiveinvestors.com