Albert Labs International Corp (CSE:ABRT) has announced that its shares commenced trading today, March 10, 2022, on the Canadian Securities Exchange (CSE) under the ticker symbol ABRT.
The trading start comes after the company closed its previously announced reverse take-over transaction with ME Resource Corp (MEC) and has acquired all of the outstanding securities of MEC in exchange for the issuance of securities of the company.
In a statement, Dr Michael Raymont, chief executive officer of the company commented: "As Albert Labs announces the start of trading on the CSE, I am proud to be leading such a world-class team, who are pioneering a rigorous yet accelerated development of a novel mental health treatment. If the trial of our first drug candidate this summer/fall is successful, and we have every reason to believe it will be, that event is likely to be the biggest game-changer in mental health for more than 20 years.
"We expect expedited regulatory approvals in the UK, followed by rapid expansion to other geographies and other mental health concerns. We're working rapidly to treat what is becoming a massively debilitating and costly global health challenge," he added.
READ: Albert Labs hails UK MHRA's new guidance on the use of real-world data in clinical studies for regulatory decision making
The company also closed a debt settlement and private placement offering of 18,947,500 Albert Labs' shares at a price per share of $0.25 for gross proceeds of $4,736,875. Included in this financing round was significant investment from the Albert Labs' senior management team to the sum of $2,046,660, and the balance of $2,690,215 was coordinated with support from Chrystal Capital Partners based in the UK.
Albert Labs said it intends to use the net proceeds from the public offering, together with its existing cash and cash equivalents, (i) to manufacture and deliver natural psilocybin, in the form of a prescription drug known as KRN-101 to trial centres, and (ii) for the effective conduct of Real World Evidence (RWE) trials, including all necessary partnerships, to lead to a regulatory approved medication for treating anxiety and depression, initially in cancer patients.
"The use of classical Random Controlled Trials in medicinal development can be long, costly, and may delay a patient's access to a product. Recently published guidance by my former colleagues at the MHRA outlines the use of Real World Evidence (RWE) in support of licensing indications, which goes to validate Albert Labs' use of an RWE based regulatory approach," said Dr Malcolm Barratt-Johnson, chief medical officer of Albert Labs.
Through an approved, fast-track clinical pathway, focusing on Real World Evidence (RWE), Albert Labs is planning to improve patient access to psychedelic-assisted therapies, starting in Europe with the goal of receiving a marketing authorisation and creating highly successful, licensed medicines.
After the successful conclusion of the first development program, Albert Labs has said it will expand to other indications and commercialise other novel therapeutics to address the rapidly growing mental health crisis.
Contact the author at jon.hopkins@proactiveinvestors.com