Universal Ibogaine Inc (TSX-V:IBO) told investors that it is looking to "resume on-site operations" after temporarily closing the Kelburn Recovery Centre in Canada due to an "on-site flooding issue".
The life sciences group is developing a state of the art holistic addiction treatment protocol at the facility in Winnipeg, Manitoba.
The firm said the centre had experienced abnormally high winter snowfall, resulting in high current groundwater levels arising from the spring melt.
"Kelburn is currently assessing options for continuation of in-process patient treatment, and remediation of damages, which will fall under Kelburn's property and business interruption insurance coverage, subject to policy limits. The timing for remediation and ultimate re-opening of operations at Kelburn is not determinable, but will likely require a minimum of two to three months," the company said.
CEO Nick Karos noted that the episode was an "unfortunate unforeseen event" and that the firm's first priority was to ensure the continuity of ongoing care of its patient group.
"The extent of damage will hopefully be contained to a portion of the basement, and allow us to resume on-site operations in a reasonable time frame," he said in a statement.
READ: Universal Ibogaine announces Frankfurt Stock Exchange listing
Universal Ibogaine aims to demonstrate the safety and efficacy of its ibogaine-based drug detox protocol through a planned Canadian clinical trial, and ultimately to utilize that protocol globally through future licensing agreements.
The company wants to revolutionize the way addiction is treated in order to improve the lives of individuals and families affected.
Earlier this week, the company told investors that its common shares had been approved for trading on the Frankfurt Stock Exchange (FSE) or Bourse Frankfurt under the ticker symbol JC4.
The Calgary-headquartered company said its shares will continue to trade in Canada on the TSX Venture Exchange under its current ticker symbol IBO and on the OTCQB under the ticker symbol IBOGF. It noted that the FSE is the largest stock exchange in Germany and is the premier European destination for Canadian venture companies looking to build exposure and liquidity in the European market.
Contact the writer at giles@proactiveinvestors.com