Lobe Sciences Ltd (CSE:LOBE, OTCQB:LOBED) said it has incorporated its 100% owned Australian subsidiary Lobe Sciences Australia Pty Ltd to facilitate three or more trials in Australia with its newly announced partner iNGENū Pty Ltd.
As per the Australian Federal Government’s Research & Development tax incentive program, Lobe will receive rebates for up to 43.5% on eligible expenditures for research and development conducted in Australia, according to Lobe.
The company said the trials would evaluate its proprietary psilocin analogues L-130 and L-131 and are expected to commence in late 2022 or early 2023 pending local regulatory approval.
READ: Lobe Sciences secures $1.3M private placement to fund advancement of its brain trauma-treating psilocin analogs
Lobe has secured an exclusive partnership to source L-130 and a series of related compounds for use in clinical trials this year and for subsequent trials investigating new clinical indications in the future.
"We are extremely happy to move our proprietary stable psilocin products into human clinical trials as we continue our commitment to discovering transformational therapies for multiple central nervous system diseases and trauma,” commented Lobe CEO Philip Young.
“We remain on track with our business plan as outlined in our June 14, 2022, corporate update."
Further, the company said it has changed its auditor from Manning Elliot LLP to Davidson & Company LLP, effective September 20, 2022.
Lobe said there were no reservations in the former auditor’s audit reports for any financial period during which it was the company’s auditor.
Lobe is a life sciences company that, through collaborations with industry-leading partners, is engaged in drug research and development using psychedelic compounds and the development of innovative devices and delivery mechanisms to improve mental health and wellness.
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