Albert Labs International Corp (CSE:ABRT) has provided investors with an update on its progress since closing its C$4.7 million private placement and information on its future plans and activities.
The company said its key strategies remain to manufacture and deliver natural psilocybin in the form of a prescription drug known as KRN-101 to trial centers and to initiate real world evidence trials to lead to a regulatory-approved medication for treating anxiety and depression, initially in cancer patients.
Highlights from the past six months include the company listing on the Canadian Securities Exchange; the establishment of its Pre-Clinical Advisory Board; and being granted a Health Canada license for the production, sale, and export of Schedule 1 substances.
In the near future, the company said it would continue to work on the completion of KRN-101 toxicology studies to GLP standards, ready for Clinical Trial Application (CTA) and available for licensing and Special Access Programmes; third-party validation to Good Manufacturing Practice standard of KRN-101 data for CTA; a pre-CTA MHRA Scientific Advice Meeting; and partnership negotiations to extend clinical research into further regulatory jurisdictions.
Albert Labs CEO Dr Michael Raymont said the company had made significant progress over the last six months, establishing its pharmaceutical operations across three jurisdictions, the United Kingdom, the European Union, and North America.
“Using patent-pending, bioreactor-based manufacturing technology, the company has been able to produce consistent, standardized, and pharmacologically valuable APIs; KRN-101 is a unique asset that meets the highest product requirements for global regulatory standards,” he said.
“Most importantly, KRN-101 strengthens the long-term value of the company, not only as a potential therapeutic to treat millions but also offers potential for extensive intellectual property protection.”
Further, Albert Labs said it had been working on expanding its market access program with an Investigation New Drug application in the United States to take KRN-101 directly into one of the largest pharmaceutical markets in the world.
"We feel that the strategy of parallel tracking work toward both UK and US regulatory approval reduces risk as compared to the single-track approach, while at the same time, increasing and accelerating our developments over the longer term,” Dr Raymont commented.
The full corporate update can be found here.
Albert Labs is a pharmaceutical drug development company, focused on gaining regulatory approval for active compounds in the treatment of mental health, and providing rapid access to effective prescription medicines for people suffering from mental health disorders.
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