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Creso Pharma delighted as Halucenex nearly doubles its synthetic psilocybin inventory

Summary

  • Halucenex has secured an additional 10g of synthetic psilocybin to be utilised for R&D initiatives and clinical trials.
  • The psychedelics player is now among the largest holders of single batch GMP grade synthetic psilocybin across Canada.
  • Creso anticipates the new drug compounds and delivery methods hold the potential to expand the addressable market for Halucenex.

Creso Pharma Limited (ASX:CPH, FRA:1X8) has announced an exciting update about its acquisition target company Halucenex Life Sciences Inc. In what will give a major boost to its clinical trial capabilities, Halucenex has secured an additional 10g of synthetic psilocybin from its manufacturing partner, which is also the Canada’s only pharmaceutical grade synthetic psilocybin producer. The synthetic psilocybin would be utilised for R&D initiatives and clinical trials.

The additional 10g enhances Halucenex’s existing stock of pharmaceutical grade psilocybin from 12.3g to a total of 22.3 grams. The expanded inventory places Halucenex on the list of the biggest single batch GMP grade synthetic psilocybin holders in Canada.

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Expanded inventory to help grow market presence

The bolstered inventory allows the Company significant optionality in the planned R&D activities and clinical trials, scheduled for Q3 2021. The clinical trials and R&D initiatives timeline are subject to licencing and regulatory approvals from Health Canada.

Halucenex now holds the capacity to expand the number of clinical trial participants for its pending Phase II clinical trial and ensure that all participants in future Phase II and Phase III trials are treated with the same GMP batch for tracking and traceability.

Further, the additional supply allows the psychedelics company to conduct GMP formulations in upcoming delivery methods for quicker onset, and also integrate with other beneficial compounds including Creso Pharma’s existing product range to create tailor-made solutions for the development of new drugs.

READ MORE: Creso Pharma (ASX:CPH) raises AU$18M to scale up operations, fund trials

Creso anticipates that new delivery methods and drug compounds hold the potential to expand the addressable market for the company and Halucenex. Creso also plans to explore the potential to combine hemp extracts and CBD with synthetic psilocybin for creating new products.

The supply of synthetic psilocybin remains constrained and securing of additional supply bodes well for Creso as well as Halucenex. Halucenex is among the 11 companies across Canada that have secured synthetic psilocybin supply.

Mr Bill Fleming, Halucenex’s Founder and CEO, commented:

Non-executive Chairman, Mr Adam Blumenthal added:

Further, the expanded inventory gives Halucenex a substantial competitive advantage in psilocybin research and development and considerably de-risks clinical trial timelines. The update also significantly increases the Halucenex’s attractiveness for acquisition by Creso Pharma.

READ MORE: Creso Pharma (ASX:CPH) seals a transformative deal to foray into psychedelics space

Share Performance

CPH share price chart (Source: Eikon Refinitiv)

CPH shares closed at AU$0.172. The stock has delivered excellent returns of ~467% in the last six months.

DO READ: Creso Pharma’s acquisition target Halucenex readies for PTSD trial


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