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Creso Pharma Limited’s (ASX: CPH, FRA: 1X8) target acquisition company Halucenex Life Sciences has nearly doubled its synthetic psilocybin supply.
Halucenex has an additional 10 grams of synthetic psilocybin from its manufacturing partner – Canada’s only manufacturer of Pharmaceutical Grade Synthetic Psilocybin – Preserved.
The additional offering makes Halucenex one of the largest GMP Grade Synthetic Psilocybin holders in Canada.
In fact, Halucenex is just one of eleven supplying companies in Canada and ensure existing relationships with manufacturing partners and significantly improve inventory levels.
The additional grammar increases Halucenex’s total inventory to 22.3 grams, providing a generous opportunity to advance and accelerate clinical trials and R&D initiatives. </ It also brings it in line with peers like MindMed (NASADAQ: MNMD, NEO: MMED) that was recently listed as the second company of its kind on NASDAQ and Compass.
MindMed is affiliated with CPH through its advisor Bruce Linton, who is also a member of MindMed’s board of directors and who founded Canopy Growth Corp. Former CEO and founder of CPH, Dr. Miri Wernli, remains a major shareholder of CPH and is Executive President and Director of MindMed.
While it is unclear how large MindMed’s psilocybin offerings are, the company’s value continues to grow based on recent research. MindMed has a market capitalization of CA $ 1.155 billion, cash on hand of CA $ 205.2 million and an enterprise value (EV) of CA $ 0.95 billion.
The $ 1.4 billion capped compass is also in the clinical trial phase developing the COMP360 psilocybin therapy for treatment-resistant depression (TRD). We are currently working on this:
Compass has a cash on hand of USD 190 million and an EV of USD 1.21 billion as of December 30, 2020.
More information on the Compass and MindMed studies can be found See our previous finfeed article: Halucenex Forms an Important Partnership As The Room Warms Up To Psychedelics
By comparison, CPH has a market cap of AU $ 200M, a cash on hand of $ 18.6M and a EV of $ 181.4 million, suggesting the company is on a huge uptrend following the completion of the Halucenex acquisition.
CPH’s position will be further strengthened when it is listed on the US OTC exchange which is now imminent. DTC eligibility to enable real-time electronic processing is expected to be granted to CPH in the near future.
Halucenex is about to begin a Phase II clinical trial to test the effectiveness of psilocybin in the treatment of PTSD .
Certainly the increased supply of psilocybin prior to the acquisition of Halucenex is an important risk reducing event.
Halucenex founder and CEO Bill Fleming made it clear how important this additional offering is and what the company’s intentions are « There is fierce competition and a bottleneck in the current psilocybin supply chain, so nearly doubling our inventory is a major derisking event, » said Fleming.
« Securing additional inventory also underscores the strength of our relationship with Canada’s only synthetic psilocybin manufacturer.
“The additional offering will unlock a number of benefits. The important thing is that it comes from the same batch as our previous inventory, which leaves a lot of leeway. A number of research and development initiatives are planned for the coming months, including new delivery integrations for a faster start and potentially improved efficacy, as well as the integration of our active ingredients in collaboration with clinical partners. We look forward to gradually updating shareholders. «
It is important that the additional offering gives Halucenex the opportunity to increase the total number of participants in clinical studies in the upcoming phase II clinical study.
This would ensure that all participants in future Phase II and Phase III tracking and traceability studies are handled with the same consistent GMP batch.
With the additional supply of psilocybin, Halucenex can now also use GMP formulations in future dispensing methods for a faster start and incorporate other useful compounds, including those in CPH’s current range of products, to create bespoke solutions for new drug development.
« Halucenex is one of the largest, if not the largest, synthetic psilocybin owners in today GMP quality in Canada. This is an important development and will open a number of doors for the company in the medium and long term, « said Adam Blumenthal, CPH’s non-executive chairman.
» The company now has the freedom to advance a number of R&D initiatives that have the potential to unlock new drug delivery methods and combinations, potentially leading to higher levels of care through alternative treatments. We look forward to working with Halucenex and its existing partners to advance these research initiatives. “
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Related title :
– Creso Pharma& (ASX: CPH) Halucenex secures an additional 10 grams of psilocybin Derisks acquisition as Halucenex expands its range of psychedelics
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