UK-based psychedelics company Albert Labs has received conditional approval for the listing of its common shares on the Canadian Securities Exchange (CSE).
Albert Labs made the announcement that it received conditional approval for the CSE listing of its common shares in co-ordination with its transaction with ME Resource Corp (MEC).
In June, MEC submitted an initial listing statement supporting its application for listing on the CSE in conjunction with its previously announced reverse take-over transaction with Albert Labs.
Through its clinical pathway focusing on Real World Evidence (RWE), Albert Labs will initially look to commercialise its mycelium-based KRN-101 medicine and treatment in a bid to bring psychedelic-assisted psychotherapy to patients.
Graeme McFarlane, chief commercial officer at Albert Labs, commented: “Albert Labs’ conditional listing takes us further towards our path of attracting investment to realise our vision of providing clinically proven pharma-grade psilocybin to meet the huge unmet need in treating patients with cancer-related distress – anxiety, depression, existential crisis.
“This, together with our continued investment into our UK laboratory facility will strengthen our collaborations with UK academic institutions where we will be positioned to deliver on our promise.”
The company has also appointed one of Europe’s leading growth equity corporate finance and investment houses, Chrystal Capital Partners, to act as European capital markets adviser. Chrystal Capital will be advising Albert Labs on its proposed plans for a UK LSE dual listing.
Speaking on the appointment, founding partner of Chrystal Capital Partners, Kingsley Wilson, commented: “We have been very active in the legal medical cannabis space for five or six years now and have advised and arranged north of USD$450m in the sector. Cannabis is about mental health, wellness and healthcare generally, so, we started to look at psychedelics because a lot of investors and family offices have started to ask us about the space over the last couple of years.
“We wanted to make sure that the first psychedelics deal we did was close to home and has real relevance. But also, more importantly, a lot of the psychedelic companies we have seen are very early stage, looking to go through the pharmaceutical approach of discovering molecules and going through Phase I, II, and III trials and ultimately authroised products. That is great, but means there is long timelines with lots of capital that needs to be raised and a lot of risk in between.
“Albert Labs have a fantastic team behind them who really understand psychedelics, mental health and wellness, and really understand the regulatory pathways. Then we look at the business model, and Albert Labs is one that is more unique in the UK, exploring the Real World Evidence Studies regulatory pathway.
“The regulators are coming round to the view that things have to happen quicker in the pharmaceutical space, as there are millions of patients out there with unmet needs. So, we now have a somewhat unique situation where the UK regulatory authorities are looking to help early-stage companies like Albert Labs navigate a complex regulatory pathway with the aim of getting their product into trials and getting them licensed and authorised a lot quicker.
“Albert Labs can create API quality psilocybin and it has relationships with cancer clinics around the UK. The initial target is women with breast cancer suffering from depression and anxiety and other trauma-related feelings. This is a very serious issue, so, if we can get the products to those women, study the effects and do the trials, and hopefully prove that psilocybin has a very positive benefit, that then gives the ability to get to authorised and license products.
“There are a million people in the UK and five million people around Europe that have unmet needs in this area and here comes a company with a product that can really make a huge difference and do it on a quicker timeline. So, for us and our investors, that is a really interesting and unique proposition.
“We are going to help Albert Labs raise CAD$4m and have now started the fundraising exercise. The money will go into the company at the same time it lists via its reverse take over on the CSE. Once we have done that we will start the process of engaging with respect UK advisors to bringing them to the market in London on one of the exchanges here.
“This is exciting, relevant and important – with this capital Albert Labs is going to go on to do some really valuable things. Both in terms of creating shareholder value, but also in providing products and treatments to millions of people who do not have any other solution. So, we see this as extremely worth and valuable.”
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