Research and drug development company Albert Labs has announced it will begin trading on the CSE.
Albert Labs‘ shares have begun trading today, 10 March, 2021, under the ticker ABRT. The company, which produces pharmaceutical-grade psilocybin medicine for cancer-related distress, is aiming to accelerate access to psychotherapeutic medicine for patients with urgent and unmet mental health needs.
Proceeds from the public offering will go towards manufacturing and delivering natural psilocybin, in the form of a prescription drug known as KRN-101 to trial centres, and the effective conduct of Real World Evidence (RWE) trials, including all necessary partnerships, to lead to a regulatory approved medication for treating anxiety and depression. This will initially be in cancer patients.
Speaking to Psychedelic Health, Graeme McFarlane, Albert Labs’ chief commercial officer, commented: “This is a great vehicle for us to attract investment capital and to deliver on our company promise of getting KRN-101; a natural version of psilocybin, to patients with complex mental health needs.
“There is a high unmet need amongst cancer patients suffering from anxiety, depression, and existential crisis, an indication with over a million patients in the UK alone.
“We believe we will make a big difference in this large and undertreated patient cohort.”
In November 2021, Albert Labs announced that it had received conditional approval for the CSE listing of its common shares in co-ordination with its transaction with ME Resource Corp (MEC), now stating that it has closed its reverse take-over transaction and has acquired all of the outstanding securities of MEC in exchange for the issuance of securities of the company.
Chief Executive Officer of Albert Labs, Dr Michael Raymont, commented: “As Albert Labs announces the start of trading on the CSE, I am proud to be leading such a world-class team, who are pioneering a rigorous yet accelerated development of a novel mental health treatment.
“If the trial of our first drug candidate this summer/fall is successful, and we have every reason to believe it will be, that event is likely to be the biggest game-changer in mental health for more than 20 years. We expect expedited regulatory approvals in the UK, followed by rapid expansion to other geographies and other mental health concerns.
“We’re working rapidly to treat what is becoming a massively debilitating and costly global health challenge.”
Albert Labs is one of the first psychedelic drug development companies to use a RWE approach for regulatory approval, and the company recently highlighted that the UK’s new guidance on RWE data will accelerate access to psychedelic treatments.
The company is working with the largest oncology centre in Europe to treat patients in 2022 while at the same time working towards a full marketing authorisation granted by health regulators.
Chief medical officer, Dr Malcolm Barratt-Johnson, said: “The use of classical Random Controlled Trials in medicinal development can be long, costly, and may delay a patient’s access to a product. Recently published guidance by my former colleagues at the MHRA outlines the use of Real World Evidence (RWE) in support of licensing indications, which goes to validate Albert Labs’ use of an RWE based regulatory approach.”
[activecampaign form=52]
