Creso Pharma’s (ASX: CPH) soon-to-be subsidiary Halucenex Life Sciences has almost doubled its synthetic psilocybin supply as it gears up for a clinical trial and other research and development.
In a market where synthetic psilocybin is hard to secure, Halucenex has obtained a further 10g of the material – taking its total inventory to 22.3g.
With the additional inventory, Creso non-executive chairman Adam Blumenthal said Halucenex is now one of the largest holders of single batch GMP grade synthetic psilocybin in Canada.
“This is a major development and opens a number of doors for Halucenex in the medium and long-term.”
“Once it secures its licence from Health Canada, Halucenex will have the capacity to progress a number of research and development initiatives, which have the potential to unlock new drug delivery methods and combinations, potentially leading to a higher level of care through alternative treatment methods,” Mr Blumenthal added.
Greater supply offers more options
Creso noted the additional supply gave Halucenex more options for its upcoming clinical trial which is due to begin in the September quarter.
The extra material enables Halucenex to increase the number of trial participants while also ensuring all patients in future phase II and phase III trials will have the same consistent GMP batch for tracking and traceability.
On the research and development front, Halucenex will be able to work on formulations in future deliver methods for fast onset. It will also enable the company to evaluate the integration of other potentially beneficial compounds including those in Creso’s current product range.
Halucenex and Creso plan to explore the potential of combining Creso’s CBD and hemp extracts with synthetic psilocybin.
Creso anticipates a wider range of delivery methods and drug formulations will broaden its overall potential market.