Ahead of its upcoming post traumatic stress disorder clinical trials, Creso Pharma’s (ASX: CPH) soon to be subsidiary Canadian psychedelic medicine focused Halucenex Life Sciences has secured pharmaceutical grade psilocybin.
Creso revealed its move to acquire Halucenex last week. It follows growing interest from North American investors in Creso, which has prompted a decision to apply for a listing on the United States’ mid-tier equity exchange OTCQB.
As it expands its presence in the US and psychedelics-based medicines, Creso’s is attempting to gain a first mover advantage into the psychedelic medicines sector by acquiring Halucenex.
Halucenex is gearing up for a phase two clinical trial evaluating the efficacy of psilocybin (the active ingredient in magic mushrooms) in veterans and first responders who suffer from treatment resistant PTSD.
The company has appointed True North Clinical Research as the principal investigator for the study which is planned to start in June.
In readiness for the study, Halucenex has now secured an additional 700mg of synthetic pharmaceutical grade psilocybin from its Canadian manufacturing partner.
The additional synthetic psilocybin takes Halucenex’s inventory to 12.3g of the material, with this amount anticipated to provide “ample runway” for planned research, including increasing the number of participants in the phase II study.
Creso noted there is increasing interest in psychedelic inspired medicines, which is causing a bottleneck in the supply chain for synthetic psilocybin.
As a result, Halucenex is “only one of 11 companies” that has been able to secure supply in Canada – which de-risks trial timelines.
OTCQB listing to boost exposure to US investors
Meanwhile, with mounting interest in Creso and its activities from North American investors, it has applied to list on the OTCQB market.
Creso pointed out the listing will provide more liquidity and also raise global awareness of its operations in the cannabis and psychedelic medicines space.
If granted, the dual listing will allow North American investors to trade more easily in Creso’s shares such as trading and settling in US dollars and during US market hours.
Creso anticipates the OTCQB listing will go live in the June quarter.