Creso Pharma Informed Shareholders That Due Diligence on the Company’s Acquisition of Psychedelics Firm Halucenex Life Sciences Continues to Move Forward in a Positive Direction
Also, Creso Announced That Halucenex Has Entered Into An Advisory Agreement With Biotech Firm Growing Together Research to Expand its R&D Into New Psychedelic Compounds Such as MDMA, LSD and Ketamine
Creso Pharma (ASX: CPH) (OTC: COPHF) (FRA: 1X8) provided investors with an update on Monday regarding its pending acquisition of psychedelics firm Halucenex Life Sciences. In the update, Creso also discusses the recent activities undertaken by its target psychedelics acquisition.
Creso announced that Halucenex Life Sciences signed an advisory agreement with biotechnology firm Growing Together Research to explore the genome sequencing of natural Psilocybe. Also, Creso reported that Halucenex has made a strategic decision to expand its R&D efforts by including the psychedelic substances MDMA, LSD and Ketamine in its treatment development initiatives for disorders, including treatment-resistant depression, post traumatic stress disorder (PTSD) as well as other mental health illnesses.
Halucenex’s Deal With GTR
Halucenex’s deal with Growing Together Research (GTR) will help the psychedelics firm create an intellectual property portfolio to support its efforts to maximize the active ingredients in various strains of magic mushrooms and explore which elements have the best efficacy when being used to treat specific conditions.
Based in the United States, Growing Together Research was founded in 2017 and specializes in computational genomics and bioengineering. GTR has focused on exploring the potential of the Cannabis sativa (hemp) organism. GTR is made up of a leading, multi-disciplinary team of geneticists, computer scientists and bioinformatics specialists that will assist Halucenex with a number of objectives.
Initially and pending the receipt of Halucenex’s Dealer Licence amendment, the two companies intend to focus on sequencing and analysing the genomes of psychedelic mushrooms, particularly the Psilocybe cubensis strain. Analysis will be focused interpreting the genetic determinants of the target compounds in strains, as well as any potential friction points during cultivation.
Following the initial analysis phase, Halucenex and GTR will determine targets for IP development around the psilocybe organism. Once established, Halucenex can pursue the creation of optimised psychedelic organisms for specific use cases, including the treatment of particular conditions. These can either be used solely by Halucenex or potentially licenced to other companies for a royalty payment.
A long term goal of the collaboration is to create an entire set of Psilocybe cubensis phenotypes, which will be tailored to specific use cases. This will include both extraction of compounds from a fungal biomass standpoint and a holistic organisms to provide whole mushrooms to medical professionals to administer in a standardised format.
“With genome sequencing data of natural psilocybe, Halucenex will seek to create an intellectual property platform around the genome and seek the ability to maximise the active ingredients in the psychedelic compound in various strains. This will lead to consistency and standardisation of psychedelic compounds and will give us the potential to generate higher yields of the important plant components during cultivation and extraction processes. As the medical community advances research and clinical trials with psilocybin mushrooms, data will be accumulated, and comparisons with various strains of mushrooms will be made for mental and physical disorders and addictions. Once it is known which strains work best for which disorder or addiction, these strains will be sequenced and we will be able to optimise our growth to meet the increasing demand for an alternative treatment,” commented Bill Fleming, Founder & CEO of Halucenex.
Halucenex to Expand R&D Into New Psychedelic Substances
Creso Pharma also announced that the company’s psychedelics acquisition target Halucenex Life Sciences will be expanding its R&D initiatives to include new psychedelic substances such as MDMA, LSD and Ketamine for use in the treatment of mental health disorders. Halucenex’s portfolio extension will occur following the receipt of its amended Dealer Licence and will considerably broaden the firm’s potential future opportunities in the psychedelics space.
Creso went on to state that it’s please with this new development, which the company expects will help Halucenex grow its future product suite. Also, Halucenex will look to add to its growing body of evidence for the use of psychedelic compounds across specific mental health conditions through additional clinical trial initiatives.
“Halucenex continues to achieve a number of key milestones which will lay a strong foundation in its clinical trial schedule and future treatment development initiatives. The agreement with GTR will provide the Company with a scientifically backed approach, which allows for a better understanding of the important components of psilocybin mushrooms and how particular components can be used most effectively. We are very confident that the genome sequencing initiatives and the group’s strategic decision to expand the range of compounds that it is researching, will unlock a number of opportunities for the Company in the future,” said Adam Blumenthal, Non-executive Chairman of Creso Pharma.
Halucenex Life Sciences is focus on researching novel psychedelic compounds, developing and licensing psychedelic compounds for the pharmaceutical and nutraceutical markets, and conducting clinical trials on the medical benefits of psychedelic medicine. Halucenex is currently exploring initiatives to utilise additional psychedelic substances at its 6,000 sq ft treatment facility in Nova Scotia, Canada.
Creso + Halucenex Update Highlights & Recap
- Halucenex signed an advisory agreement with Growing Together Research, a United States based biotech firm focused on applying cutting-edge computational genomics and bioengineering to plant medicine.
- The advisory agreement will allow Halucenex to gain a better understanding of the components of psychedelic mushrooms and their use for specific mental health conditions.
- The agreement is expected to lay the foundation for bolstering Halucenex’s intellectual property portfolio.
- The initial data obtained from the sequencing is expected to assist Halucenex with its treatment development initiatives as well as to help it generate a higher yield from extraction and cultivation.
- Announced Halucenex has made the strategic decision to further expand research initiatives and include other psychedelic compounds such as LSD, MDMA and Ketamine.
- Halucenex intends to broaden its compound portfolio to underpin its future product development initiatives and add to the growing body of evidence for psychedelic based treatments.
CPH Stock Price Action & Chart
Shares of Creso Pharma’s ASX listed CPH stock closed Monday’s trading session at $0.197 per share, down -1.25% on the day. The company’s American listed COPHF shares finished the day down -5.88% at $0.16 per share. Overseas in Germany, Creso’s Frankfurt Exchange listed stock closed Monday at $0.134, even on the day.
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Creso Pharma is a paid client of The Cannabis Investor. The Cannabis Investor does not hold a position in CPH.
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