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VANCOUVER, BC, March 10, 2022 /CNW/ - Albert Labs International Corp. (the "Company"), a research and drug development company producing natural pharmaceutical-quality psilocybin medicine to treat cancer-related distress, is pleased to announce that its shares will commence trading today on the Canadian Securities Exchange ("CSE") under the ticker symbol "ABRT".
Transaction Summary
The Company has closed its previously announced reverse take-over transaction with ME. Resource Corp. ("MEC") and has acquired all of the outstanding securities of MEC in exchange for the issuance of securities of the Company (the "Transaction"). Albert Labs will now pursue its business activities as described in the Company's filing statement dated March 7, 2022 available at www.thecse.com on the trading date.
In accordance with the amended and restated arrangement, upon completion of the Transaction, the Company changed its name from "ME. Resource Corp" to "Albert Labs International Corp." and consolidated its issued and outstanding common shares on the basis of 10:1 (the "Consolidation"). The Company closed a debt settlement and private placement offering of 18,947,500 Albert Labs' Shares at a price per share of $0.25 for gross proceeds of $4,736,875. Included in this financing round was significant investment from the Albert Labs' senior management team to the sum of $2,046,660, and the balance of $2,690,215 was coordinated with support from Chrystal Capital Partners based in the UK. Albert Labs and its 67,280,035 common shares will resume trading on March 10, 2022 and will trade under its new symbol "ABRT".
The Company intends to use the net proceeds from the public offering, together with its existing cash and cash equivalents, (i) to manufacture and deliver natural psilocybin, in the form of a prescription drug known as KRN-101 to trial centres, and (ii) for 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, initially in cancer patients.
About Albert Labs
Through an approved, fast track clinical pathway, focusing on Real World Evidence (RWE), Albert Labs will improve patient access to psychedelic-assisted therapies, starting in Europe with the goal of receiving a marketing authorisation and creating highly successful, licensed medicines. After the successful conclusion of the first development program, Albert Labs will expand to other indications and commercialise other novel therapeutics to address the rapidly growing mental health crisis.
- Fast track development of authorised psychedelic medicine using RWE – Albert Labs is the first company using RWE studies to demonstrate psychedelic-assisted psychotherapy. Working with the largest oncology centre in Europe, Albert Labs will treat patients in 2022 while at the same time working towards a full marketing authorisation granted by health regulators.
- Access to an immediate and large addressable market - Albert Labs' first drug target, KRN-101, is a potential solution for cancer-related anxiety, a market of 1.2 million in the UK alone, with 50,000-100,000 new sufferers annually. Expanding this to Europe and the US, the total addressable market is over 15 million people with 700,000-1 million new sufferers annually. From this initial focus Albert Labs will then address broader mental health concerns, reported to affect over a billion people worldwide.
- A low cost and risk mitigated strategy to develop pharmaceuticals - Through an RWE strategy and utilising a natural compound with a history of safety and efficacy, Albert Labs requires significantly less capital expenditure than companies developing novel molecules and/or setting up clinic operations. Randomised controlled trials (RCTs) can cost upwards of $1/2 billion and take 7-12 years. RWE offers a faster but no less rigorous process to achieve licensed medicine. This comes at lower costs yet receives the same approvals, whilst also receiving reimbursement to drive early and sustained revenues.
- IP protected and cost-effective production of psilocybin-based KRN-101 - Albert Labs focuses on natural psilocybin and uses advanced culture and natural extraction technology to produce their Active Pharmaceutical Ingredient (API). This proprietary technology will provide consistent and repeatable EU GMP psilocybin, which importantly will have other synergistic bio-actives naturally found in the mycelium.
"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.", Said Dr Michael Raymont, Chief Executive Officer of Albert Labs. Click here to hear more from Dr Raymont.
"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." Added Dr Malcolm Barratt-Johnson, Chief Medical Officer of Albert Labs. If you wish to hear more from Dr Barratt-Johnson regarding RWE and the MHRA's guidance click here.
ON BEHALF OF THE BOARD OF DIRECTORS
Albert Labs Inc.
Dr. Michael Raymont
Chief Executive Officer & Chairman
Cautionary Statement
This news release includes forward-looking statements that are subject to assumptions, risks, and uncertainties. Statements in this news release that are not purely historical are forward-looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, beliefs, or expectations regarding the future. Although the Company believes that any such intentions, plans, estimates, beliefs, and expectations in this news release are reasonable, there can be no assurance that any such intentions, plans, beliefs, and expectations will prove to be accurate.
The Company cautions readers that all forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.
Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual events or results could or do differ from those projected in the forward-looking statements. The Company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events, or otherwise unless required by the applicable securities laws.
SOURCE Albert Labs International Corp.
For further information: Barney Neal, Chief Communications Officer at Albert Labs, Email: press@albertlabs.com, Website: https://albertlabs.com/, Tel: +44 7828 008237
Click here to connect with Albert Labs (CSE:ABRT) to receive an Investor Presentation.
ABRT:CA
Albert Labs
Overview
Cancer treatments have come a long way, but they have a major blind spot that needs to be addressed: mental health associated with the diagnosis. In 2020, there were 18 million new cancer cases globally, and that’s expected to climb to 27.5 million new cases annually by 2040. Cancer-related distress, including depression, anxiety, and existential crisis impacts 56 percent of cancer patients.
Despite this need, cancer-related distress often goes untreated due to contraindications with cancer treatments. These risks often result in oncologists being fearful to prescribe traditional first-line antidepressants, leaving cancer patients with only psychiatric counseling to treat their distress which has limited success in this patient cohort.
Facing a cancer diagnosis is difficult enough. Facing it without effective psychiatric support is even more challenging. Patients report feelings of helplessness and a hastened desire for death. Researchers are now exploring how natural psychedelic compounds can be transformed into practical mental health treatments for cancer patients. Psilocybin has already been shown to be effective in treating major depression. Will these bold new medications finally give patients relief?
Albert Labs (CSE:ABRT) is a Vancouver-based research and drug development company focused on improving patient access to innovative mental health medications. The company is presently developing a natural psilocybin-based medication for patients with cancer-related distress. With the intention of expanding its clinical development program to address other unmet mental health needs after initial success.
Albert Labs has a proprietary and provisionally patented process for creating the active pharmaceutical ingredient (API) used in its inaugural medication. The company aims to produce scalable, consistent, and standardized medicines using its advanced culture technology. The improved quality and consistency enabled by this patent-pending process are paramount to scaling the EU-GMP production of psilocybin API. The same process and methodology can also be applied to the cultivation of other fungi species, opening up the untapped potential market of bio-active fungal compounds.
This is not a synthetic or biosynthetic process and does not use or introduce harmful synthetic chemicals or genetically modified bacteria in the production stages. In order to conduct this research, Albert Labs has a Health Canada Licensed facility. This regulatory sign off enables the possession, production, assembling, sale, and delivery of psilocybin and other psychoactive controlled substances.
Dr. Malcolm Barratt-Johnson, chief medical officer of Albert Labs, explained why the company is focusing on treating cancer patients in an earlier interview, “We’re looking at depression and anxiety in cancer patients. We haven’t looked into this area very much over the last 20 to 30 years because of the interaction of many antidepressants in cancer patients. With psilocybin, we can look at this group because the potential risk of interaction is significantly lower.”
Patients with cancer-related distress are the initial focus of the company’s research and development. This focus is due to the enormous unmet need within this patient cohort and it goes a long way to mitigate regulatory delays and costs. Real-world evidence (RWE) is the clinical model employed to accelerate the company’s clinical trials. RWE is encouraged in the UK and utilizing a wide array of data, beyond what is generated in traditional randomized controlled trials is endorsed. Randomized controlled trials can take five to 12 years to complete, whereas using a pragmatic approach can bring a new medication to market significantly quicker. RWE was famously used to accelerate the development of COVID-19 vaccines.
Albert Labs has an existing relationship with the largest oncology center in Europe. This partnership will allow the company to commercially deploy its innovative treatment to cancer patients rapidly. The company won’t need to build out its own clinics — it only needs regulatory approval to begin treating patients.
A diverse team of managers, doctors, and scientists leads the company toward achieving its goals. Dr. Malcolm Barratt-Johnson, the CMO of the company, has an extensive background in pharmaceutical development having formerly served as a regulator for MHRA, the UK’s regulatory agency. Dr. Barratt-Johnson has also worked for European regulatory bodies and large companies, such as AstraZeneca and Pfizer.
Dr. Michael Raymont, CEO and director, has diverse management experience in multiple industries, including private and public sectors. His time in the public sector is notable as he led the National Research Council, the largest federal research and development organization in Canada. He successfully led and oversaw billions of dollars worth of investment into the pharmaceutical industry.
Dr. Sara Tai, principal investigator, has extensive clinical research experience, having developed psychological interventions for people diagnosed with a variety of mental health issues such as depression, psychosis and bipolar disorder. Her research focuses on the science and practice of therapy, progressing these into regulatory approved clinical practices. In addition to developing these structures and practices, Tai has a deep understanding of the commercial imperative of delivering the necessary training to offer these novel therapeutics at scale as part of the UK's National Health Service.Company Highlights
- Through existing relationships with leading hospital centres and research universities, including the Christie Hospital, the largest oncology centre in Europe, and the University of Manchester, Albert Labs will pursue the rapid commercial deployment of its natural, psilocybin-based prescription medication upon completion of clinical trials and receipt of regulatory approval.
- Using the real-world evidence clinical model, the company will accelerate clinical trials and allow it to reach regulatory approval much faster than traditional trials.
- Albert Labs has a proprietary and provisionally patented process for producing the active ingredient in its medicines that allows improved scale and standardization.
- A diverse team of doctors, scientists and managers, who together have brought more than 200 drugs to market, is leading the company toward receiving approval for its inaugural medicine and beyond.
- Albert Labs has signed a letter of intent with full-service contract-research organization NGENū to carry out the company's first in-human study of its primary drug target, KRN-101.
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Innovative medicines for patients with urgent and unmet needs
Compass Pathways to announce fourth quarter and year-end financial results on February 27th, 2025
Compass Pathways plc (Nasdaq: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that it will release financial results for the fourth quarter 2024 ending December 31, 2024, and provide an update on recent developments, on February 27 th , 2025.
Compass management will host a conference call at 8:00 am ET (1:00pm UK) on February 27, 2025. To access the call, please register in advance here to obtain a local or toll-free phone number and your personal pin.
A live webcast of the call will be available on the Compass Pathways website at: Fourth Quarter 2024 Financial Results
The webcast will also be available on the Investors section of Compass Pathways website. The webcast will be archived for 30 days.
About Compass Pathways
Compass Pathways plc (Nasdaq: CMPS) is a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are living with mental health challenges and who are not helped by existing standards of care. We are pioneering the development of a new model of psilocybin treatment, in which our proprietary formulation of synthesized psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has Breakthrough Therapy designation from the US Food and Drug Administration (FDA) and has received Innovative Licensing and Access Pathway (ILAP) designation in the UK for treatment-resistant depression (TRD).
We have commenced a phase 3 clinical program of COMP360 psilocybin treatment in TRD, the largest randomized, controlled, double-blind psilocybin treatment clinical program ever conducted. Previously, we completed a phase 2b study with top line data showing a statistically significant (p
Compass is headquartered in London, UK, with offices in New York and San Francisco in the US. Our vision is a world of mental wellbeing.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250218839117/en/
Enquiries
Media: media@compasspathways.com
Investors: Stephen Schultz, stephen.schultz@compasspathways.com , +1 401 290 7324
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