Creso Pharma Ltd (ASX: CPH) announced today that its target acquisition company Halucenex Life Sciences has made progress in the commencement of a significant phase II clinical trial.
Creso advised that Halucenex has appointed leading research provider True North Clinical Research as the principal investigator to test the efficacy and safety of psilocybin for the treatment of treatment-resistant post-traumatic stress disorder (PTSD) in veterans and first responders.
Creso Pharma acquires Halucenex
On 15 March, Creso Pharma announced the acquisition of Halucenex. Halucenex is focused on researching, developing and licensing psychedelic compounds for the pharmaceutical and nutraceutical markets. Creso Pharma sees this as an opportunity to enter the emerging global market for psychedelic medicines, which is estimated to be worth up to US$100 billion.
Creso Pharma describes the acquisition as "transformational" and a "first-mover advantage" to emerge as the first 100%-owned psychedelic medicines company on the ASX. The acquisition would allow the company to extend its product suite to include cannabis, cannabinoids, and psychedelic alternative medicines.
Halucenex phase II clinical trial
The phase II trial will enroll approximately 18 to 20 subjects with treatment resistant PTSD. As the lead investigators, True North will provide clinical oversight with core activities including patient recruitment, conduct the trial, monitoring, data capture and compilation of results. True North was selected to lead the trials given its favourable geographic location for participants and considerable experience in providing patient care.
The phase II trial will involve patients receiving two oral doses of psilocybin separated by 7 days. The patients will be closely monitored in the clinic by the study monitors during the hallucinogenic period. The trials will be used to determine the feasibility of future trials of psilocybin.
The company expects the trials to commence in June 2021, subject to a pending Clinical Trial Authorisation Permit from Health Canada. Halucenex intends to lodge the required documentation by the end of April 2021.
