Creso Pharma’s target acquisition company announces expansion into other psychedelic compounds

By Hannah Goldman. Published at Apr 12, 2021, in ASX Biotechs

Creso Pharma Limited (ASX:CPH, FRA:1X8) has provided an update regarding target acquisition company, Halucenex Life Sciences, outlining its entry into an advisory agreement with Growing Together Research Inc. (GTR) to explore the genome sequencing of natural psilocybe.

Along with this, Halucenex has made the strategic decision to incorporate the use of additional psychedelic substances including LSD, Ketamine and MDMA in its treatment development initiatives for disorders including treatment resistant depression, Post Traumatic Stress Disorder (PTSD) and other mental health illnesses.

CPH views this as a pleasing development, one which will assist Halucenex in growing its future product suite.

When commenting on the agreement, non-executive Chairman Adam Blumenthal said: “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 psilocybe 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.”

Agreement with GTR

Growing Together Research Inc. is a US-based biotechnology company focused on applying cutting-edge computational genomics and bioengineering to plant medicine.

The advisory agreement will allow Halucenex to gain a better understanding of components of psychedelic mushrooms and use for specific conditions.

Initial data from sequencing expected to assist Halucenex with treatment development initiatives and generating higher yield from extraction and cultivation

The agreement will also assist Halucenex in creating an intellectual property portfolio to assist in maximising the active ingredients in various strains of magic mushrooms and explore which elements have the best efficacy when being used to treat specific conditions.

Founded in 2017, GTR has focused on exploring the potential of the Cannabis sativa (hemp) organism.

Pending the receipt of Halucenex’s Dealer Licence amendment, the parties will initially focus on sequencing and analysing the genomes of psychedelic mushrooms, particularly the Psilocybe cubensis strain.

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.

Halucenex Founder & CEO Bill Fleming said: “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 psilocybe 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 grow to meet the growing demand for an alternative treatment.”

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