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Creso Pharma welcomes target Halucenex entering advisory agreement with biotech company Growing Together Research

Last updated: 01:33 12 Apr 2021 EDT, First published: 01:12 12 Apr 2021 EDT

Creso Pharma Ltd -
A decision has also been made to expand research initiatives to include other psychedelic compounds such as LSD, MDMA and Ketamine

Creso Pharma Ltd (ASX:CPH) (OTCMKTS:COPHF) (FRA:1X8) has welcomed acquisition target Halucenex Life Sciences Inc entering an advisory agreement with Growing Together Research Inc (GTR) to explore the genome sequencing of natural psilocybe.

The agreement with GTR will 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.

GTR is a US-based company that specialises in computational genomics and bioengineering. Founded in 2017, the company has focused on exploring the potential of the cannabis sativa (hemp) organism.

Halucenex has also made a 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.

Analysing genomes of psychedelic mushrooms

Growing Together 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 parties will focus on sequencing and analysing the genomes of psychedelic mushrooms, particularly the Psilocybe cubensis strain.

Analysis will be focused on 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 conditions.

These can either be used solely by Halucenex or potentially licensed to other companies for a royalty payment.

Scientifically backed approach

Creso Pharma 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 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.”

Expansion of research scope

CPH is also pleased to advise that Halucenex will expand its R&D initiatives into additional psychedelic substances including LSD, Ketamine and MDMA for use in the treatment of mental health disorders.

The portfolio extension will occur following the receipt of the company’s amended Dealer Licence and considerably broaden the potential opportunities for Halucenex.

Creso Pharma believes this is a ‘pleasing’ development, which the company anticipates will assist Halucenex in growing its future product suite.

Additional clinical trial initiatives will also add to the growing body of evidence for the use of psychedelic compounds across specific mental health conditions.

Halucenex is currently exploring initiatives to utilise additional psychedelic substances at its 6,000 square feet treatment facility in Nova Scotia, Canada.

Seeking to create an IP platform

Halucenex founder and 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 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.”

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