Three or more trials evaluating the efficacy of two psilocin analogues will soon be falling into the hands of one contract research organization (CRO) in Australia.
On Wednesday, Lobe Sciences Ltd. (CSE: LOBE) (OTCQB: LOBEF) revealed that it had entered into an exclusive agreement with iNGENū Pty Ltd. to help design and orchestrate a series of clinical trials assessing Lobe’s proprietary psilocin analogues (L-130 and L-131).
The Research and Development Tax Incentive program from the Australian Federal Government will provide Lobe with up to a 43.5 per cent rebate on eligible expenditures for its new studies carried out in Australia, according to Lobe’s CEO — Philip Young.
Lobe describes itself as a life sciences company dedicated to psychedelic medicines. Through collaborative research endeavours with companies like iNGENū the organization engages in the study of psychedelic compounds for drug research and development purposes.
iNGENū is a CRO that solely focuses on psychedelics and cannabinoids. The company says that it performs clinical trials for U.S., Canadian and European sponsors.
Together, the two companies will be helping to pioneer the use of new psilocin-based psychoactive drugs intended to promote mental health and rid disease.
“We are extremely happy to have partnered with iNGENū as we move our proprietary stable psilocin products into human clinical trials. iNGENū is an industry-leading, full-service CRO providing end-to-end services for companies developing cannabinoid and psychedelic drugs. We evaluated CRO’s in multiple geographies and chose iNGENu as their core values match ours and our commitment to discovering transformational therapies for multiple Central Nervous System diseases and trauma,” said Philip Young, CEO at Lobe Sciences.
“Our team is pleased that Lobe has trusted iNGENū with their clinical development needs and we look forward to working together to design and conduct trials with our partners here in Australia. We are impressed with their development of stable psilocin compounds which potentially offer greater dosing flexibility for multiple patient populations,” added Dr. Sud Agarwal, CEO of iNGENū.