Vancouver-based Lobe Sciences Ltd (CSE: LOBE) (OTCQB: LOBEF), a psychedelic medicine developer, has inked an agreement to acquire a Florida company specializing in the treatment of Sickle Cell Disease (SCD), a rare blood disorder caused by defective hemoglobin.
Lobe announced the acquisition of Altemia & Company, LLC on Tuesday and will be receiving all of its intellectual property, assets and product inventory in a deal valued at $3.8 million.
Lobe says the move has affirmed its position as a rare disease drug development company in addition to its involvement with psychedelics and expects to generate revenue from Altemia’s flagship SCD treatment product (also called Altemia) by the second half of this year.
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Lobe has acquired two SCD management drugs
In addition to Altemia, Lobe will also be acquiring SAN100 from the company — a proprietary drug being developed for the treatment of SCD in children specifically.
“Starting in the second half of 2023 we will launch our first commercial product, a medical food called Altemia for the management of SCD,” said Lobe’s CEO Philip J. Young.
Altemia is a cream-like substance in a packet that can be taken orally by itself or mixed with food daily. It tastes great, according to Altemia’s Founder and President Frederick Sancilio.
“This product has been well studied in human clinical trials. It is a proprietary, patent-pending formulation based on decades of research and will add commercial revenue this year and beyond,” added Young.
SCD impacts about 100,000 United States citizens and millions of people around the globe. The disease is inherited through one’s genetics, according to the Centers for Disease Control and Prevention (CDC).
“We believe that Altemia and our follow-on prescription product, SAN100, will become an important component in the daily lives of patients with SCD around the world,” said Maghsoud Dariani, Chief Science Officer of Altemia & Company, LLC.
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Lobe recently offered its congratulations to Australia for becoming the first country to approve the medicinal use of MDMA and psilocybin. In August last year, Lobe partnered with the contract research organization iNGENū Pty Ltd. to help orchestrate a series of clinical trials with its proprietary psilocin analogues L-130 and L-131 in the country.
Lobe’s shares are currently worth $0.03 on the Canadian Securities Exchange and OTC Markets.