Psyence Group announced the closing of its previously announced disposal of its 11.13% stake in privately held PsyLabs to its NASDAQ-listed associate, Psyence Biomedical (PBM). Per the terms of the Disposal, Psyence Biomed will issue to Psyence Group 2,000,000 shares of its common stock. PsyLabs is focused on the cultivation and production of psychedelic active pharmaceutical ingredients and extracts for use in research, clinical trials and drug development. As previously announced, Psyence Biomed and PsyLabs have an existing strategic partnership whereby PsyLabs has granted Psyence Biomed a worldwide, exclusive, royalty-bearing IP licensing agreement to supply pharmaceutical-grade, EU GMP nature-derived psilocybin to be evaluated in future clinical trials as a potential treatment for Alcohol Use Disorder and other Substance Use Disorders and for commercialization of the licensed product.
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