Psyence Biomedical Agrees To Make Cash Investment Of Up To $5M In Psyence Labs

Psyence Biomedical Ltd. has agreed to invest up to $5 million in Psyence Labs Ltd., with $2.4 million already committed, to enhance scientific and manufacturing capabilities for its planned ibogaine clinical trial in Texas for Opioid Use Disorder. Additionally, the two companies will engage in a value-matched share exchange valued at approximately $9 million each. Psyence has established the Texas Ibogaine Research Corporation to coordinate its U.S. regulatory and clinical activities related to ibogaine. The company is currently assessing the feasibility of the clinical trial, which will require regulatory approvals and other customary requirements.