This week in psychedelic business news: Another psychedelics company starts trading on OTCQB; another ketamine trial delivers promising results; and another patent is issued relating to a novel psychedelic compound.
Core One Labs Now Also Working to Biosynthesize DMT and Receives License
This week in psychedelic business news, Vancouver-based pharmaceutical company Core One Labs Inc. made progress in bio-synthesizing N,N-Dimethyltryptamine (“DMT”). The company also received an expanded license from Canada’s federal health department allowing its subsidiary, Vocan Biotechnologies Inc., to research and produce biosynthetic DMT along with the proprietary psilocybin it had previously been developing.
Ketamine Trial for Alcohol Use Disorder Delivers Very Promising Results
On Tuesday, Awakn Life Sciences released promising results from its double-blind, placebo-controlled Phase II trial investigating the effectiveness of ketamine-assisted therapy in treating Alcohol Use Disorder (AUD). Patients receiving low-dose ketamine infusions combined with the biotech company’s proprietary KARE therapy were found 2.7 times less likely to relapse and AUD-afflicted patients receiving KARE therapy were deemed 90% less likely to die in the following year. The trial reported no serious adverse effects.
Ketamine Wellness Centers (KWC), a subsidiary of Delic Holdings Corp, announced the grand opening of its Salt Lake City clinic on Monday. The new facility is the first Utah location for KWC, which operates 11 ketamine infusion treatment clinics across nine states and has administered over 61,000 treatments to date. With seven treatment rooms, the Salt Lake City clinic becomes the largest ketamine infusion clinic in the state. “Utah currently experiences one of the highest rates of mental health concerns in the country with lower access to care, and KWC aims to serve this new community of patients struggling with treatment-resistant conditions,” KWC CEO Kevin Nicholson said.
On Monday, psychedelic wellness company Levitee Labs announced it had partnered with medicinal cannabis company Canntab Therapeutics to help “flatten the curve” on the opioid crisis by offering alternatives to addictive painkillers. Per the companies’ agreement, the five addiction clinics and three specialized pharmacies Levitee Labs operates in Western Canada will now offer Canntab products.
Field Trip Health Ltd. announced Tuesday that the U.S. Patent and Trademark Office issued a Notice of Allowance for claims related to FT-104, a.k.a. “Isoprocin Glutarate,” the psychedelic therapy company’s first novel psychedelic molecule in development. Claims in the allowed patent application, titled “Tryptamine Prodrugs,” cover composition of matter and the use and manufacturing of a family of hemi-ester compounds of hydroxytryptamines, including FT-104, which is described as a more soluble, stable prodrug form of the psychedelic molecule 4-HO-DiPT.
Ketamine One Begins Trading on the OTCQB Marketplace
Finally in this week’s biggest psychedelic business news, Ketamine One Capital Limited, a psychedelic medicine and wellness company, was up-listed from the Over-the-Counter (OTC) Pink Sheet Open Market to the OTCQB Venture Market, a mid-tier market generally seen as more transparent and investor-friendly than the Pink Sheet. Ketamine One will now trade on the OTCQB under the symbol “KONEF.”