Creso Pharma Limited’s (ASX:CPH) wholly-owned psychedelics company Halucenex Life Sciences has entered into a non-binding Memorandum of Understanding (MOU) with Nova Scotia-based support service provider Landing Strong.
As part of the agreement, Landing Strong will and where appropriate, provide post clinical trial support and workplace integration for individuals that participate in Halucenex’s pending phase II clinical trial to test the efficacy of psilocybin on the treatment of Treatment Resistant Post Traumatic Stress Disorder (PTSD).
Landing Strong provides a range of care services and treatment programs for military members, first responders and veterans who are injured as a result of workplace trauma exposure.
The group is made up of an innovative team of mental health professionals including psychologists, registered Counselling Therapists and social workers, as well as specialists with expertise in workplace reintegration.
It has funding partnerships with Veteran Affairs Canada, Atlantic Canada Opportunities Agency (ACOA) the Mental Health Foundation of Nova Scotia and branches of the Government of Nova Scotia amongst others.
The MOU is non-binding and subject to termination upon notice by either party. Should the parties not enter into a formal commercial agreement in or before November 2021, the MOU shall automatically terminate.
Halucenex’s phase II clinical trial is expected to commence following the receipt of a Controlled Drugs and Substances Dealer‘s License from Health Canada. This will allow the company to apply for Clinical Trial Authorisation and commence the initiative.
Creso Pharma and Halucenex will use the development as an ongoing case study for the reintegration of trial participants back into social settings.
The company said it is confident that this will lay a strong foundation for future trial and R&D initiatives, as well as add to the growing body of evidence for the use of psychedelic compounds as an alternative treatment route.
Our relationship with Landing Strong has a number of strategic benefits. Firstly, it provides a holistic approach to post treatment care and secondly, will offer a continuum of care to support the clients’ transition back into their families, community and society following the use of psychedelics as an alternative treatment route,” Halucenex Founder and CEO, Bill Fleming, said.
“We look forward to working with Landing Strong’s leading team to gain a better understanding of how our alternative treatments can assist those living with mental health conditions and their journey back into the workplace.”
Non-executive Chairman, Adam Blumenthal, said the agreement is important for Halucenex and Creso Pharma as it will provide a key indicator on how clinical trial participants will be able to return to a sense of normality following the use of psychedelic treatments.
“Having a real world example of the benefits that can come from the treatments Halucenex is developing is going to be instrumental in the sector’s future.
“Board and management are pleased with the progress Halucenex has made recently, as well as the company’s advancements more broadly. We remain well placed to deliver considerable value for shareholders in the coming months.”
