• Psychedelic drug company focused on the UK and European markets
  • Developing KRN-101 as a treatment for cancer-related anxiety 
  • Moving toward CSE listing after reverse takeover

What Albert Labs does:

Albert Labs wants to advance the baton on psychedelic drugs as a treatment for mental health conditions in the UK.

The private company is working to advance its psilocybin-based drug, KRN-101, as a treatment for cancer-related anxiety

There are currently 3 million patients suffering from some sort of cancer in the UK, where Albert Labs is focusing its efforts, and it is thought that 1.2 million have been diagnosed with severe anxiety, depression or experience existential crises.

The company’s chief medical officer Malcolm Barratt-Johnson says the research on psilocybin as a treatment for cancer-related anxiety is encouraging, and the need is especially urgent as many cancer patients are not able to take anti-depressants. 

The difference with Albert Labs is that the company is pursuing a faster drug development strategy than traditional clinical trials, which the company says can be costly and unnecessarily time-consuming. 

That approach, known as real-world evidence, relies on electronic health records, patient-generated data from mobile devices, disease registries and more to inform study design and product development at a more rapid pace. 

The Burnaby, British Columbia company is named for Albert Hofmann, who was influential in the discovery of psychedelics and the entire class of psychedelic molecules. He not only synthesized LSD and later synthesized psilocin from psilocybin, but he was among the first to learn that these compounds had astounding psychological effects with a huge potential to revolutionize psychiatry. 

How is it doing:

Albert Labs has been privately held since its founding in 2020 but moved in January 2021 to undertake a reverse takeover (RTO) of ME Resource Corp (CSE:MEC) (OTC:MEEXF). The existing security holders of Albert Labs will receive 38.6 million post-consolidation shares of the combined company in exchange for their securities. In connection with the RTO, Albert Labs has initiated an equity financing, raising maximum gross proceeds of C$4 million at a price of C$0.25 per share.

The combined company will list on the CSE under the Albert Labs name, and the new capital will help advance the psilocybin-based drug, KRN-101, as a treatment for cancer-related anxiety. 

The company is currently developing its study protocols for KRN-101, and the plan is to have its first patients recruited in the third quarter of 2021. Initial outputs from these studies should be available in the second quarter of  2022, with peer-reviewed publication to follow soon after.

Inflection points:

  • Upcoming listing on the CSE
  • Recruiting patients for KRN-101 study 
  • Utilizing C$4 million financing

What the boss says:

Albert Labs chief medical officer Malcolm Barratt-Johnson believes the company is in the right place at the right time to make a difference in the field of psychedelic drugs and improve patients’ lives.

“The market conditions are extremely favourable because of the monumental opportunity that exists with psychedelics,” Barratt-Johnson told Proactive. “Whilst on the surface it seems like Albert Labs is addressing a small, niche indication, albeit in the treatment of 1.2 million patients in the UK alone, our vision is far greater than this.

“We understand the overwhelming need for innovative medicines in this therapeutic space and to demonstrate success and transform the lives of patients. We attribute significant value in treating patients sooner and taking our learnings to build a protectable innovation portfolio, before we widen our scope and look to address other indications, in other jurisdictions, or even the use of other psychedelic compounds.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

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