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KGK to run Phase II psilocybin for developer eyeing potential '$10.5bn market'

Posted by on 23 August 2022
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KGK Science will run a Phase II trial of psilocybin for the treatment of post-traumatic stress disorder under agreement with psychedelic medicine developer Halucenex Life Sciences.

The clinical research organization (CRO) – which is a subsidiary of healthcare firm Wellbeing Digital Sciences – said the services agreement will see it develop the trial protocol and provide data management and validation services.

The contractor will also provide statistical analysis services and drafting of the final clinical trial report.

Bill Flemming, CEO and Founder of Halucenex, cited KGK’s track record providing clinical trial and regulatory support services for developers working in the nutraceutical, cannabinoid, hemp and psychedelic industries as a factor in the contract.

“We are confident that KGK’s role will enable us to make considerable progress towards creating alternative treatment solutions to current pharmacological interventions,” he said.

KGK CEO Najla Guthrie also said the CRO’s experience in the field would benefit the research project.

“Over the past 25 years, we have successfully helped hundreds of companies with custom designed clinical trials and claim substantiation strategies that move products efficiently into the global markets.

“This marks and important step in moving the industry that much closer to creating alternative medicines for a growing population base,” Guthrie added.

Halucenex, which is subsidiary of Creso Pharma, is focused on researching psilocybin – a psychedelic compound found in certain fungi - for the purposes of treating people suffering from PTSD, particularly military veterans.

Health Canada granted Halucenex approval to conduct the phase II trial earlier this year.
At the time the firm wrote that “The trial has the potential to unlock a large market opportunity for Creso Pharma and access to the global PTSD therapeutics sector which is expected to grow to US$10.5Bn in value by 2025.”

According to the study listing on Clinicaltrials.gov, KGK joins Ontario-based Everest Clinical Research as a collaborator for the research.

DepositPhotos/unkreatives

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