Psyence Biomedical issues letter to shareholders

Psyence Biomedical (PBM) issued the following update to shareholders: “I wanted to take this opportunity to recap the significant progress that we have made since our last update, as we continue to progress our active Phase IIb clinical trial of nature-derived psilocybin in Palliative Care patients diagnosed with Adjustment Disorder, while also advancing plans for a clinical trial in our second development indication, Alcohol Use Disorder… In September, we announced initiation of the first site participating in our Phase IIb clinical trial evaluating nature-derived psilocybin… Patient screening has commenced, and we anticipate that the first patients will be randomized and treated soon thereafter. We remain on track for topline data from this trial in the second half of 2025 which, if positive, would be a significant achievement not only for our own development program, but an advancement for psychedelic-based therapeutics generally… Updated PsyLabs Holdings Valuation Implies $2 Million Value of Psyence Biomed’s Stake… PsyLabs recently closed an oversubscribed seed round financing, raising $5.7 million, and with an implied post-raise valuation of $10 million… PsyLabs continues to optimize its cultivation and extraction processes to enhance efficiency, yield, and quality… PsyLabs recently announced the successful re-audit of its production facility by the British Standards Institution for ISO 22000 certification… Our partnership with PsyLabs not only makes us vertically integrated with a supply chain, it demonstrates our commitment to advancing the highest quality psilocybin candidate into clinical development… As a result of these strategic transactions, as well as the termination of outstanding senior secured convertible notes issued by PBM to a US based investment firm, we anticipate that Psyence Biomed will enter 2025 with a substantially debt-free balance sheet, offering greater financial flexibility and stability.”