Clinical research and drug development company focusing on patient access to psychedelic assisted therapies Albert Labs International Corp. has officially started trading on the Canadian Securities Exchange (CSE). Shares of the company started trading on CSE on March 10 under the ticker symbol ‘ABRT’.
Albert Labs closed a debt settlement and private placement offering of 18,947,500 of the company’s shares with one share going for $0.25 which translates to gross proceeds of $4,736,875.
Senior management team from the company made a significant capital injection amounting to $2,046,660 and the balance of $2,690,215 was coordinated with support from Chrystal Capital Partners based in the UK.
A total of 67,280,035 common shares of the company resumed trading under the new ticker symbol on March 10.
The company will be using net proceeds from the public offering together with its existing cash and cash equivalents to manufacture and deliver natural psilocybin to trial centers. Albert Labs will also use the proceeds for the effective conduct of Real World Evidence (RWE) trials including all required partnerships to lead a regulatory approved medication for treating depression and anxiety.