India, Sept. 23 -- Psyence Biomedical Ltd. (PBM), a biopharmaceutical company, on Wednesday announced a share exchange with Psyence Labs Ltd., accompanied by a cash investment to support the company's U.S. Ibogaine program.
The company established the Texas Ibogaine Research Center (TIRC) to ramp up the manufacture of pharmaceutical-grade Ibogaine. The neuroplastogen is set to begin a clinical trial in Texas for the treatment of opioid use disorder (OUD). To facilitate this, Psyence has agree to a cash investment of $5 million to PsyLabs. This includes a commitment of $2.4 million for 936 ordinary shares of PsyLabs at $2,564 per share. The balance of up to $2.6 million is a backstop commitment to subscribe for shares if not taken up PsyLab...