Psyence Biomedical Ltd. (NASDAQ:PBM), a biotechnology company focused on creating natural psychedelic-based solutions to address mental health challenges, has issued an update to shareholders, highlighting significant recent developments and upcoming milestones.

The company has initiated a Phase IIb clinical trial in Australia to evaluate psilocybin-assisted therapy for Adjustment Disorder in palliative care. Results are expected in late 2025, with hopes to advance to a Phase III trial thereafter. Psyence also strengthened its clinical supply chain by partnering with Optimi Health (OTC:OPTHF) for GMP psilocybin extracts.

In addition to its palliative care program, Psyence expanded its pipeline into Substance Use Disorders, specifically Alcohol Use Disorder (AUD), through an exclusive licensing agreement with Psylabs.

The company also announced the acquisition of Clairvoyant, a synthetic psilocybin drug developer, enhancing Psyence's AUD development efforts with data expected in early 2025.

These initiatives position Psyence for two critical data readouts in 2025, potentially paving the way for commercial success. Psyence also emphasized its strengthened financial position to support these ventures. CEO Dr. Neil Maresky expressed optimism about Psyence's progress in developing psychedelic-based therapies for mental health.

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