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February 02, 2023

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Psyence Group (PSYG.CN) successfully exports pharma grade psilocybin extract to UK

Psyence Group (PSYG.CN) successfully exports pharma grade psilocybin extract to UK

Psyence Group (PSYG.CN) is a life science biotechnology company with a focus on natural psychedelics. Psyence works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. The name, “Psyence” is a combination of the words psychedelic and science and represents the company’s commitment to producing psychedelic medicines developed through evidence based research. The company also operates one of the first federally licensed commercial psilocybin production facilities in the world.

Today, Psyence announced that it has exported purified pharmaceutical grade psilocybin mushroom extract to its Contract Development & Manufacturing Organization (CDMO) partner in the UK. The product was exported from Psyence’s federally licensed ISO22000 certified production facility in Southern Africa.

Psyence partnered with Current Good Manufacturing Practice (CGMP) compliant full-lifecycle pharmaceutical services company, which is a trusted partner to the world’s most innovative biotech companies and leading pharmaceutical companies.

Psyence’s pharmaceutical psilocybin extract will be used by the CDMO to develop standardized pharmaceutical grade psilocybin and psilocin extracts, which will be formulated into a final product for regulatory approval internationally.

“We are incredibly proud to be one of the first companies to successfully export our pharmaceutical grade psilocybin into the UK having recently concluding exports to Portugal and Canada,” says Dr. Neil Maresky, Psyence Chief Executive Officer. “The UK has the potential to be a leader in psychedelics research and ensuring a supply of pharmaceutical grade psilocybin for future research and clinical trials in this market will be critical to achieving this.”

“Our on-site laboratory provides us with the ability to produce pharma grade psilocybin mushroom and extract for the legal psilocybin research markets globally,” says Tony Budden, Psyence Chief Strategy Officer. “The systems and processes we have fine-tuned ensure that we were able to meet the UK’s stringent import requirements for this product. By concluding another successful export, we believe we are on track to become a preferred global supply partner for research markets worldwide.”

TradingView Chart

The stock is currently up 20% with over 225,000 shares traded.

The stock is on the radar of bottom pickers as it printed all time record lows back in October 2022. Buyers stepped in, and the stock has ranged. For a technical analyst, a bottoming pattern could be printing. It seems we have a triangle pattern forming, and all that is missing is the breakout.

A close above $0.13 confirms the breakout and will initiate the new uptrend.

TradingView Chart

The price action on Psyence looks similar to set ups in the psychedelics space. Looking at the PSYK ETF, perhaps a bottoming is under way. The trigger though is a close above the $8.50 zone.

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