Core One Labs completes acquisition of Akome Biotech

Core One Labs has completed the acquisition of Akome Biotech. With this, the scope of Core One’s psychedelics’ bio-pharma research and development division will broaden to include drug formulations that effectively target and change underlying processes at the root of neurological disorders, and/or prevent further neurological damage that result from the disorders.

What distinguishes Akome’s approach from other companies focused on the psychedelic treatment of neurological disorders, is their proprietary cGMP drug formulations which comprise psychedelic compounds and plant bioactives. Through data mapping, Akome has identified what is believed to be powerful combinations of psychedelics and plant bioactives, Active Pharmaceutical Ingredients (APIs) which activities seem to be complementary and/or synergistic.

Currently, Akome has four provisional matter of composition patents filed with the United States Patent and Trademark Office for these plant bioactive-pschedelic drug formulations, all of which target different disorders: two DMT-based, for addressing the parkinson’s disease, and ischemic stroke, respectively; one psilocybin-based, for addressing alzheimer’s disease; and one ketamine-based, for addressing depression.

Akome has an assembled team of renowned clinical research specialists as well as medical research professionals, and has processes in place to ensure its proprietary formulations are of the highest quality, developed within short timelines, are cost-effective, and are regulatory-compliant.

Joel Shacker, CEO, Core One Labs, stated, “Closing on Akome is an important step for the company, as we have added an outstanding asset and a strong team. The drug formulations being developed could address the needs of millions of patients globally. By combining plant bioactives with psychedelic compounds, this company is revolutionising psychedelic drug development.”

In consideration for all of the outstanding share capital of Akome, the company has issued 3,500,000 common shares to the existing shareholders of Akome. Following issuance, the shares are subject to the terms of a pooling arrangement, during which time they may not be transferred or traded without the prior consent of the company.

The company is at arms-length from Akome and each of its shareholders. The transaction neither constitutes a fundamental change for the company, nor has it resulted in a change of control of the company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.

The company will also issue 100,000 common shares to each of three arms-length third-parties who introduced the transaction to the company, as well as 35,000 common shares as an administration fee to each of the two parties that provided administrative support in connection with the transaction.