Psyence Biomedical Announces Breakthrough In High-Purity Ibogaine Production

(RTTNews) - Shares of Psyence Biomedical Ltd. (PBM) were up 75% at $9.50 in early trading today, following a breakthrough in the production of high-purity ibogaine.

PsyLabs, in which Psyence BioMed holds an equity stake, has successfully developed a GMP-aligned ibogaine total alkaloid extract. The high-purity extract met all microbial safety standards for food-grade consumption, as verified by an accredited third-party laboratory, according to the company.

Ibogaine is a psychedelic substance and has been researched for treating substance use disorders.

PsyLabs' Ibogaine will be available to licensed research institutions and developers worldwide, ensuring a reliable and ethically sourced supply.

As of this writing, PBM is at $5.68, up 5.19%.