Maks_Lab
Core One Labs (OTCQB:CLABF) acquired GMP Drug in a deal worth C$2.8M common stock plus bonus shares to pave the way to become a full-cycle psychedelics supply chain solution provider.
Privately held GMP Drug operates through a Good Manufacturing Practices (GMP) facility owned by a third-party in Ontario, Canada, Core added.
Core said the acquisition will help the company to become a full-cycle psychedelics supply chain solution for both Canadian and international clinicians, researchers and other psychedelic drug developers.
The acquisition will provide Core’s subsidiaries Awakened Biosciences and Vocan Biotechnologies with access to GMP Drug’s facility to conduct research and scale up production of psychedelic compounds.
In addition, an existing partnership between GMP Drug and a compounding pharmacy will help Core to produce viable prodrugs in the future, according to the company.
GMP Drug operates in a laboratory which has a license to produce GMP Active Pharmaceutical Ingredient (API) grade compounds, including psychedelics.
Under the agreement, Core One issued ~4.11M common shares at a deemed price of C$0.68 per share for a total purchase price of C$2.8M.
In addition, the existing shareholders of GMP Drug are entitled to receive a bonus of ~1.02M common shares of Core. The bonus shares will be issuable after successful completion of a trial production run of a psychedelic compound at the facility, the company added.
In connection with the completion of the acquisition, the company issued ~823K shares to Amalfi Corporate Services for helping with the transaction.
