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Albert Labs inks definitive reverse takeover agreement with ME Resource Corp, moves closer to CSE listing

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Albert Labs Inc has signed a definitive agreement with ME Resource Corp (CSE:MEC) (OTC:MEEXF) to complete a reverse takeover (RTO) by which Albert Labs will gain a listing on the Canadian Securities Exchange. 

Albert Labs is currently a private corporation focused on the emerging field of psychedelic-assisted therapy and research, building IP and expertise around accelerated, real-world evidence studies. The combined company, subject to CSE approval, will list under the name Albert Labs Inc and maintain its business as currently constituted.

The existing security holders of Albert Labs will receive 38.6 million post-consolidation shares of the combined company in exchange for their securities. In connection with the RTO, Albert Labs has initiated an equity financing, raising maximum gross proceeds of C$4 million at a price of C$0.25 per share.

READ: Albert Labs moving towards a public listing to strike while the iron is hot on psychedelic drugs

ME Resource Corp plans to undertake a 10:1 share consolidation, reducing its common shares from 63.6 million to 6.36 million. Additionally, the company has entered into agreements with creditors to settle almost C$1.7 million in debt by offering up to roughly 3.4 million shares at a price of C$0.50 per share. 

When all is said and done, there are expected to be nearly 48.4 million common shares issued and outstanding, of which security holders of Albert Labs will own 80% and security holders of ME Resource Corp will own 20%, the company said. For now, trading of ME Resource Corp shares has been halted. 

Albert Labs was incubated and received funding from The Conscious Fund (TCF), an early-stage psychedelic medicine venture fund. Among the investors in TCF is Ambria Capital, a firm with decades of success investing in emerging public and private companies in the agriculture, consumer, healthcare and technology industries. 

“Albert Labs’ launch is well-timed,” Ambia Capital director Cody Shandraw said in a statement. “The rapidly increasing demand for access to psychedelic-assisted therapies is evident. We believe the market will continue to shift towards clinical research, drug development and data collection.”

Albert Labs has submitted applications for psychedelic research and a dealer’s license which will allow the company to test, possess, buy and sell MDMA, psilocybin, psilocin, DMT and mescaline at its lab in Burnaby, British Columbia. These licenses will also allow the company to import/export, test, and conduct R&D on these controlled substances.

The company’s core focus is treating patients with urgent and unmet mental health needs, starting with cancer-related anxiety through trials in the UK and Scandinavia. Albert Labs will be the first psychedelics company to use an accelerated pathway, known as real-world evidence (RWE) studies, to more swiftly gain approval and reimbursement for its proprietary therapies.

“[Chief Medical Officer Malcom] Barratt-Johnson and team have positioned Albert Labs to be a dynamic and unique solution for the industry, not only utilizing existing infrastructure across the UK, but also concentrating on larger scale data collection and reimbursed patient access,” Shandraw said. 

Albert Labs has an asset-light business model, leveraging existing clinical infrastructure and patient pools by collaborating with research institutions, medical centers and reimbursement networks. The plan is to scale these collaborations in the UK and across Europe to generate revenue and ultimately provide patients with faster access to treatment solutions. 

“Albert Labs has quickly established itself as a pioneer in using real-world evidence studies using psychedelic therapies as a route to what we believe will be a more efficient way to help patients with the most urgent unmet medical needs,” TCF co-founder Richard Skaife said. “Albert Labs provides hope to those that need it most; driven by a team of highly regarded health care professionals with deep domain experience.”

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors


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