Core One Labs Inc. (CSE: COOL | OTCQB: CLABF | Frankfurt: LD6, WKN: A3CSSU) the Company is pleased to announce that its wholly-owned subsidiary, Vocan Biotechnologies Inc., has successfully achieved two critical development milestones, the successful synthesis of psilocybin and the filing of a patent application for the process with the United States Patent and Trademark Office. Achievement of these Milestones are a necessary step in the achievement of commercial production of pharmaceutical-grade psilocybin.
Following achievement of the Milestones, the Company has issued 625,000 common shares to the former shareholders of Vocan to satisfy bonus obligations originally agreed to at the time of the acquisition of Vocan. A portion of the Bonus Shares will be subject to a pooling arrangement during which time they may not be traded or transferred and will be released from the Pooling Arrangement in six equal tranches, with the first tranche being released immediately upon issuance and each subsequent tranche being released each month thereafter.
About Core One Labs Inc
Core One Labs is a life sciences biotechnology research and development company focused on bringing psychedelic medicines to market through the development and production of psychedelic compounds, the advancement of psychedelic assisted treatments, and the integration of novel delivery systems technology.
The Company has a multi-faceted business approach and incorporates several complementary lines of businesses and units in establishing itself as an industry leader in the rapidly growing and emerging psychedelics market space.
Core One, through its wholly owned subsidiary Vocan Biotechnologies Inc., has developed and filed for patent protection of a proprietary psilocybin production system using engineered bacteria. It is also the holder of 4 provisional patents for the development of psychedelic-based pharmaceutical formulations targeting neurological and mental health disorders, under its 100% owned subsidiary Akome Biotech Ltd., and 3 provisional patents under its other 100% owned subsidiary, Awakened Biosciences Inc., for additional synthetic technologies for psilocybin and psilocin production methods.
In addition to the development of psychedelics and psychedelic compounds, Core One holds an interest in four medical clinics which maintain a combined database of more than 275,000 patients. Through its clinics the Company intends to integrate a roll out of its intellectual property related to psychedelic technologies and participate in the advancement of psychedelic-based treatments for mental health disorders.