- Red Light Holland has entered into a collaboration with PharmAla Biotech Holdings
- The companies will collaborate on the development of clinical-grade psilocybin drug products extracted from psilocybin truffles
- Under the terms of the agreement, the companies may enter into a sales agreement where PharmAla would sell and provide the products to its affiliates in global markets as Red Light’s exclusive sales agent
- Shares of Red Light Holland are up 9.09 per cent to C$0.065 as of 2:12 pm ET.
Red Light Holland (CSE:TRIP) has locked in a collaboration with PharmAla Biotech Holdings (CSE:MDMA).
Under the terms of the agreement, the companies will collaborate on the development of clinical-grade psylocyibn drug products extracted from Red Light Holland’s psilocybin truffles.
The Toronto-based company stated in a news release that PharmAla’s manufacturing experts have been retained by Red Light Holland for an all-cash consulting contract for one year for the purpose of developing GMP and regulatory documentation of the company’s psilocybin capsule products.
“Our goal with this agreement is to generate all documentation necessary to achieve sales of our psilocybin products to clinical trials, special access program customers and/or other emerging markets,” Todd Shapiro, CEO of Red Light Holland, said in a statement. “PharmAla will also help Red Light with regulatory support, and we are confident their knowledge, expertise and leadership will help increase the efficiency of Red Light Holland in achieving our goal of supplying our psilocybin capsules to those in need and creating positive change.”
Under the agreement and once the product has been completed to specification, the companies may enter into a sales agreement that will see PharmAla selling Red Light Holland’s products or providing them in affiliate global markets as Red Light Holland’s exclusive sales agent.
PharmAla Biotech Holdings Inc. is focused on the research, development and manufacturing of MDXX class molecules, including MDMA.
Red Light Holland Corp. is focused on the production, growth and sale of functional mushrooms and mushroom home grow kits in North America and Europe, and a premium brand of psilocybin truffles to the legal, recreational market within the Netherlands.
Shares of Red Light Holland are up 9.09 per cent to C$0.065 as of 2:12 pm ET.
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