February 24, 2021
Vancouver, British Columbia–(Newsfile Corp. – February 24, 2021) – Entheon Biomedical Corp. (CSE: ENBI) (FSE: 1XU1) (“Entheon” or the “Company“), a biotechnology company focused on developing psychedelic medicines to treat addiction, provides a production update on HaluGen Life Sciences Inc. (“HaluGen“), a wholly-owned subsidiary of Entheon, which is in the business of developing and commercializing a genetic test designed to identify specific DNA biomarkers in order to gauge the risk and potential of adverse reactions toward hallucinogenic drugs.
Following the Company’s announcement dated January 14, 2021, detailing Entheon’s acquisition of HaluGen, the Company confirms that HaluGen’s proprietary psychedelics genetic test kit and technology platform has completed research and development and is nearing commercial production.
In tandem with its research and development partner, Lobo Genetics Inc. (“Lobo”), HaluGen has successfully developed a turn-key operation to build, order, ship, process and deliver its Psychedelics Genetic Test. HaluGen’s platform builds upon Lobo’s existing genetic testing capabilities for both research and direct to consumer applications and is the industry’s first comprehensive pre-screening genetic test for psychedelics.
HaluGen’s technology platform also includes five pre-screening assessment surveys encompassing mental health, family history and lifestyle risk factors. By combining both genetic biomarkers and personalized data points, HaluGen’s pre-screening platform can help individuals that are considering psychedelic-assisted psychotherapy to gain key insights into safer and personalized psychedelic therapies.
“We are thrilled at the progress made by HaluGen since the acquisition, as it prepares to launch its proprietary genetic testing service on a commercial scale,” said Chief Executive Officer of Entheon, Timothy Ko. “The commercial readiness of HaluGen’s technology platform and genetic testing kit is an important achievement in executing our mission to developing tools that increase safety and outcome measures by screening patients for underlying psychiatric disorders prior to the administration of psychedelic molecules. We feel the widespread availability of this technology represents an important step forward, providing an additional layer of safety and confidence, widening the scope of patients and individuals who can feel confident accessing psychedelic medicines.”
Lobo has fulfilled its performance milestone in accordance with a product development agreement dated November 13, 2020, as amended on January 14, 2021 (the “Product Development Agreement“), among the Company, HaluGen and Lobo, thus the Company has allotted and issued 900,000 common shares to Lobo, pursuant to the Product Development Agreement. The shares are subject to a hold period of four months and one day.