10:11 AM EDT, 07/26/2024 (MT Newswires) -- Psyence Group (PSYG.CN), a life science biotechnology company pioneering the use of nature-derived psilocybin in mental health and wellbeing, said Friday its NASDAQ-listed associate, Psyence Biomedical (NASDAQ: PBM) announced the export of nature-derived psilocybin to Australia.

Psyence Biomed says all parties responsible for the carrying out of the Phase IIb study are ready to initiate the study. The export of Psyence Biomed's drug candidate, PEX010, is expected to activate the enrollment of patients.

The study, evaluating nature-derived psilocybin as a potential treatment for Adjustment Disorder following an advanced cancer diagnosis in the palliative care context, will evaluate two therapeutic doses of nature-derived psilocybin (10mg, 25mg) against an active low-dose comparator (1mg) in 84 patients in conjunction with psychotherapy. The study is being conducted in Australia.

Psyence Group has a 30.25% stake in Psyence Biomed.

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