Albert Labs

Based in Canada, Albert Labs is a laboratory-based clinical research and drug development company working on psychedelic-based therapies to treat mental health and other unmet conditions. The company uses what it calls a Real-World Evidence (RWE) studies approach to expedite the regulatory drug approval process. Albert Labs claims to be the first in the psychedelic industry to use this approach. 

RWE studies rely on electronic health records, patient-generated data from mobile devices, disease registries and more, as a base to design, develop and improve its products and therapies. The company says it is a faster and cheaper method than traditional clinical trials. It obtains data through collaborations with research institutes, medical centers, and reimbursement networks—in turn, leveraging the required clinical infrastructure and patient pools from its partners. 

Founded in 2020, Albert Labs plans to conduct its first RWE studies across the UK and Europe which will begin with 1,000 patients for the purpose of developing KRN-101, the company’s psilocybin-based drug to treat cancer-related anxiety and depression. The study is expected to be completed by Q1 2022. The company also aims to globally expand its focus on other mental conditions in the future. 

Albert Labs has applied for research and dealer’s licenses from Health Canada for the ability to conduct R&D, possess and trade controlled substances such as 3,4-Methyl​enedioxy​methamphetamine (MDMA), psilocybin, psilocin, dimethyltryptamine (DMT), and mescaline in its lab based in Burnaby, Canada. 

Funding and financials

The company went public on the Canadian Securities Exchange (CSE) via a reverse take-over (RTO) of MEC Resource Corp. in March 2022. In March 2023 , the company announced that Cantheon Capital made a strategic investment of CAD 830,000 (~USD 610,000) through Convertible Debt. The investment from Cantheon Capital will support Albert Labs' first-in-human studies, conducted by Ingenu for KRN-101, a psilocybin-based pharmaceutical product targeting various psychiatric disorders.