Vancouver-based psychedelic medicine company Albert Labs announced that Cantheon Capital, an investment fund focused on biotechnology, has made a strategic investment of CAD 830,000 (~USD 610,000) through Convertible Debt. The funds will be used for forthcoming clinical trials in 2023. 

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. The studies are due to take place in Q2 2023 and will run for three months. The total cost of the study is estimated to be CAD 2.7 million (~USD 2 million), which will be funded by Cantheon Capital's investment, an Australian Government R&D rebate, and a cash contribution from 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. The company conducted RWE studies across the UK and Europe, which began 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 company has been recognized for "Revolutionizing Mental Health Drug Development" by Canadian Venture.