The Company has closed its previously announced reverse take-over transaction with ME. Resource Corp. (“MEC”) and has acquired all of the outstanding securities of MEC in exchange for the issuance of securities of the Company (the “Transaction”). Albert Labs will now pursue its business activities as described in the Company’s filing statement dated March 7, 2022 available at www.thecse.com on the trading date.
In accordance with the amended and restated arrangement, upon completion of the Transaction, the Company changed its name from “ME. Resource Corp” to “Albert Labs International Corp.” and consolidated its issued and outstanding common shares on the basis of 10:1 (the “Consolidation”). The Company closed a debt settlement and private placement offering of 18,947,500 Albert Labs’ Shares at a price per share of $0.25 for gross proceeds of $4,736,875. Included in this financing round was significant investment from the Albert Labs’ senior management team to the sum of $2,046,660, and the balance of $2,690,215 was coordinated with support from Chrystal Capital Partners based in the UK. Albert Labs and its 67,280,035 common shares will resume trading on March 10, 2022 and will trade under its new symbol “ABRT”.
Through an approved, fast track clinical pathway, focusing on Real World Evidence (RWE), Albert Labs will improve patient access to psychedelic-assisted therapies, starting in Europe with the goal of receiving a marketing authorisation and creating highly successful, licensed medicines. After the successful conclusion of the first development program, Albert Labs will expand to other indications and commercialise other novel therapeutics to address the rapidly growing mental health crisis.
“As Albert Labs announces the start of trading on the CSE, I am proud to be leading such a world-class team, who are pioneering a rigorous yet accelerated development of a novel mental health treatment. If the trial of our first drug candidate this summer/fall is successful, and we have every reason to believe it will be, that event is likely to be the biggest game-changer in mental health for more than 20 years. We expect expedited regulatory approvals in the UK, followed by rapid expansion to other geographies and other mental health concerns. We’re working rapidly to treat what is becoming a massively debilitating and costly global health challenge.”, Said Dr Michael Raymont, Chief Executive Officer of Albert Labs. Click here to hear more from Dr Raymont. “The use of classical Random Controlled Trials in medicinal development can be long, costly, and may delay a patient’s access to a product. Recently published guidance by my former colleagues at the MHRA outlines the use of Real World Evidence (RWE) in support of licensing indications, which goes to validate Albert Labs’ use of an RWE based regulatory approach.” Added Dr Malcolm Barratt-Johnson, Chief Medical Officer of Albert Labs. If you wish to hear more from Dr Barratt-Johnson regarding RWE and the MHRA’s guidance click here.
ON BEHALF OF THE BOARD OF DIRECTORS
For further information please contact:Barney Neal, Chief Communications Officer at Albert Labs,Email: [email protected]Website: https://albertlabs.com/Tel: +44 7828 008237
This news release includes forward-looking statements that are subject to assumptions, risks, and uncertainties. Statements in this news release that are not purely historical are forward-looking statements, including without limitation any statements concerning the Company’s intentions, plans, estimates, beliefs, or expectations regarding the future. Although the Company believes that any such intentions, plans, estimates, beliefs, and expectations in this news release are reasonable, there can be no assurance that any such intentions, plans, beliefs, and expectations will prove to be accurate.The Company cautions readers that all forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements.
Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual events or results could or do differ from those projected in the forward-looking statements. The Company assumes no obligations to update any forward-looking statements, whether as a result of new information, future events, or otherwise unless required by the applicable securities laws.
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We are a pharmaceutical company leveraging our drug development and clinical research expertise to accelerate the development of highly effective mental health medicines.
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