Champignon Brands Inc (CSE:SHRM) (OTCQB:SHRMF) is headed into the future with a new identity that reflects the company’s focus on scientific research.
The psychedelic healthcare company has proposed changing its name to Apotheosis Scientific Ltd or another name that better conveys its business activities going forward, Champignon told shareholders on Friday.
In addition, the Vancouver-based firm said it was planning to spin out its consumer packaged goods division by the third quarter of 2020.
The news comes after Champignon executed a series of game-changing acquisitions earlier this year, including AltMed, which owned ketamine clinic operator the Canadian Rapid Treatment Centre of Excellence (CRTCE) and California-based Wellness Clinic of Orange County.
AltMed has three trials in the Phase I stage and three trials in the preclinical stage during 2020, as well as seven patents for its ketamine/psilocybin delivery platforms and formulations. The company also has a preferred commercial relationship with InterVivo Solutions, Canada’s largest neuroscience-focused preclinical contract research organization, to collaborate on Phase I testing and novel drug development of psychedelic molecules and delivery systems.
The CRTCE was founded by leading ketamine expert Dr Roger McIntyre, who took the reins as Champignon’s CEO last month.
“While the topic of medical psychedelics has recently gained worldwide momentum, I am exceptionally pleased with the strategic approach our team has taken in establishing a differentiated platform with operating treatment clinics in the US and Canada that also facilitate research and development of a wide range of therapeutic and medical applications,” McIntyre said in a statement.
“We have made tremendous progress to date and have proven our ability to quickly seize opportunities in this rapidly emerging industry. Looking forward to the second half of 2020, we will continue to work towards entering new markets and delivering new and innovative solutions throughout North America.”
The company recently closed a C$15 million financing to fund its ambition to open five ketamine clinics in North America by the end of 2020.
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