01:44:42 EDT Thu 23 Sep 2021
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Core One Labs Inc (2)
Symbol COOL
Shares Issued 70,967,507
Close 2021-01-22 C$ 1.11
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Core One has equipment to produce psilocybin

2021-01-25 01:28 ET - News Release

Mr. Joel Shacker reports


Core One Labs Inc.'s wholly owned subsidiary Vocan Biotechnologies Inc. has assembled the necessary equipment, which will allow the laboratory to commence the process of recombinant production of psilocybin. The process that engineers bacteria incorporating optimized biosynthetic genes from the psilocybe cubensis mushroom will enable the bacteria to act as a biological factory and synthesize psilocybin that is cost-effective using simple building blocks.

Vocan's platform can make the active compounds that occur naturally by using a gene mimicry process and simple chemical modifications to enable the creation of bioidentical compounds, as well as known and novel analogues. The analogue compounds could prove to be more effective, targeted and safer.

Vocan has now received and assembled equipment required to move forward on its plan to produce biosynthesized psilocybin. Due to the cost and long-lead times, this is a critical milestone in the company's plan. The equipment enables Vocan to improve on the current work being conducted in the lab and puts Vocan ahead of schedule on its plan to begin the recombinant production of psilocybin.

"Vocan's recombinant production of psilocybin is a significant improvement over the current methods of psilocybin production, reducing both the cost and time needed to produce and purify psilocybin to only a few days, compared to much longer and more expensive methods for whole mushroom extraction. Having the equipment purchased and assembled positions Vocan to execute on its objectives in the short term," stated Joel Shacker, chief executive officer of the company.

Further to the company's press release dated Jan. 15, 2021, announcing the closing of its sale of non-core assets, the company wishes to correct that it has issued a total of 500,000 common shares as an administrative fee to three arm's-length third parties which assisted with facilitating such sale, not 350,000 shares to two parties, as previously announced.

About Core One Labs Inc.

Core One is a biotechnology research and development company focused on life sciences and on bringing psychedelic medicines to market through novel delivery systems and psychedelic-assisted psychotherapy. The company has developed a patent-pending thin film oral strip, which dissolves instantly when placed in the mouth and delivers organic molecules in precise quantities to the bloodstream, maintaining excellent bioavailability. With this technology, the company intends to further develop its intellectual property technology to focus on delivering psychedelic molecules with an initial focus on biosynthesized psilocybin. Core One also holds an interest in walk-in medical clinics which maintain a database of over 200,000 patients combined. Through research and development in these clinics, including the integration of its intellectual property related to psychedelic treatments and novel drug therapies, the company intends to work toward regulatory approval for research that advances psychedelic-derived treatments for mental health disorders.

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