Psyence Group Inc (OTCQB:PSYGF) Stock Soars 536% After Letter of Intent with Australian CRO iNGENū

If there is one stock that is almost certainly going to draw the attention of investors this week then it is the Psyence Group Inc (OTCQB:PSYGF) stock, which had clocked staggering gains of as much as 536% this past Friday. The company is a biotech company which is involved in the deployment of psilocybin for treating mental health issues.

Trading Data

On Friday, PSYGF stock ended flat at $0.0700 with 100 shares, compared to volume of 31 shares. The stock moved within a range of $0.0700 – 0.0700 after opening trade at $0.0700.

Psyence Signs Letter of Intent with Australian CRO iNGENū

The company was in the news over the weekend as well after it announced on Sunday that it had inked a letter of intent with the Contract Research Organization iNGENū CRO Pty Ltd. As per the provisions of the agreement between the two parties, Psyence’s unique psilocybin development in palliative care is going to be executed by iNGENū CRO.

In this regard, it ought to be noted that iNGENū CRO is a Contract Research Organization that works at a global level and more importantly, it also holds considerable experience in the psychedelic pharmaceuticals space.

It would be in charge of designing the Phase IIb clinical trial of the product in collaboration with Psyence Group. The association between the two parties could be a major long term boost for the company as well and it remains to be seen if the stock can manage to add to its gains this week.

Key Quote

“We are intent on progressing our clinical research strategy as expeditiously as possible and Australia’s highly supportive clinical research and regulatory environment has made it a key early research destination for Psyence,” said Dr. Neil Maresky, Chief Executive Officer of Psyence. “Engaging an experienced and trusted CRO is critical to the success of our mission and we are delighted to sign this LOI with iNGENū in this regard.”