Psyence BioMed Completes Investment in PsyLabs Milestones Met

NEW YORK, Oct. 21, 2026 /CourierPR/ -- Psyence BioMed Ltd. has completed its additional investment in PsyLabs, a neuroplastogen active pharmaceutical ingredient development company, with an investment of US$2,599,896. This move comes after both milestones attached to the company's backstop subscription commitment in PsyLabs were achieved.

On September 23, 2026, Psyence BioMed agreed to invest up to US$5 million in PsyLabs, comprising an irrevocable commitment of US$2.4 million (936 PsyLabs ordinary shares at US$2,564 per share) under its pro rata pre-emption entitlement in PsyLabs’ current financing round and a backstop commitment of up to US$2.6 million to subscribe for shares in that financing round not taken up by other PsyLabs shareholders, payable in up to two tranches of up to US$1.3 million each upon the achievement of specified milestones. The backstop tranches were required to be called and completed by December 31, 2026.

Key Development Milestones Achieved PsyLabs has completed its ibogaine regulatory readiness documentation package, a documentation package intended to support future regulatory interactions relating to pharmaceutical-grade ibogaine hydrochloride (HCl). This package represents an important preparatory step in supporting the regulatory development activities contemplated under the Company’s U.S. ibogaine program.

Additionally, a manufacturing services agreement has been entered into with Benuvia Operations, LLC, a controlled-substance manufacturing facility in Round Rock, Texas, registered with the U.S. Drug Enforcement Administration (DEA). This agreement is intended to support the planned U.S. manufacture of pharmaceutical-grade ibogaine active pharmaceutical ingredient (API) under current Good Manufacturing Practice (cGMP) standards, subject to applicable regulatory requirements. The agreement establishes a U.S. manufacturing relationship intended to support future nonclinical and clinical development activities.

Advancing a Coordinated U.S. Ibogaine Development Strategy In structuring the planned U.S. manufacturing program, the Company and PsyLabs agreed that the Benuvia agreement would be entered into by Texas Ibogaine Research Corporation (TIRC), the Company’s wholly-owned Texas subsidiary. TIRC was established to carry out the manufacturing, nonclinical, and regulatory development work required before any human clinical trial could be proposed in the United States, and, as a U.S. developer, may be positioned to pursue domestic funding and grant opportunities that may be available for that work. This structure is intended to allow PsyLabs to remain focused on cultivating, extracting, and supplying pharmaceutical-grade ibogaine HCl. Under the binding term sheet between TIRC and PsyLabs announced on September 28, 2026, PsyLabs is expected to serve as TIRC’s exclusive ibogaine supplier for the United States, subject to the conclusion of a definitive agreement, which the parties have agreed to conclude on or before November 30, 2026.

Additional Investment in PsyLabs Completed Following certification by the PsyLabs board of directors that both development milestones had been achieved, PsyLabs called both backstop tranches ahead of the December 31, 2026, deadline. Psyence Biomed II Corp. subscribed for 1,014 ordinary shares of PsyLabs at US$2,564 per share, reflecting the US$54 million pre-money equity valuation set for the financing round, for aggregate subscription proceeds of US$2,599,896. Immediately prior to the investment, the Company held approximately 41.13% of PsyLabs’ issued and outstanding shares. Following completion of the investment, and after giving effect to the previously announced share exchange which closed October 1, 2026, the Company holds approximately 43.37% of PsyLabs’ issued and outstanding shares. The investment was funded from the Company’s existing cash resources.

The investment, including the backstop commitment, was reviewed and approved by a special committee of the Company’s independent directors and by its audit committee, in accordance with the Company’s related-party transaction policies and applicable Nasdaq requirements. The Company’s Annual Report on Form 20-F for the fiscal year ended March 31, 2026, provides further details on the investment and the related-party transaction policies.