Albert Labs International Corp. signs a Letter of Intent (LOI) with full-service Contract-Research Organisation (CRO), iNGEN, to carry out the Company's first in-human study of its primary drug target, KRN-101. This randomised, double-blind study will evaluate the safety and tolerability of KRN-101 in study participants and determine its full pharmacokinetic characterization.

As a unique, natural medicine containing a range of bioactives, KRN-101 is required to have its own pharmacokinetic profile despite an extensive background of safety data to support psilocybin-based medicines. Profiling KRN-101 through this study will allow the Company to reap the long-term potential of having a differentiated product through extensive opportunities for intellectual property protection. This study will take place in Melbourne, Australia, and including the collection of all clinical outputs, will be carried out over 8 weeks with an expected completion in Third Quarter 2023.

Upon completion, KRN-101 will be available for use in late-stage clinical trials, allowing the Company to proceed with its Real World Evidence trial in the United Kingdom, which will establish the efficacy of the treatment for cancer-related distress. This first in-human study also allows the Company to collect valuable data which will enable a future Investigational New Drug (IND) Application to be filed with the FDA, thus taking KRN-101 to the largest pharmaceutical market in the world.