UI was incorporated in 2018 and until August 31, 2021 was a privately held business. The new Amalgamated Company is the initial stages of implementing and financing its business plan, which is primarily to conduct clinical trials research in Canada into the use of ibogaine in addiction treatment, and to develop or acquire and operate state-of-the-art addiction treatment clinics. Following completion of the planned clinical trials, UI will also assess the possibility to license its ibogaine based detoxification protocol.
It is intended that Company clinics would ultimately incorporate ibogaine as a chief therapeutic modality for the interruption and ideally cessation of addictions to primarily opioids such as oxycodone, heroin, fentanyl, as well as alcohol, cocaine, and other stimulants.
Ibogaine is a naturally derived plant molecule and can be effective in significantly reducing and even eliminating detoxification withdrawal symptoms as part of the overall addiction treatment and therapy process. The use of ibogaine and other psychedelics for medical and addiction treatments is expected to significantly expand globally in the next decade.
The Company plans to undertake clinical development, and subsequently obtain regulatory authorization for the use of ibogaine as an authorized addiction interruption medicine, initially for the treatment of Opioid Use Disorder(s). The Company plans to ultimately submit a Clinical Trial Application (“CTA”) to Health Canada, with the intent of demonstrating ibogaine safety and efficacy in clinical trials. UI is currently seeking to secure a supplier / manufacturer of GMP certified ibogaine for in sufficient quantities for use in the planned clinical trials.
The Company’s primary goals are 1) to submit a CTA to Health Canada in the short-term, to be permitted to undertake clinical trials to prove the safety and efficacy of ibogaine assisted detoxification, initially for the treatment of Opioid Use Disorder(s), in order to eventually have ibogaine approved for wide-spread addiction treatment, and 2) to build a foundation of addiction treatment clinics, initially utilizing a combination of innovative non-psychedelic detox methods and holistic treatments, growing from the one initial location that was acquired in 2021.
The primary business development activities to date have been related to: 1) undertaking private placement financings to fund business development activities, 2) securing the ClearSky licensing agreement for the use of a future ibogaine based addiction treatment process, 3) researching the process of undertaking clinical trials in Canada, 4) negotiating the acquisition of an initial addiction treatment clinic, and 5) completing a go-public application process with the TSXV.