Shares of Psyence Biomedical Ltd. (PBM) were up 75% at $9.50 in early trading today, following a breakthrough in the production of high-purity ibogaine.
PsyLabs, in which Psyence BioMed holds an equity stake, has successfully developed a GMP-aligned ibogaine total alkaloid extract. The high-purity extract met all microbial safety standards for food-grade consumption, as verified by an accredited third-party laboratory, according to the company.
Ibogaine is a psychedelic substance and has been researched for treating substance use disorders.
PsyLabs' Ibogaine will be available to licensed research institutions and developers worldwide, ensuring a reliable and ethically sourced supply.
As of this writing, PBM is at $5.68, up 5.19%.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.