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 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.