President Donald Trump announced that the University of Miami has provided the U.S. federal government with its original 1994 ibogaine Investigational New Drug application, which he said could help accelerate ibogaine's development as a medical treatment in the United States.

Trump also highlighted progress since his April executive order, including Department of Health and Human Services research funding, an HHS-VA collaboration, FDA guidance, and efforts to expand Right to Try access for veterans. He concluded with a call for additional companies and institutions to participate in ibogaine development efforts.

Psyence BioMed Ltd. (Nasdaq: PBM), a biopharmaceutical company focused on nature-derived psychedelic compounds, issued a statement welcoming the announcement. Chief Executive Officer Jody Aufrichtig and Chief Financial Officer Warwick Corden-Lloyd said they were in Texas meeting with stakeholders in the ibogaine sector at the time of the announcement.

"The President has made clear that the United States wants serious companies and institutions to step forward and help advance ibogaine. We are ready to answer that call," Aufrichtig said in the company's statement.

Psyence BioMed holds an ownership interest in PsyLabs, a pharmaceutical manufacturing operation that produces GMP-compliant psychedelic active pharmaceutical ingredients, including ibogaine hydrochloride. PsyLabs operates from an ISO 22000 and GMP-compliant facility and is federally licensed to cultivate, extract, and export psychedelic compounds to legal medical and research markets.

The company said it has existing inventory of GMP-compliant ibogaine hydrochloride available to support clinical development activities.