Arrayán Bioscience GMP platform in Uruguay: technology, raw-material routes, product line, regulation, roadmap and capital structure.
Arrayán Bioscience · Montevideo
The project builds an end-to-end platform in Uruguay: from genetics and plant raw materials to single-stage conversion, quality control, GMP certification and API export.
Investment profile · May 2026
Market shortage
There is no manufacturer of GMP-grade ibogaine for human use. Clinics receive alkaloids from the gray market without full quality control and traceability.
0
commercial manufacturers of GMP ibogaine for use in humans
Brief overview
Ibogaine is a psychoactive indole alkaloid found primarily in the bark of the roots of the West African shrub Tabernanthe iboga. It is classified as an atypical psychedelic: it interacts with several neurotransmitter systems at once and causes a prolonged sleep-like state of consciousness.
The pharmacological profile of ibogaine is complex and not yet fully understood. The main clinical interest is related to disorders caused by substance use; in parallel, the effects of traumatic brain injury and associated mental symptoms are investigated.
Research focus
Ibogaine is currently considered an investigational molecule. The directions below reflect areas of scientific interest rather than a list of proven medical indications.
The main historical focus
Ibogaine is being investigated as a drug that can affect withdrawal symptoms and cravings. Controlled clinical trials are needed to confirm efficacy and safety.
Early clinical programs
In 2026, the FDA authorized a phase I study of noribogaine hydrochloride for alcohol use disorder in the United States.
Observational study
The open-label Nature Medicine study involved 30 male veterans predominantly with mild TBI. After therapy, measures of functioning improved, but there was no control group.
Secondary results of the study
The same participants had reduced symptoms after a month. The authors emphasize that initial results must be confirmed by controlled trials.
Open sources
Platform architecture
Three operational raw-material streams and one monitored option converge in one laboratory, one quality-control process and one export infrastructure.
No additional CAPEX is required.
Risk: Supply-chain dependence on a single region
Baseline Route 0 for the Seed round
Base CAPEX of $300,000–500,000
Risk: Four years before the first commercial harvest
Vertical Integration in Series A or B
Base CAPEX of $150,000–250,000
Risk: The new semisynthetic route requires pilot validation
Innovative route and potential IP
No additional CAPEX is required.
Risk: Commercial scalability has not been proven
Decision on whether to proceed in 2027
Two CAPEX scenarios. The revised scenario calls for about $460,000 for Route B and $320,000 for Route C; base ranges are $300,000 to $500,000 and $150,000 to $250,000, respectively.
Basic chemical route
Route A uses GMP voacangine from Ghana and an active DMF from Bruno. This is the basic Seed Round route and the launch option without waiting for plant cultivation.
Local raw-material supply
Route C shifts part of the raw-material supply base to Uruguay. Both plants are already present in the country and can be processed using the same laboratory equipment and process.
Tabernaemontana catharinensis
It's native to Uruguay. The root bark contains the CIVI complex: coronaridine, voacangine, ibogaine and ibogamine.
Catharanthus roseus
It is an ornamental plant already grown in Uruguay. The greenhouse model is designed for continuous rotation with low capital costs.
A single-stage process allows the conversion of coronaridine and voakangin from the raw extract of T. catharinensis into ibogaine.
Product line
One lab is designed to produce five related APIs for pharmaceutical and research customers.
$1,000–1,250/g
Primary GMP API; no GMP source is currently available on the market.
Customers: Pharmaceutical companies, CROs and clinics
$80-150/mg
Product of the T. catharinensis and C. roseus routes; no large-scale suppliers.
Customers: Drug discovery, 18-MC synthesis, universities
$70/g
Ibogaine precursor and separate revenue source during scaling.
Customers: Synthetic laboratories and the research market
Emerging market
Semisynthesized from coronaridine; a clinical product without cardiotoxicity.
Customers: Pharmaceutical programs against addiction
$50-120/mg
Active metabolite of ibogaine with independent clinical interest.
Customers: DemeRx, Delix and Pharmacokinetic Laboratories
Why Uruguay
The project ties its competitive advantage not only to the chemical process, but also to the legal status of the molecule, clinical trial and export certification.
Roadmap
The strategic roadmap shows year-by-year targets, and the operating calendar clarifies the timing of construction, authorization and first contracts.
2026
Voacangine from Ghana, Centro Flora, first batches and API authorization in Uruguay
2027
Quantitative assessment of T. catharinensis, a C. roseus greenhouse, a site in Bahia and pilot conversion of coronaridine → ibogaine
2028
Company-owned certified facility, revenue of $3.36 million, positive EBITDA and first contracts in the United States, Canada and Australia
2029
Capacity of 75 kg/year, three export markets, development of 18-MC and noribogaine
2030
First Voacanga crop, full vertical integration, revenue of $6.74 million and EBITDA of 58%
Q3 2026–Q3 2027
Construction work, equipment and GMP certification · $1 million
Q4 2027–Q1 2028
Accelerated track through Arché/UdelaR study
Q2 2028
USA, Canada, Australia and New Zealand
2028
Revenue $3.36 million, EBITDA $1.47 million, Series A trigger at $20–35 million
Project financial outlook
The financial model sets two checkpoints: breaking even in 2028 and scaling the platform by 2030.
EBITDA: +$1.47 million
First profitable year and first export contracts
EBITDA: Absolute value not disclosed
ARR as volumes grow and the multi-route platform develops
Competitive landscape
Arrayán combines Uruguay’s manufacturing base, export readiness and four raw material supply options.
| Participant | GMP status | Latin American base | Exports | Routes | Raw material base |
|---|---|---|---|---|---|
| Arrayán Bioscience | Under construction | Uruguay | Yes. | A+B+C+D | Local plants + GMP |
| ATAI Life Sciences | No. | No. | Research | One. | Dependence on Africa |
| DemeRx · United States | Phase 2 | No. | No. | One. | import |
| Potential players | Unknown. | No. | Unknown. | Unknown. | No plan. |
| Gray market | No. | Different countries | Illegal | No. | No. |
Capital structure
The financial plan includes two confirmed rounds and an optional Series B. Each next stage is associated with a specific project milestone.
$2 000 000
SAFE · pre-money $6 million
Trigger: Round is open
F1: API authorization and at least one export contract
$3.5 million to $5 million
Priced equity · pre-money $20-35 million
Trigger: API authorization and at least one contract
F2: First API export contract signed
$12-17 million
Pre-money $75 million to $100 million
Trigger: Only if an exit has not occurred by F2–F3
Probable scenario: a strategic exit at F2/F3 makes this round unnecessary
A parallel non-dilutive funding channel includes NIH, MAPS, ANII, EU Horizon, and Texas EO, with an additional $250,000 to $1 million available alongside the rounds.
Catalysts and exit scenarios
Regulatory decisions, industry deals, and expanding access form a window for capital raising and three exit scenarios.
April 18, 2026
A U.S. presidential executive order on ibogaine provides for $50 million in federal co-financing.
May 5, 2026
The MSP has approved the UdelaR clinical trial; the project sees this decision as an accelerating factor for API authorization.
2024
AbbVie's $65 million deal for seed-stage psychoplastogen rights without clinical data serves as an industry benchmark for valuation.
2023–2025
Decisions by Australia and New Zealand on MDMA and psilocybin are increasing the priority of GMP supply.
$20-55 million
F2–F3 · 2027–2028
Strategic M&A: acquisition of a GMP supply chain and a Uruguayan regulatory position.
$60-$150 million
F3–F4 · 2029–2030
Revenue-based exit at ARR of $6 million: IPO or recapitalization with PE.
$100–300 million+
F4 · from 2030
Platform valuation with its own pipeline and a position as a key supplier in Latin America.
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