NeonMind Biosciences Inc. (CSE: NEON) common shares have begun trading on the Canadian Securities Exchange under the ticker symbol “NEON”. NeonMind is a psychedelic drug development company and the company recently completed its oversubscribed Initial Public Offering on December 30, 2020, for gross proceeds of $4.6 million.
“Our public listing is a significant milestone for us as we execute on our plan to grow our intellectual property portfolio and product development pipeline,” says NeonMind founder and CEO, Penny White, “We are extremely grateful to the investment community for their participation in our successful public offering and we look forward to strategically increasing shareholder value as we advance our business in the psychedelic sector.”
The company said in a statement that its mission is to help people change their lives by changing their minds, through treatment with psychedelics. Its initial focus will be on obesity. NeonMind said it is exploring the use of psilocybin (a complex organic compound found in psychedelic mushrooms) as a potential treatment for weight loss through a preclinical trial. It has hired the University of British Columbia, which has been granted authorization by Health Canada to use Psilocybin in NeonMind’s Preclinical Trial, to test the potential use of Psilocybin to improve eating habits and cause weight loss. The Preclinical Trial started in November 2020 and NeonMind expects to complete an application for a Phase 2 Human Trial in the spring of 2021.
NeonMind has filed 5 US provisional patent applications claiming methods of aiding in weight loss, treating a compulsive eating disorder, treating obesity or a complication of obesity, and/or altering the diet of an individual by administering psilocybin and/or other psychedelic compounds or their analogs or by administering psilocybin or its analog in conjunction with therapy or other treatments.
NeonMind is also pursuing commercialization of its catalog of proprietary medicinal mushroom product formulas. It recently launched a collection of four mushroom-infused coffees which are infused with medicinal mushrooms Lion’s Mane, Turkey Tail, Reishi, and Cordyceps.