Field Trip Ventures Archives - Green Market Report

StaffAugust 17, 2021

Field Trip Health Ltd. (Nasdaq: FTRP) reported its fiscal first-quarter 2022 results for the three months ended June 30, 2021. Field Trip said it earned patient services revenues of $867,400 from its Toronto, New York, Santa Monica, Chicago, Atlanta, and Houston clinics, a 65% increase over the fourth fiscal quarter patient services revenues of $526,435. The net loss for the first fiscal quarter of 2022 of $12,530,395 was primarily due to total operating costs of $12,310,930, of which $1,599,451 related to non-cash share-based compensation and depreciation and amortization excluding leaseholds.

The Houston clinic was open for about half the quarter. By comparison, revenue in fiscal first-quarter 2021 (for the three months ended June 30, 2020) was $23,599 with only one facility – Toronto – in operation. The company said it expects to scale revenue as the clinics continue to ramp up. The company has $99 million in cash and cash equivalents.

Joseph del Moral, Field Trip’s CEO, said, “Our differentiated strategy provides us with a path to drug development and commercialization, leveraging the synergies between our drug development and clinics businesses to collect data and insights that can be used to ensure our approach is targeted and effective, with an optimal go-to-market strategy. We continue to successfully execute this strategy, advancing on FT-104 development work, opening Field Trip Health sites as well as advancing other research work to add to our drug development pipeline. Additionally, we are very pleased that our work with FT-104 continues to progress. These pre-clinical studies, which are necessary before we can move on to Phase 1 development, are expected to be completed by year end 2021. Commencing Phase 1 trials will be a key milestone for us, and the rollout of Field Trip Health centers give us a head start on executing on our research goals and gaining insights and data to potentially de-risk the path to approval for FT-104. Further, by interfacing with patients, providers and payers and building the infrastructure and technology to scale access to psychedelic therapies these sites also help to derisk the successful commercialization of FT-104 and other future pipeline drugs.”

Field Trip also announced that it has entered into leases and has started, or will soon start construction to build Field Trip Health centers in San Diego, CA, San Carlos, CA, Seattle, WA, Washington DC and Fredericton, NB. During the current fiscal quarter, the company also leased locations in Austin, TX, Stamford, CT, and Vancouver, BC.

Dr. Ryan Yermus, Field Trip’s Chief Clinical Officer added: “Our Health Sites are a key strategic asset for us as they enable us to gather large amounts of patient data on clinical outcomes which further enhances our research studies. On the patient side we are providing a vital service for those who were unable to get the desired results with other drugs and/or therapies protocols. During the quarter, we opened a Health Site in Houston, our sixth location, with Amsterdam opening subsequent to the quarter end. To date, our Psychedelic Assisted Psychotherapy treatments are primarily ketamine-assisted psychotherapies (KAP), with the Amsterdam site being our first Field Trip Health site focused on the therapeutic use of psychedelics using legal psilocybin truffles. We plan to leverage the data we collect from our Health Sites to create new treatment programs and innovate new patient offerings. Our preliminary results suggest that the benefits of KAP may last longer than ketamine infusions alone for treatment of depression and anxiety — often reporting an improvement from severe levels at intake to minimal upon program completion.”

Debra BorchardtOctober 29, 2020

Field Trip Health Ltd. (CSE: FTRP) (OTC: FTRPF) provided an update on its in-vivo and in-vitro studies on FT-104, its lead drug candidate. FT-104 is a novel, synthetic psychedelic molecule developed by Field Trip. The company confirmed both the successful GLP synthesis of FT-104 and that FT-104 is a serotonin 5HT2A receptor agonist (the serotonin receptor believed responsible for psychedelic experiences).

Field Trip announced that FT-104 is a potent psychedelic molecule with rapid onset and short duration (roughly half the amount of time of natural psilocybin at 2-4 hours). FT-104 was selected for its simplicity as well as its potential to distinguish itself with respect to its pharmacological features relative to naturally-derived substances, such as psilocybin, DMT, and LSD.

“Drugs like psilocybin and MDMA are showing significant efficacy in treating conditions like depression and PTSD,” said Dieter Weinand, Field Trip Board Member and former Chairman and CEO of Bayer Pharmaceuticals AG. “However, the relatively slow onset, and long duration of those drugs, which can result in treatment times lasting from 6 to 10 hours or more, makes them less attractive to patients and clinicians because of the time and treatment infrastructure required. Not to mention, they are not, generally speaking, protectable by intellectual property.”

Field Trip reported in a statement the following updates:

FT-104’s binding constant (Ki) for the 5HT2A receptor is 120 nM, which indicates a potency similar to psilocybin¹;
A 2mg/kg subcutaneous dose of FT104 to rats resulted in peak concentrations (Cmax) of the active agonist of 150+/-51 ng/ml at 60 min (Tmax) and bioavailability of 89%.
The elimination of FT-104 from the bloodstream has a half-life (t1/2) of 40min, which compares to psilocybin with a half-life on the order of 120min²;
A head twitch response (“HTR”) was observed after the administration of FT-104. The intensity of the HTR correlated well with plasma levels of the active which suggests that the EC50 (50% effective concentration) for the HTR is in the range of 100 ng/ml. It has been shown that the HTR in rodents is related to the intensity of psychedelic activity of a psychedelic substance, and thus, is an indicator of its potential for use as a catalyst to treat mood disorders.

“If the results suggested by these preliminary studies for FT-104 are confirmed in clinical studies, FT-104 will address several notable limitations of psilocybin and MDMA. Plus, it would be more convenient,” added Weinand, “which could make it the first choice for clinicians and a better treatment option than psilocybin.”

Ronan Levy, Field Trip’s Executive Chairman noted, “Since inception, our philosophy at Field Trip has been that any psychedelics company needs to focus on both the development of psychedelic medicines and the delivery of psychedelic therapies. We’ve always known that the Field Trip Health centers rolling out across North America would give us a competitive advantage in understanding and meeting the challenges of psychedelic medicine. Now, the latest results with FT104 suggest that Field Trip will also be the leader in the development of new psychedelic therapeutics.”

Video StaffFebruary 7, 2020

The Green Market Report hosted its first Psychedelic Investing conference on January 24, in New York City. This panel was moderated by Lewis Goldberg, Managing Partner at Communications firm KCSA. He was joined by Ronan Levy of Field Trip Ventures and Brian Quigley of Green Sky Strategies. They spoke about the similarities between the emerging psychedelic companies and the early days of the cannabis industry. Levy was at the forefront of the legal cannabis industry in Canada when he co-founded Canadian Cannabis Clinics and CanvasRX Inc, which was acquired by Aurora Cannabis in 2016. His new venture will create clinics that will focus on psychedelics-assisted therapies. Quigley is the Co-founder of Green Sky Strategies. He and his partners Jim McAlpine and Ophelia Chong have created a Cannabis Strategy team that combines deep cannabis industry and consumer experience with proven Fortune 500 strategic thinking. The group is looking at psychedelic investments.

Debra BorchardtFebruary 6, 2020

Psychedelic clinic company Field Trip Psychedelics Inc. closed of its oversubscribed Series A financing round. The financing, which was completed through a private placement, raised $8.5 million for the company.

“The interest we had in this financing came from a broad and varied group of academics, entrepreneurs, medical professionals, financial professionals and investment funds,” said Ronan Levy, Executive Chairman of Field Trip. “The ability to pull together such a thoughtful, supportive and diversified investor base is certainly a tribute to the team at Field Trip and the work we are doing. It also speaks profoundly to the level of interest, excitement and importance that people around the world are placing on the advancement of psychedelics and the role they may play in improving mental health, performance, general wellness and happiness.”

The company said the funds will be used to execute the initial stages of Field Trip’s strategic plan to build out the world’s first network of medical centers focused exclusively on psychedelic-enhanced psychotherapy. In addition to that, the financing will help fund the final construction of its research and cultivation facility at the University of the West Indies in Jamaica that is dedicated to the study of psilocybin-producing mushrooms and the discovery of novel therapeutic molecules.

The financing was led by Field Trip’s founders and Singhal Health Foundation. Other notable investors in the round include Subversive Capital, Silver Spike Capital, and the venture capital firm Bolt, as well as individual investors Harris Fricker, an early-stage investor and pioneer in e-payments and blockchain, and Ben Greenfield, a globally recognized longevity expert and biohacker.

“Nearly 1 in 4 people will be diagnosed with a mental health condition in their lifetime. By 2023, depressive disorders will be the single largest cause of the burden of disease globally,” said Sanjay Singhal, Founder of the Singhal Health Foundation. “Addressing the global mental health crisis requires effort, work and coordination from people and organizations of all forms; academic, non-profit and for-profit. The team at Field Trip blends the right balance of a track record of success, ambition, and commitment to ethical and thoughtful business practices, which is why I’m excited to support their efforts and work closely with them to achieve their mission.”