Field Trip Archives - Green Market Report

Julie AitchesonMay 20, 2021
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The results of Field Trip Health Ltd.’s (OTC: FTRPF) first annual “State of Mind” survey hold few surprises for those who have followed the news around the effects of the pandemic on mental health. Field Trip Health is the largest provider of psychedelic therapies in the world and initiated this survey to look into the state of mental and emotional health in the U.S., and to get a sense of how receptive respondents are towards incorporating psychedelics into treatment. 

Though there have been positive stories about those who took time to reconnect with family, enjoy a slower pace of life, and exercise more during the Covid crisis, over eight out of ten Americans surveyed by Field Trip reported at least one symptom of depression. This contrasts with the 76 percent of respondents who self-identified their mental health as “good” or better, which demonstrates a possible lack of understanding around the metrics of mental health and as well as a disparity between those metrics and self-perception. Younger Americans between the ages of 18 and 24 posted the highest results in self-reported symptoms of depression, while only 10 percent of those 65 years and older reported the same. Out of all respondents surveyed, a striking 1 in 4 reported that they have felt that they would be better off dead or thought of injuring themselves. 

Field Trip’s survey also revealed that while a substantial number of respondents (42%) are relying on the support of a therapist, counselor, or other mental health professionals for support, many Americans have turned to drugs and other vices as coping mechanisms to deal with negative thoughts or emotions. Those mechanisms include alcohol (with 37% reporting increased consumption since the pandemic began), porn, overeating, and gambling. The use of prescription medications and opioids increased as well. The survey also revealed that women were more likely than men to indicate negative mental health states and appear to have borne the brunt of negative mental health outcomes during the pandemic in addition to (and no doubt compounded by) the negative impacts on their professional and financial security.

While the survey results might not have been encouraging as far as the current state of mental health in the U.S. is concerned, it was optimistic regarding the role psychedelics might play in addressing the fallout from the last fifteen months of pandemic stress. Despite the fact that 70 percent of Americans reported never having tried psychedelics, a full 37 percent would support the use of psychedelic-assisted therapies after a description of the process, 24% would be open to trying those therapies, and 23% of respondents were curious to learn more about them. With more states making moves to legalize the use of psychedelics for the treatment of mental illnesses including PTSD and other trauma-related disorders, the receptivity to psychedelics as a therapeutic adjunct reported by Field Trip suggests that when those therapies become available, there will be a sizable population ready to seek them out.

 


StaffMay 4, 2021
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Psychedelic clinic companies have been expanding quickly as more patients are seeking alternatives to traditional prescription drug treatments. Both Field Trip Health and Novamind announced news of their expanding clinics across the country.

Field Trip

Field Trip Health Ltd. (OTCQX: FTRPF)  opened its fifth location in the United States in the city of Houston, TX. Located in the River Oaks District, the Houston location is the second Field Trip Health center to open this year. Field Trip also announced that it has entered into leases and has commenced, or will soon commence, construction to build Field Trip Health centers in San Diego, CA, San Carlos, CA, Seattle, WA, Washington DC, and Fredericton, NB.

“Every week, new evidence about the safety and efficacy of psychedelic therapies is being published. The academic data matches closely with what we are seeing in our Field Trip Health centers — that psychedelic-assisted therapy is a safe and effective treatment for depression, anxiety, and other mental health challenges,” commented Dr. Ben Medrano, Field Trip’s Senior Vice President, and U.S. Medical Director. “It is great to see academic journals like The New England Journal of Medicine as well as former Governor Rick Perry adding their voices to the conversation.”  The company noted that many peer-reviewed studies have shown the efficacy and safety of psychedelic-enhanced therapies as powerful and effective treatments for mental health challenges like depression, anxiety, and PTSD, as well as to promote mental and emotional health and well-being. In addition, according to new research from the New England Journal of Medicine, there is evidence indicating that psychedelic substances boost divergent thinking and creative ability in the long term.
Field Trip said that the design of the Houston location was heavily influenced by its local aesthetic, honoring Houston’s charm. It features Southwestern-inspired rugs, soft recycled leather couches, a beautiful moss wall, and most notably a zen rock box stretching almost the entire length of the hallway. With seven treatment rooms, a large group therapy room, and a beautiful light-filled integration lounge, the Houston location is calm, bright, and inviting. Each treatment room features custom photography of clouds taken all over the world, included to provide a relaxing atmosphere and to allow the mind to drift into a peaceful quiet space.
Novamind

Novamind Inc. (OTC PINK:NVMDF) reported it would open four new Cedar Psychiatry clinics, doubling its network to eight total locations. The expanded capacity from the New Clinics is forecasted to increase Novamind’s patient volume from 20,000 client visits recorded in 2020 to approximately 65,000 client visits anticipated in 2021.

“We are doubling the size of our clinic network six months ahead of schedule, with the added capacity enabling us to scale to 65,000 client visits in 2021,” said Yaron Conforti, CEO and Director of Novamind. “Expect continued and aggressive growth as we expand Novamind’s clinic network and clinical research infrastructure ahead of the FDA’s anticipated approvals of MDMA and psilocybin.”

Novamind said it has begun construction on three of the New Clinics and leased a fourth additional property. Scheduled to open between July and September 2021, the New Clinics represent the initial phase of Novamind’s national expansion strategy whereby the Company is replicating the successful operating track record of its current clinics in Utah, at scale, ahead of its expansion into other American states in 2021.


StaffMarch 17, 2021
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4min7600

Field Trip Health Ltd. (OTCQX: FTRPF) closed the bought deal offering that brought the company a whopping $95 million. As a result, Field Trip issued 14,661,499 common shares,  at a price of C$6.50 per Common Share, for aggregate gross proceeds of $95 million. The stock was lately trading at C$6.40. The deal was upsized from the originally planned $50 million.

The lead investor in the Offering was Soleus Capital with additional participation by Avidity Partners, Sphera Funds, Pura Vida Investments, Jennison Associates and other healthcare specialized institutional investors.

Joseph del Moral, Chief Executive Officer of Field Trip, said, “Completing this equity financing is an important milestone as we work to build Field Trip into a household name, not only in the amount of growth capital it provides us, but from the support and endorsement provided through the participation of some of the world’s leading healthcare-specialized investors. It is a powerful validation of what we are building at Field Trip.”

Field Trip now has pro forma cash and cash equivalents on hand of $113.7 million. Field Trip said it intends to use the net proceeds for the ongoing development of the “FT-104” novel psychedelic development program, the opening of new Field Trip Health centers, and for working capital and general corporate purposes. Last month, Field Trip reported its earnings with patient services revenues of $316,329 from its Toronto, New York, and Santa Monica clinics, a 235% increase over the second fiscal quarter patient services revenues of $94,532. Net loss for the third fiscal quarter of $8,275,669 was primarily due to general and administration expenses of $2,989,160, listing expenses of $2,131,109 relating to the Transaction, research and development expenses of $1,064,744, patient services expenses of $668,911, sales & marketing expenses of $534,848, depreciation and amortization of $375,745, occupancy costs of $288,452 and realized foreign exchange loss of $454,475. The net loss for the prior year’s third fiscal quarter of $1,055,666 was primarily due to general and administration expenses of $683,604, occupancy costs of $149,380, sales and marketing expenses of $96,391 and research and development costs of $81,113.

“Soleus Capital is pleased to be partnering with Field Trip as a significant investor in their ongoing growth,” said Guy Levy, Chief Investment Officer of Soleus Capital Management. “We believe Field Trip is positioned to establish itself as a global leader in the delivery and development of psychedelic therapies for depression and other mental health indications with high unmet need.”

“Through this financing, we have the balance sheet strength to advance our work with FT-104 — a molecule that, based on its pharmacology and its IP defensibility, we believe is the most exciting in the industry — through a number of value inflection points and to accelerate the rollout of our Field Trip Health centers across North America and Europe, while still having reserves for new opportunities as they emerge,” added Hannan Fleiman, Field Trip’s President and one of its co-founders.


Debra BorchardtOctober 29, 2020
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4min6070

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.”


Debra BorchardtOctober 6, 2020
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7min20180

Field Trip Health Ltd. (CSE: FTRP) has become the latest psychedelic treatment company to go public through a reverse takeover of Newton Energy Corp.  The company began trading today on the Canadian Securities Exchange under the symbol FTRP.

Joseph del Moral, CEO of Field Trip, said, “Our public listing will increase our visibility among investors as we continue our work to transform attitudes and approaches to mental, emotional and behavioral health through psychedelics. Transparency and open communication with our shareholders will remain a top priority going forward. I would encourage those investors who are interested in following our progress to explore the new website in more detail.”

The new site Mr. Moral mentioned is https://www.meetfieldtrip.com provides details of Field Trip’s integrated platform which combines psychedelic-enhanced psychotherapy, technology-enabled clinical hubs, and telehealth remote care, and drug and product development.

Moral and his Co-founder Ronan Levy bring to the psychedelic world expertise in creating cannabis clinics in Canada. The two created CanvasRx Inc. and Canadian Cannabis Clinics, which grew to be the largest cannabis clinic company in Canada. In 2016, CanvasRx was acquired by Aurora Cannabis Inc. (NYSE: ACB) and Moral joined Aurora’s board of directors. Levy served as Senior Vice President, Business and Corporate Affairs, for Aurora.

Successful closings of two external financings have brought in approximately $24 million to fund growth and propel Field Trip forward in the mission to bringing people to life through psychedelic therapies. The company is essential divided into three categories Health (clinics), Discovery (R&D), and Trip (digital).

Field Trip Health

Field Trip Health is reimagining the mental health clinic with intentionally designed, technologically-empowered psychedelic-assisted psychotherapy centers across North America. With an ambitious and unparalleled expansion strategy and clear growth milestones either already met or on schedule, including an aggressive rollout of 75 clinics by 2023 and revenue growth from the 3 recently-launched clinics in Toronto, New York and Los Angeles (opened in H1 2020), Field Trip Health is establishing itself as the leader in psychedelic therapies. The team has secured partnerships with psychologists, doctors and medical centers to ensure a hard-to-replicate referral network across all locations.

The Field Trip Health approach is an evidence-based, medically-supervised psychedelic therapy protocol personalized by client background and goals. We support individuals who are looking to heal from tough-to-beat mental illnesses like PTSD and depression, as well as those simply looking to grow and expand empathy, increase creativity and feel a deeper connection to themselves, others and the planet.

Field Trip Discovery

Field Trip Discovery, our R&D division, was created to do just that: research, develop and eventually commercialize psychedelic-inspired regulated products and medicines.

Field Trip Discovery’s primary focus is in developing novel, patented, regulated medicines targeting the serotonin 5HT2A serotonin receptor, which is believed to be the primary receptor involved in psychedelic experiences and responsible for the use of these substances to treat mental disorders, including depression and anxiety.

Discovery’s first molecule in development, FT-104, is a synthetic psychedelic molecule for which anecdotal information indicates unique and useful pharmacological features that could make FT-104 a more commercially viable alternative to naturally-derived substances, such as DMT, 5-MeO-DMT, psilocybin and LSD. The pharmacological activity of FT-104 has been confirmed and it is currently in preclinical evaluation. Field Trip anticipates initial Phase 1 clinical studies in 2021. A provisional patent relating to FT-104 composition and use has been filed with the USPTO (63,045,901; June 30, 2020).

Trip

Trip, Field Trip Digital’s first iOS and Android app for consciousness expansion, was launched in mid August 2020 and has since been featured in WiredProduct HuntYahooBusiness InsiderDoubleBlindGreen EntrepreneurMarket Watch, and FreeThink. Trip blends modern neuroscience with the wisdom of psychology to take you on a self-guided journey and help you make the most of your consciousness-expanding experiences through intention setting, mood tracking, personalized music, mindfulness content, and more. Download Trip now on iOS or Android.

 


Anne-Marie FischerNovember 12, 2019
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“If cannabis has been significant, psilocybin will have much more of a therapeutic impact,” said Toronto-based cannabis-turned-psychedelics entrepreneur Ronan Levy, when Green Market Report caught up with him to talk about the future of research on psychedelics. 

Field Trip Ventures, the world’s first integrated company in legal psychedelics and psychedelic-assisted psychotherapy, announced last month that it has developed a strategic partnership with the University of the West Indies (UWI) in Mona, Jamaica to create the world’s first legal research and cultivation facility dedicated to psilocybin-producing mushrooms. 

One of five co-founders, Ronan Levy, who has found significant success in the cannabis industry, predicts that what will be uncovered about psychedelics at the UWI research facility will be a “paradigm shift in the treatment of mental health.”

What’s Going Down in Jamaica

The partnership will involve Field Trip Natural Products Limited (Field Trip’s Jamaican subsidiary) constructing, funding, and operating a state-of-the-art research and cultivation facility on UWI’s Mona campus. UWI will lease to Field Trip Ventures the land for building the facility, while Field Trip Ventures will provide leading biology, mycology and chemistry researchers to assist Field Trip’s research and cultivation efforts.

Jamaica is an ideal location in which to study the effects of psychedelics, specifically psilocybin (“magic mushrooms”). In Jamaica, psilocybin has never been made illegal, and it remains legal to sell, possess, transport and cultivate. “The legal status of psilocybin in Jamaica enables broader clinical research,” says Levy. Most important is the ability to “get approvals to work with organic psilocybin”. 

Most of the research on psilocybin until now, Levy notes, has been limited to synthetic molecules due to the legal status of psilocybin across the world. Working with organic molecules derived from psilocybin in Jamaica will allow research to be uncovered on how psilocybin, and its precursor molecule psilocin, actually affect humans, especially in light of recent movements towards decriminalization and legalization of psilocybin in Colorado and California. 

The government in Jamaica is supportive of this partnership, as the Minister of Health, Christopher Tufton, is a vocal advocate for this research, and puts the mental health of the people of his country as his primary objective. 

A Best in Class Partnership

UWI has long been known within academic communities as a forward-thinking research and education center. The focus of the UWI Facility will be broad-ranging, from genetics, breeding and cultivation work on the 180+ plus species of psilocybin-producing mushrooms, to developing methods and analysis for extractions and formulations, to identification of novel molecules for drug development purposes. Research at the Facility will be led by Rupika Delgoda, Professor of Biochemical Pharmacology & Pharmacognosy and Director of the Natural Products Institute at UWI, who holds a doctorate from Oxford University (UK) in Pharmacology. “It was an immediate synergy,” said Levy, noting that the partnership brought together “a well-equipped team of scientists” to provide a turnkey solution to legal psychedelics research through the research facility.

Levy notes that the facility will also focus on other molecules with therapeutic interest and values for psychedelics assisted psychotherapy, with best in class practices to enhance the psychotherapy process, and in essence to “suspend the ego”, as Levy describes it. The facility will start looking at ketamine as well while also integrating practices like meditation and breathwork into the psychotherapy sessions. 

A Look at the Growing Psychedelics Movement

Unless you’ve been living under a rock, you’ve likely heard that more people are beginning to turn to psychedelics, and psychedelic-assisted psychotherapy, to manage mental health. Psychedelic assisted psychotherapy, or PAP, involves the professionally supervised use of ketamine, MDMA, psilocybin, LSD and ibogaine as part of psychotherapy programs. Clinical results so far are showing safety and efficacy, even for “treatment-resistant” conditions, which is why firms like Field Trip Ventures, and Orthogonal Thinker, who we covered earlier this season, are working so hard to spring the psychedelics movement forward. 

Earlier this fall it was announced that John’s Hopkin’s opened the Center for Psychedelic and Consciousness Research. Researchers intend to focus on how psychedelics affect behavior, mood, cognition, brain function, and biological markers of health. Upcoming studies will determine the effectiveness of psilocybin as a new therapy for opioid addiction, Alzheimer’s disease, post-traumatic stress disorder (PTSD), post-treatment Lyme disease syndrome (formerly known as chronic Lyme disease), anorexia nervosa and alcohol use in people with major depression. 

Field Trip intends to build on the existing and current work that is happening within the psychedelics and psilocybin movement. “Although psilocybin, as a molecule, has been well-studied, there is great opportunity to create impact by developing a better understanding of the fungi that produce psilocybin and other tryptamines.  This is why we are so pleased to be partnering with UWI, a leading global academic institution, in building this facility in Jamaica,” said Mujeeb Jafferi, Field Trip’s President.

Standing on the Shoulders of Cannabis

Working in cannabis, and building a number of successful companies and partnerships, is what Ronan Levy sees as his biggest strength of what he and many of his partners bring to the Field Trip and psychedelics table. 

“I wanted to ensure that I was able to provide a thoughtful and prudent approach to cannabis medicine,” said Levy of his first successful companies Canadian Cannabis Clinics and CanvasRX (co-founded with Field Trip co-founders Joseph del Moral, Hannan Fleiman, and Dr. Ryan Yermus), which have served over 100,000 Canadians in the medical cannabis system. After CanvasRX was sold to Aurora Cannabis Inc (NYSE: ACB) in 2016, Levy served as Senior Vice President, Business and Corporate Affairs for Aurora. Holding a Juris Doctor and a Bachelor of Commerce degree, Levy saw a natural next step in getting back to entrepreneurship with the psychedelics movement starting to take off. 

Much like the cannabis industry’s maturity, Levy sees the same maturity happening within psychedelics in the way that we’ve been able to classify components of the cannabis plant. Because of what the cannabis industry has done for understanding psychoactive compounds, psychedelics have an excellent benchmark to start off, with Levy noting now “the caliber is higher than cannabis was five years ago.”

Levy is taking his experience in what he refers to as “stigmatized medicine” into this paradigm shift that could have a significant impact on health care in the future.

Because the status of psilocybin still remains illegal across the world, it’s difficult to determine the potential market worth of legal psychedelics. Psychedelic Science Review noted that “any drug with the potential to address a $48 billion cost to employers due to treatment-resistant depression and $249 billion alcohol-associated cost to society, also has the potential to make a momentous impact in the marketplace.”

“We’re getting excitement from conventional pharmaceuticals and Big Pharma,” says Levy.

Green Market Report continues to keep a keen eye on the developing psychedelics industry and looks forward to covering important movements in this promising movement. 

 


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