MindMed Archives - Green Market Report

Dave HodesApril 19, 2022
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The year 2021 has not been kind to the psychedelics industry. The stock performances of the 60 publicly traded psychedelics companies on the Psychedelic Stock Index have been trending steadily downward since February 22, 2021, to their lowest point since the index began on June 1, 2020.

The pandemic has definitely affected psychedelic business development. Nevertheless, a few companies are getting closer to offering products and expanding therapy services. So a looming perfect storm of more psychedelic companies laying the groundwork for further development may encourage a business rebound in 2022.

Here are our picks for the five psychedelic companies to watch in 2022:

Atai Life Sciences, Berlin, Germany – listed on NASDAQ (ATAI) since July, 2021 – Market cap $999 million

Atai Life Sciences, a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders, is also one of the largest shareholders in Compass Pathways. In December, 2021, Atai Impact, launched in October, 2021 as the philanthropic program of Atai Life Sciences, announced its first major initiative, the establishment of the Atai $2 million Fellowship Fund in Psychedelic Neuroscience in collaboration with Massachusetts General Hospital’s Center for the Neuroscience of Psychedelics. The company also entered into a series of joint ventures and acquisitions in 2021, including with Psyber, a globally based startup focused on the development of brain-computer interface-enabled digital therapeutics for treating mental health issues. What’s coming in 2022: In January, 2022, the U.S. Food and Drug Administration (FDA) gave Atai Investigational New Drug (IND) clearance to conduct a clinical study of ketamine. Atai plans to initiate the study early this year through its platform company Perception Neuroscience.

Compass Pathways, London, England – listed on NASDAQ (CMPS) since September 2020 – Market cap $751 million

Compass Pathways is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Compass has completed a phase IIb clinical trial of psilocybin therapy for treatment resistant depression in 22 sites across Europe and North America, one of the largest randomized, controlled, double-blind psilocybin therapy clinical trial ever conducted. Compass is also running a phase II clinical trial of COMP360 psilocybin therapy for post-traumatic stress disorder (PTSD).  What’s coming in 2022: The company is preparing for a meeting with the FDA in early 2022 to finalize a program using their psilocybin therapy, and anticipates commencing that program late in 2022.

 

Cybin, Toronto, Ontario, CNlisted on NYSE (CYBN) since August 2021 – Market cap $192 million

Cybin is a leading biotechnology company focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders. It was the first psychedelics company to trade on the NYSE in August, 2021. The company has raised just over $96 million to date to fund clinical trials, M&A and IP strategies. What’s coming in 2022: In October 26, 2021, the FDA authorized an IND application to proceed with the company’s sponsored feasibility study using Kernel’s Flow technology to measure ketamine’s psychedelic effect on cerebral cortex hemodynamics (brain flow blood). Kernel Flow uses pulsed light instead of continuous wave light to increase measured brain information. Kernel Flow is a wearable device the size and look of a bicycle helmet. In the future, it could be more broadly used for neuroscientific or physiological studies of brain activity during psychedelic use.

 

Field Trip Health, Toronto, CN – listed on NASDAQ (FTRP) since July 2021 – Market cap $149 million

Field Trip does research and development on novel, psychedelic-inspired regulated medicines, and operates clinics that deliver ketamine-assisted psychotherapy in Canada and the United States. Field Trip currently operates and/or owns nine clinics in Toronto, Ontario; Fredericton, 

New Brunswick; New York, New York; Santa Monica, California; Chicago, Illinois; Atlanta, Georgia; Seattle, Washington; Houston, Texas; and Amsterdam, The Netherlands. What’s coming in 2022: The company is planning to build an additional nine Field Trip Health Centers in Vancouver, British Columbia; San Diego, California; Washington, DC; Stamford, Connecticut; San Carlos, California; Austin, Texas; Scottsdale, Arizona; Dallas, Texas; and Miami, Florida. On January, 2022, Field Trip announced that the U.S. Patent and Trademark Office (USPTO) issued a Notice of Allowance for Field Trip’s patent application for their first novel psychedelic molecule in development. Field Trip expects the patent to be issued in February, 2022.

 

MindMed, New York, NY – listed on NASDAQ (MNMD) since April 2021. Market cap $357 million.

MindMed is a clinical-stage biotech company that seeks to discover, develop and deploy psychedelic-inspired medicines and therapies to address mental health and addiction. What’s coming in 2022: On January 4, 2022, the company announced the completion of its Phase 1 clinical trial of 18-MC, the company’s non-hallucinogenic proprietary derivative of ibogaine, being developed for the treatment of indications linked to opioid use disorder. This phase 1 single and multiple ascending dose trial conducted at a single clinical research site in Perth, Australia, evaluated the safety, tolerability, pharmacokinetics, and effects on the cognitive activity of 18-MC in healthy volunteers. The trial was completed in December 2021 with results expected in early 2022.

Sources: Company SEC filings; Yahoo! Finance; Psychedelic Stock Index; company websites and press releases


Debra BorchardtMarch 28, 2022
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Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED)  reported its financial results for the full year ended December 31, 2021. MindMed has no revenue at this time but did report that the net loss for the year was $92.3 million, compared to $33.7 million for 2020.

MindMed did note that it had cash totaling $133.5 million compared to $80.1 million as of December 31, 2020. The company said this will be enough capital to meet its operating requirements beyond its key development milestones in 2023 and into 2024. That means investors have to look at how the company is spending its money.

G&A Spending

MindMed reported that G&A expenses were $59.1 million for the year versus $14.4 million for 2020. The company attributed part of the increase to $28.9 million in non-cash stock-based compensation expenses of which $21.9 million was related to the modification of stock options and RSUs. The net cash used in operating activities was $45.8 million for the year, compared to $23.6 million for the same period in 2020.

R&D Spending

R&D expenses were $34.8 million for the year compared to $18.6 million for 2020. The company said the jump was primarily due to an increase of $2.7 million in expenses related to its MM-120 clinical research, $2.3 million in expenses related to its MM-110 clinical research, $3.5 million in expenses related to preclinical and other research programs, offset by a $3.5 million decrease of expense in connection with various external R&D collaborations. Internal costs increased $11.1 million primarily related to an increase in non-cash expenses of $6.6 million of stock-based compensation expenses and $2.6 million of amortization of our developed technology.

“2021 was a year of major advancements across all aspects of MindMed, with significant growth in our organization, development programs and research collaborations. We established a regulatory pathway for MM-120 in the treatment of GAD and, with MM-402, launched a program to develop a novel treatment for core symptoms of autism spectrum disorder – both of which represent meaningful leaps forward in the field of psychiatry,” said Robert Barrow, Chief Executive Officer and Director of MindMed. “We expect 2022 to be a transformational year in which we continue to drive substantial growth across our pharmaceutical and digital medicine pipelines. I am incredibly proud of our team’s achievements and I am more confident than ever in our ability to continue advancing our organization and development programs. We are keenly focused on our mission to deliver novel therapies to treat brain health disorders, leading to meaningful improvements in patient outcomes in these major areas of unmet medical need.”

Chopra Deal Is Off

The company said it ultimately did not reach a definitive agreement for potential collaboration with the Chopra Foundation and discontinued the engagement.


Dave HodesFebruary 22, 2022
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Digital therapeutics funding has been breaking records year after year. 

Health-related mobile applications available to consumers on top app stores worldwide now surpass 350,000, with more than 90,000 digital health apps added in 2020 — an average of more than 250 apps per day, according to Iqvia Institute, a data science company.

Investments in digital therapeutics companies in the United States have grown by an average of 40 percent a year since 2011 to reach more than $1 billion in 2018.

Products include video games as a digital therapeutic platform that incorporates neurological music therapy, sensors, and artificial intelligence (AI) to help patients who have suffered a stroke or other neurological disorder to rebuild motor skills.

Now there are a growing number of psychedelic companies getting involved in digital therapeutics. 

MindMed (OTC: MNMD) actually created their own digital medicine division called Albert. MindCure has their own digital therapeutic offering, the Istrym digital platform.

Tripp, a wellness platform company founded on the idea of making mental well-being popular through virtual reality and augmented reality, recently acquired EvolVR, a virtual reality social meditation company. We believe that alternate realities can be used to break the limits of what’s possible, immersing users in experiences they can’t have in the real world to help them feel mentally and emotionally supported in any world,” Nanea Reeves, CEO and co-founder of Tripp wrote about the company in her blog.

One of the unique digital therapeutic apps is SoundSelf, developed by Andromeda Entertainment. Getting into the experience is simple: To play, all you need is a gaming computer, headphones, and a microphone. Lower the lights or don your virtual reality headset. Listen to music rising and harmonizing with the viewer’s own voice, leading the viewer through swirling vortexes of light and color. “The symmetry of image, sound and body takes advantage of loopholes in perception to bring you a new experience of yourself and your world,” according to the description of the experience as described in a press release.

It’s a device that mimics the psychedelic experience and is designed to give people a sort of preview of what an actual psychedelic experience might be like if they have never done one, or help them relive moments of their own psychedelic experience, or try before an actual psychedelic trip. Or, perhaps, be a substitute to ingesting any plant substance with unknown consequences, but still experiencing a psychedelic-like self-awareness that can help them with various mental health conditions.

SoundSelf, still in development today, was started in 2012 by Robin Arnott, a game designer and sound designer. Together with Lyle Maxson, they formed Andromeda Entertainment in 2017 where Maxson is co-founder and chief strategy officer. “Robin and I combined knew a lot of what I call conscious developers in the virtual reality space who were programming really interesting entertainment products focused around mindfulness-state-shift exercise, kind of creating a positive mind body effect,” Maxson told Psychedealia

In mid-2021, he and Arnott decided to bring SoundSelf into the psychedelic therapy world. Unlike other biofeedback experiences, this experience is all very passive, he said. “You are just monitoring the body’s own biorhythms. It’s an active participatory experience where you use your voice, and your vocal intonations are fed back to you almost like a choir.”

The device user’s voice is amplified and fed back, making it sound better. “It’s designed to create a trance,” he said. “So it’s unpredictable, meaning that the feedback loop doesn’t give you your voice input as soon as you tone. It’s generating that as you go.”

That feedback is not only done with the user’s voice, but also with the visuals, he said. “We pair it with haptic technology (the science and technology of touch) to create the kinesthetic self experience. So it’s actually a vibrational biofeedback.”

Maxson does not recommend using the product during an actual plant-substance induced psychedelic experience, he said. “With psychedelics, we like to say that we want the medicine to speak for itself,” Maxson said.

“What we’re looking at (SoundSelf) as is an adjunct to the therapy, and really as a priming tool and an integration tool—priming to essentially create this relaxation response and get you into your body and really clear your mind before going into a psychedelic journey,” he said. “It’s enhancing set and setting. Then, as an integration tool, it’s a way to essentially bring back very similar brainwave states as what you were experiencing on your psychedelics, which allows you to integrate much more deeply, have the epiphanies come back to you, bring back some of the memory and the sensations you felt from your journey.”

They have recently redesigned the original virtual reality version of SoundSelf for light therapy. “With the light therapy, your brain is creating those visuals for you,” he said. “The visuals are changing, and it’s creating something called a liminal state, which is very similar to a dreamlike state. Your body’s starting to go deep into an hallucinogenic type of process just through the brainwave entrainment and audio visual stimulation.”

He thinks a product like SoundSelf will be more effective and more enticing to people than taking a pharmaceutical, which can have all sorts of side effects. “But, you know, ultimately, we are game designers first. And then we’re validating it with science second, which is a very unique approach,” he said. “I think it’s something that other companies should really lean into. Because in order to make this mainstream, it has to be fun. It has to be instantly gratifying and enjoyable and accessible. And that’s really where I think we can make this a world changer.”

“Videogames are an incredibly powerful tool for shaping a person’s consciousness,” Arnott said, as quoted in press release. “We have an opportunity to flip the distraction of games into a healing interaction.”


Debra BorchardtApril 28, 2021
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MindMed (NASDAQ: MNMD) shareholders have been taken on quite the trip over the last few days as the company uplisted from the Over The Counter Market to the big time at the NASDAQ. The stock jumped to over $5 a share in its last days at the OTC Markets, only to move to midtown Manhattan and see the shares plunge 29% in its debut. The stock closed at $4.02 on Tuesday. Some buyers look like they are jumping back in as early trading on Wednesday is seeing a 10% increase in price.

Last week, CEO J.R. Rahn said “The listing of our stock on the Nasdaq represents a significant milestone in our growth as a publicly-traded company. We believe this listing will increase our visibility in the marketplace, improve liquidity, broaden and diversify our shareholder base, and ultimately enhance long-term shareholder value. I would like to thank our employees, management, directors and our many collaborators for their hard work in making MindMed a member of the Nasdaq exchange, an important step that will help facilitate our mission to discover, develop and deploy psychedelic inspired medicines and therapies to address addiction and mental illness.”

MindMed is a clinical-stage psychedelic medicine biotech company that discovers, develops, and deploys psychedelic-inspired medicines and therapies to address addiction and mental illness. The company is assembling a compelling drug development pipeline of innovative treatments based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC. MindMed will retain its listing on the Neo Exchange Inc. under the symbol “MMED”

NASDAQ Is Tripping

NASDAQ has always been a home to emerging biotech companies. It has now become the goal of many psychedelic-based biotech companies to call the marketplace home as well. Compass Pathways listed at the exchange in September 2020. That company listed at roughly $29 and was lately trading at $39.  Its largest shareholder is Atai Life Sciences, which owns 29% of the stock. Compass has five analysts covering the stock with an average price target of $70.

Atai Life Sciences will be joining its peers on the NASDAQ soon enough. The company is one of the earlier psychedelic medicine biggies that was founded in 2018 and is based in Berlin. To date, Atai has raised more than $362 million in private funding from a variety of investors with the most famous being Peter Thiel and his firm, Thiel Capital. Last week the company filed for a 4100 million offering and noted its plans to list on the NASDAQ using the symbol ATAI. Atai currently has no revenue and reported a net loss of $178.6 million last year. According to the company’s filing, operating costs have increased to $104.1 million. Atai said it had $97.2 million in cash at the end of last year.

 


StaffMarch 30, 2021
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Mind Medicine (MindMed) Inc. (OTCQB: MMEDF) announced its annual 2020 financial results for the year ended December 31, 2020. At this time the company had no revenue to report. The net and comprehensive losses were $35.1 million for the year ending December 31, 2020.

Its total assets as of December 31, 2020, were $85.6 million, including $80.1 million in cash. MindMed said its net cash used in operating activities or its total cash burn was $24.2 million for the year ended December 31, 2020. The company’s current cash balance is $161 million or C$203 million. MindMed plans on using the funds to advance its portfolio and build out its technology division.

An earnings call will be held Thursday, April 1, 2021 at 10:00 am ET.

Since the year ended, MindMed closed on a bought deal in January 2021 resulting in proceeds of C$72 million. In February the company acquired HealthMode in a deal valued at $31 million. Health Mode is a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring. The acquisition will give MindMed access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire twenty-four-person digital medicine team. MindMed said it will incorporate HealthMode’s machine learning (ML) engineering, product development, and operations employees based in Silicon Valley, New York CityBratislava and Prague into its newly established digital medicine division, Albert. MindMed intends to establish Albert as a full-stack digital mental health platform, capable of launching and commercializing psychedelic-assisted therapies and medicines at scale for patients.

In March, Mindmed closed a private placement that generated proceeds of roughly $15 million. MindMed said the net proceeds will be used for further investment in Project Lucy (experiential LSD), the Microdose LSD Program, and Project Albert, which is now integrating MindMed’s most recent technology acquisition HealthMode to build a comprehensive mental health platform to deploy psychedelics medicines, and for general working capital purposes. The closing is expected to occur on or about March 9, 2021.


Debra BorchardtMarch 8, 2021
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Psychedelic medicine biotech company Mind Medicine (MindMed) Inc. (OTCQB: MMEDF)  has entered into an agreement with Canaccord Genuity Corp. to purchase for resale, on a bought deal private placement basis, an aggregate of 6,000,000 units of the Company at a price of C$3.25 per Unit for aggregate gross proceeds to the company of C$19,500,000 or roughly $15.4 million by today’s currency exchange. MindMed said that it is expected that the units will be primarily sold to one large institutional investor.

MindMed said the net proceeds will be used for further investment in Project Lucy (experiential LSD), the Microdose LSD Program, and Project Albert, which is now integrating MindMed’s most recent technology acquisition HealthMode to build a comprehensive mental health platform to deploy psychedelics medicines, and for general working capital purposes. The closing is expected to occur on or about March 9, 2021.

HealthMode

Last month, MindMed said it would acquire HealthMode in a deal valued at approximately C$41,254,180 and the payment of approximately C$300,000 in cash.

MindMed Co-Founder and CEO J.R. Rahn said at the time, “Our mission is to make MindMed as much a digital medicine company as a drug development company. With the addition of Dan and Bradford’s team of engineers and product experts, our digital medicine division, Albert, is now the Special Ops of digital medicine, applying machine learning to drug development and patient care. The future of modern mental healthcare and psychedelic medicine ultimately will rely on improving infrequent, self-reported and observed measures for mental health to a paradigm where the continual digital measurement of our mind and body is as vital as the drug treatment itself. In effect, we see a future mental health treatment paradigm where potential drug products such as our LSD experiential therapy might be prescribed right alongside software application programming interfaces (APIs) to prepare the patient for treatment and optimally monitor the after-care of one’s anxiety disorder.”

Project Lucy

Project Lucy is MindMed’s commercial drug development program for the treatment of anxiety disorders. The company said Project Lucy will initiate a Phase 2b human efficacy trial that will focus on experiential doses of LSD, administered by a therapist. This is the first experiential, psychedelic-assisted therapy to be added to the company’s drug development pipeline.

With the launch of Project Lucy, MindMed is now preparing a total of three Phase 2commercial drug trials based on psychedelic-inspired medicines, making it one of the most advanced and largest drug development pipelines in the psychedelics industry.


Debra BorchardtFebruary 18, 2021
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Psychedelic medicine biotech company MindMed (OTCQB: MMEDF) will acquire HealthMode, a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring.

MindMed said it will acquire HealthMode through the issuance of 82,508 multiple voting shares of MindMed (equivalent to 8,250,836 subordinate voting shares which, at yesterday’s closing price of CAD $5.13, puts the value of HealthMode at approximately CAD $41,254,180) and the payment of approximately CAD $300,000 in cash.

MindMed Co-Founder and CEO J.R. Rahn said: “Our mission is to make MindMed as much a digital medicine company as a drug development company. With the addition of Dan and Bradford’s team of engineers and product experts, our digital medicine division, Albert, is now the Special Ops of digital medicine, applying machine learning to drug development and patient care. The future of modern mental healthcare and psychedelic medicine ultimately will rely on improving infrequent, self-reported and observed measures for mental health to a paradigm where the continual digital measurement of our mind and body is as vital as the drug treatment itself. In effect, we see a future mental health treatment paradigm where potential drug products such as our LSD experiential therapy might be prescribed right alongside software application programming interfaces (APIs) to prepare the patient for treatment and optimally monitor the after-care of one’s anxiety disorder.”

What HealthMode Brings

The acquisition will give MindMed access to HealthMode’s Intellectual Property, platforms for clinical drug trials, and its entire twenty-four-person digital medicine team. MindMed said it will incorporate HealthMode’s machine learning (ML) engineering, product development, and operations employees based in Silicon Valley, New York CityBratislava and Prague into its newly established digital medicine division, Albert. MindMed intends to establish Albert as a full-stack digital mental health platform, capable of launching and commercializing psychedelic-assisted therapies and medicines at scale for patients.

MindMed will add pharmaceutical veteran Daniel R. Karlin M.D. M.A. and AI/ML expert Bradford Cross to the MindMed executive team. Cross, who will become the Chief Technology Officer of MindMed, was a founding partner at deep tech venture capital fund, Data Collective (DCVC) and also founded Prismatic, a personalized AI-driven news feed that became part of the IP underlying Linkedin’s newsfeed and content classification.

HealthMode Co-Founder Dan Karlin said, “Through the tech we have built at Healthmode, we aim to potentially rapidly increase the value of MindMed’s asset portfolio by advancing more drugs against more indications at a faster pace with high scientific and technical rigor.”

Co-Founder Bradford Cross added: “At HealthMode, our technical motto has always been ‘better science faster’ because we always try to think about what our tech can do to answer real scientific questions by capturing more and better data from increasing patient populations at higher frequency and at a larger scale. Now we’ll apply that playbook to accelerate research on one of the most promising targets in psychiatry and ultimately help launch these psychedelic-assisted therapies to patients at scale.”


Debra BorchardtDecember 15, 2020
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Mind Medicine (MindMed) Inc. (NEO: MMED) (OTCQB: MMEDF) entered into an agreement with Canaccord Genuity Corp. to purchase, on a bought deal basis an aggregate of 11,364,000 units of the company at a price of C$4.40 per unit for gross proceeds of C$50 million. the company said the net proceeds will be used for investment in Project Lucy, Albert (the company’s digital medicine division), additional microdosing research and development, Project Layla (18-MC) as well as general working capital.

MindMed also announced the successful completion of a pre-IND (Investigational New Drug) meeting with the U.S. Food and Drug Administration (FDA) regarding the development of lysergic acid diethylamide (LSD) assisted therapy for anxiety disorder. This FDA meeting is an important milestone for the company and provides regulatory clarity and confidence as MindMed advances its lead clinical development program in the U.S. The psychedelic drug company also said it plans to open the IND with the FDA in August 2021, with a Phase 2b clinical trial evaluating experiential doses of LSD in an anxiety disorder.

MindMed Co-Founder & Co-CEO J.R. Rahn said “The FDA is one of the most impactful organizations for regulated drug development globally. We look forward to working through the FDA pathway on psychedelic-assisted therapies in strict compliance with their proven drug development guidelines and commencing our Phase 2b trial for Project Lucy in 2021.”

While Project Lucy focuses on LSD, Project Layla has been tagged as an addiction treatment program evaluating the ibogaine derivative 18-MC. The preliminary data from the Phase 1 Multiple Ascending Dose (MAD) and Single Ascending Dose (SAD) study has shown that the drug is safe and well-tolerated at the doses tested to date and that no serious side effects have been reported.

MindMed’s clinical team and 18-MC’s Medical Director, Dr. Judy Ashworth, have decided to continue dose escalation in the study to gather higher dosing data. The company has said that once that additional data has been reviewed, MindMed will directly thereafter initiate the Phase 2a proof of concept study. A meeting with the FDA has been confirmed to continue discussions regarding the 18-MC clinical development plan.

Latest Offering

In addition to raising C$50 million, each unit shall consist of one subordinate voting share and one-half of one Subordinate Voting Share purchase warrant of the company. The statement said that each Warrant shall be exercisable to acquire one Subordinate Voting Share at an exercise price of C$5.75 per Subordinate Voting Share for a period of 3 years from the closing of the Offering, subject to a Warrant acceleration right exercisable by the company if the daily volume-weighted average trading price of the Company’s Subordinate Voting Shares on the NEO Exchange is greater than C$9.00 per Subordinate Voting Share for the preceding 5 consecutive trading days.


StaffDecember 9, 2020
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Mydecine Innovations

Mydecine Innovations Group (CSE: MYCO) (OTC: MYCOF) announced that it has completed its first commercial harvest of 20 kilograms of psilocybin mushrooms at its research and cultivation facility in Jamaica. The company said it is now preparing to export the harvest to its Canadian cGMP Facility which has a Health Canada schedule 1 Dealer’s License attached to it, allowing for legal import.

“We are pleased to announce the completion of our first commercial harvest of natural psilocybin mushrooms,” said Joshua Bartch, CEO and Chairman of Mydecine. “There is more research needed on these compounds in order to better understand the entourage effect experienced by patients which has shown dramatically effective results compared to single-molecule synthetic psilocybin in preliminary studies. As the industry grows, the need for naturally occurring psilocybin and access to large quantities of these molecules will be paramount and we are excited to be the first to advance this movement at scale.”

Mydecine said that its final product will be made available for purchase by other licensed institutions and companies conducting clinical research into the efficacy of these compounds to treat various health conditions including anxiety, addiction, depression and PTSD. Portions of the harvest will also be used for Mydecine’s proprietary genetic, pharmacology, and clinical research. The clinical use will be for the studies and developing protocols of psilocybin-assisted psychotherapy to treat PTSD in veterans and other frontline workers.

MindMed

Mind Medicine Inc. (NEO: MMED) (OTCQB: MMEDF) has filed a final short form prospectus with the securities commissions or similar authorities in each province of Canada, other than Québec with regards to a previously announced bought deal. The company’s underwriters have agreed to purchase 15,800,000 units of MindMed, on a “bought deal” basis, at a price per Unit of $1.90 for gross proceeds of $30,020,000.

The company said it has also granted the Underwriters an over-allotment option to purchase up to an additional 15% of the Units at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, an additional $4,503,000 will be raised pursuant to the Offering and the aggregate proceeds of the Offering will be $34,523,000.The Offering is scheduled to close on or about December 11, 2020.

Havn Life

Havn Life Sciences Inc. (CSE:HAVN)  has signed a Memorandum of Agreement with the international veteran’s organization, Heroic Hearts Project. Heroic Hearts is a registered 501(c)(3) nonprofit organization founded in the United States that connects military veterans struggling with mental trauma, to psychedelic therapy options including ayahuasca, psilocybin, and ketamine. Heroic Hearts also provides support and professional counseling to these veterans throughout the process. These veterans typically have tried all the available resources offered by the Department of Veteran Affairs with limited success leaving them with very few options. Heroic Hearts currently has branches across the United States, Canada, and the United Kingdom.

“This collaboration between Havn Life and Heroic Hearts has the potential to make an extraordinary impact on the mental health and wellness of military veterans,” said Susan Chapelle, EVP of Research and Development at Havn Life. “Under the agreement, Havn Life will supply products and compounds to be used in Heroic Hearts’ future clinical studies that will investigate the effects of low-dosage psychedelic compounds on veterans suffering from emotional trauma and PTSD. This progressive research will help develop clinical trial formulations to aid in the recovery of PTSD and other trauma-related disorders. We look forward to working closely with veterans and others with military backgrounds.”


Debra BorchardtOctober 27, 2020
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Mind Medicine (MindMed) Inc.  (OTCQB: MMEDF) has filed a final short form prospectus with the securities commissions or similar authorities in each province of Canada, other than Québec. Pursuant to the underwriting agreement with Canaccord Genuity Corp., the Underwriter has agreed to purchase, as sole bookrunner and underwriter, 23,810,000 units of the company on a “bought deal” basis, at a price per Unit of $1.05 CAD  for gross proceeds of $25,000,500. The offering is expected to close on or about October 30. The shares are currently selling forC$1.14.


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