MindMed Archives - Green Market Report

Dave HodesAugust 23, 2022
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12min2130

To talk about company resilience in the psychedelics industry is a bit premature. After all, most of the more prominent companies didn’t open their doors until 2016 or later.

But it’s the perfect time to build a foundation for resilience while they look to a future of opportunity. Established life science businesses can help show the way.

Challenges to Survival

The COVID-19 pandemic was one of those unplanned disruptors that forced many life sciences businesses to adapt quickly to a different business landscape and demonstrate not only their resilience but their ability to answer the call of duty during a health crisis.

Big, established pharmaceutical companies such Pfizer and Merck take disruptive events in stride, even when called on to put everything else on hold to address the outbreak of a deadly virus. But other life science companies emerging in the same space, such as psychedelics, are not so inclined.

As Pfizer’s billion-dollar revenues pile up year after year, it can adjust relatively easily to even unplanned change. For example, even with the pandemic disruption, Pfizer reported full-year 2021 revenue of $81.3 billion, reflecting a 92% growth in operations.

But nearly every one of the prominent psychedelic companiesAtai Life Sciences NV (Nasdaq: ATAI), Compass Pathways (Nasdaq: CMPS), Cybin (NYSE: CYBN), Mind Medicine (NEO: MMED, Nasdaq: MNMD), Seelos Therapeutics (Nasdaq: SEEL) – still have not shown any significant revenue. They are on the edge of failure already, and any disruption could swiftly kill the business.

One example of psychedelics’ tenuous grip on survival comes from Compass Pathways, founded in 2016. “Even if the company’s therapeutic development efforts are successful, it is uncertain when, if ever, the company will realize revenue from sales,” the company noted on page 13 of its quarterly financial filing with the SEC.

Most of these psychedelic companies look to be in serious financial trouble. Atai included these risk factors in its Form S-1 filed with the SEC:

  • Our limited operating history may make it difficult to evaluate the success of our business and to assess our future viability; we have never generated revenue and may never be profitable.
  • We are a clinical-stage biopharmaceutical company and have incurred significant losses since our inception. We anticipate that we will continue to incur significant losses for the foreseeable future.
  • We expect our financial condition and operating results to continue to fluctuate significantly from quarter to quarter and year to year due to a variety of factors, many of which are beyond our control.

The unexpected can and will happen for clinical-stage development bioscience businesses, like psychedelics, working on novel drugs expected to have a multibillion-dollar earnings future.

Take Mind Medicine’s roller coaster ride this year. The company, founded in 2019, is a clinical stage neuro-pharmaceutical drug development company developing product candidates based on psychedelic substances. Its shares fell far and fast, from $2.86 a share in November 2021 to 58 cents on Aug. 9. It then surged an incredible 52% on Aug. 18 after news came out of a rich investor, Jake Freeman, jumping in.

According to the Financial Times (FT), Freeman and his uncle Dr. Scott Freeman, a former pharmaceutical executive, recently amassed an activist stake in the company. FT reported that Freeman is planning to have a “constructive” dialogue with the board alongside his study of complex analysis and mathematical statistics at the University of Southern California.

That’s not resilience for MindMed; that’s a lucky break that should begin an earnest discussion about resilience since there is so much more at stake.

Strategies for Resilience

There are signs of some psychedelics businesses maturing and adjustments being made, which could indicate more attention to resilience as a higher priority item.

For example, management at Atai Life Sciences reported in their recent quarterly financial report that it had enough money to operate into 2025 ($487 million).

To sustain that goal, the company “streamlined its pipeline by decelerating programs and discontinuing funding beyond our obligations to several programs.” The company said it will further review its pipeline and prioritize capital expenditures of research and development programs with the most potential – financially and for patients.

MindMed, on the other hand, appointed two new directors to its board, a move that is seen by industry observers as a sort of “special sauce” that makes the company more attractive as an investment. Specifically, the new directors add depth of business insight and life sciences value to MindMed’s management objectives.

This strategy of clearing the pipeline and beefing up expertise is probably the best way for any psychedelics company to continue to not just grow but lead the industry as a resilient operator.

Seelos Therapeutics, a company founded in 2016 advancing multiple late-stage therapeutic candidates for central nervous system disorders using ketamine and gene therapy, reported on page 7 of its quarterly report that it generated “limited revenues,” and that management believes that the company’s existing cash and cash equivalents as of June 30, 2022, “are not sufficient to satisfy its operating cash needs for the year.”

One of the 10 ways that Seelos management listed in which it could stay resilient against this somewhat dark and foreboding outlook was its ability to “maintain, expand and defend the scope of its intellectual property portfolio, including the amount and timing of any payments the company may be required to make, or that it may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights.”

A strategy centered around intellectual property could be just the thing to keep a company resilient in the face of any economic or competitive challenge.

Cybin, founded in 2019, continues to build its intellectual property portfolio, with one patent issued and 19 patents pending across six patent families, almost guaranteeing resilience against anything but cataclysmic economic collapse.

The company has completed more than 200 preclinical studies to date, supporting its growing portfolio of proprietary psychedelic molecules and has developed more than 50 novel compounds.

The good news is that the life science industry, which includes psychedelics, represents a steady economic growth driver, bolstering state, regional and national economies even during economic recessions, according to the June 2021 report by the Coalition of State Bioscience Institutes (CSBI). While this has held true during the last two recessions, 2020 was perhaps the ultimate test of the industry’s resilience.

“Despite the challenges of a global pandemic and the resulting economic shutdowns that led to a recession, and facing a corresponding seismic shift to remote operations, in 2020, the industry managed to grow its employment base by 1.4% while the overall private sector saw a 5.1% decline.”

Interviews with life sciences executives point to several emerging technology areas that are expected to take on increasing importance and have implications for talent needs both immediately and into the near future, according to the report. The technology and innovation areas most cited include data analytics and data sciences, automation of production and other processes and related robotics, and artificial intelligence.

Psychedelics businesses are beginning to settle into a more of a bioscience/life sciences business development routine, building on the quality of their clinical trial operations for now and guarding their intellectual property. Following a business plan to grow their workforce and stay resilient against the threats both internally and externally is really a higher priority agenda item today.

Results will play out over the next five years or so as clinical trials lead to final FDA drug approval. Then sales will begin, and they will realize some of their first revenue figures.

The promise of better human health and wellness using unique and novel drug therapies will, hopefully, keep the top psychedelics business today resilient and humming along, with only the usual bump in the road to deal with while fulfilling their destinies.


StaffAugust 12, 2022
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6min1600

After the market closed on Thursday, Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) reported its financial results for the quarter ending June 30, 2022. At this time the company has no revenue and reported a net loss of $17.1 million versus $44.5 million for the same period in 2021.

“In the second quarter, we took important steps to advance our ongoing development programs, which was highlighted by the progression of our Phase 2b dose-optimization trial of MM-120 for the treatment of generalized anxiety disorder (GAD), one of the largest well-controlled studies of LSD ever conducted. This trial builds on encouraging positive data generated in the LSD-Assist Study, a Phase 2 placebo-controlled investigator-initiated clinical trial of LSD in the treatment of anxiety disorders and decades of evidence of the therapeutic potential of LSD in anxiety, depression, and beyond. During the quarter, we also announced positive safety and tolerability results for our MM-110 program, for the treatment of opioid withdrawal, that provide important insight into the design for future studies for the clinical program for individuals undergoing supervised opioid withdrawal,” said Robert Barrow, Chief Executive Officer and Director of MindMed.

The MM-120 (LSD D-tartrate) is a proprietary, pharmaceutically optimized form of lysergic acid diethylamide (LSD) that is primarily being developed for the treatment of generalized anxiety disorder (GAD). The company said it remains on track for patient dosing in the Phase 2b dose-optimization study of MM-120 for the treatment of GAD, with topline results expected in late 2023.

The MM-402 or R(-)-MDMA is  a synthetic R-enantiomer of 3,4-Methylenedioxymethamphetamine that the company is developing for the treatment of core symptoms of autism spectrum disorder. The IND-enabling studies are currently ongoing and initiation of the Phase 1 clinical trial of MM-402 is planned for 2023. Through the company’s collaboration with the University Hospital Basel in Switzerland, a Phase 1 pharmacokinetic/pharmacodynamic investigator-initiated trial of R(-)-MDMA, S(+)-MDMA and (+)- MDMA in healthy volunteers is expected to commence in Q3 2022.

Expenses

Research and development expenses were $9.3 million for the quarter versus $8.1 million for the same time period in 2021, an increase of $1.2 million. MindMed said the increase was primarily due to $2.8 million of external costs related to the LSD research program and the commencement of R(-)-MDMA study. G&A expenses were $7.6 million for the quarter versus $37.1 million for last year’s second quarter, a decrease of $29.5 million. The decrease was primarily due to $24.4 million in additional non-cash stock-based compensation expenses relating to the modification of stock option awards and RSUs.

MindMed said it had cash and cash equivalents totaling $105.7 million compared to $133.5 million as of December 31, 2021. MindMed believes its available cash and cash equivalents will be sufficient to meet its operating requirements beyond its key development milestones in 2023 and into 2024.

“As we continue to sharpen our efforts on our key strategic priorities for the near-term, we remain primarily focused on directing our resources towards advancing our MM-120 program in psychiatric indications, and our MM-402 program in autism spectrum disorder. We intend to continue further development for our MM-110 program subject to successful pursuit of non-dilutive sources of capital and/or collaborations with third parties. We believe that this strategy represents a cost-effective approach to advancing the programs in our pipeline that we believe have the highest probability to generate near-term value for our shareholders. With our sharpened focus and strengthened leadership team, we look forward to providing additional updates on our progress as we advance our clinical pipeline.”

Separately, Schond L. Greenway was appointed as Chief Financial Officer in May. On August 4, 2022, the Board of Directors approved a ratio of the 1-for-15 reverse share split of the Company’s common shares. The reverse share split is expected to take effect after the close of business on August 26, 2022, with trading expected to begin on a split-adjusted basis on the Nasdaq and the Neo Exchange Inc. at market open on August 29, 2022.


Dave HodesJuly 11, 2022
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14min2330

The psychedelics renaissance is in an expanded growth mode, not just in the U.S. and Canada, but in other countries as well.

But everywhere in the world, it’s a bit of a Dr. Jekyll/Mr. Hyde scenario: startup businesses ostensibly building a serious moneymaking enterprise in a nascent industry, while conducting experiments in labs with novel brain-chemistry substances that could change the world of mental health wellness for good… if all goes as planned.

The usual financial indicators point to a troubled and struggling industry. One example: the North American Psychedelics Index is at its lowest point in 5 years.

And look at some of the top companies and how they are faring: MindMed (NASDAQ: MNMD)reported an accumulated deficit (page 8) of $156.1 million on March 31, 2022; Atai Life Sciences listed 22 potential difficulties involved in their clinical trials that could be serious problems to their growth (https://ir.atai.life/static-files/9c1939ee-7c32-422f-8bdf-de5b2702a0a6, pgs. 46-47); and Cybin, with many impressive developments since the beginning of the year (https://sec.report/Document/0001628280-22-017746/annualinformationformaif-c.htm, pg. 20), reminds investors that “since inception, the company has had negative operating cash flow and incurred losses,” and that the company’s negative operating cash flow and losses “may continue for the foreseeable future”( https://sec.report/Document/0001628280-22-017746/annualinformationformaif-c.htm, pg. 46).

Even so, it’s these companies—plus others in the space, such as Field Trip, Awakn Life Sciences, and Seelos Therapeutics—that always show up in financial reporting as the companies to watch. They may look dark and troubled on paper right now, but according to researchers, their future in the industry is blazingly bright. 

Data Bridge, a market research company, reported projections that the global psychedelic drugs market is expected to more than double over the next few years, reaching $8 billion by 2029 from $3 billion in 2021.

Even though the U.S. and Canada lead the global psychedelics market development—there are more than 50 publicly traded companies related to the development or administration of psychedelic-like drugs in the U.S., with at least 3 valued at more than $1 billion—there are other countries working in psychedelics as well, according to the Data Bridge report, including Mexico, Germany, China, France, U.K, Italy, Spain, The Netherlands, Russia, Switzerland, Belgium, Austria, the UAE, Egypt, Israel, and others. 

The U.S. had a market share of 93.5 percent in 2021 in the North American region, and is projected to continue experiencing high growth through this year, according to a psychedelic drugs market research report. Germany is expected to dominate the European market with a market share of around 19 percent by 2031, while the U.K. and France are also expected to drive demand in Europe for psychedelics over the next few years.

In 2020, China dominated the East Asia psychedelics market with 40 percent share, and the psychedelics market there is projected to expand at a rate of 17.1 percent from 2021 to 2031. 

Psilocybin formulations are showing the most promise for accelerated business development. But MDMA quickly surpassed it this year.

For instance, there are currently a combined 109 clinical studies with psilocybin either recruiting or active in the U.S., Canada, Denmark, Switzerland, Ireland, the U.K., Argentina, Sweden, Germany, and Jamaica. 

But there are 116 MDMA clinical studies combined in the U.S., Canada, Switzerland, the U.K., Spain, Israel, The Netherlands, France, Norway, South Africa, Italy and Germany.

Clinical trials have become one of the key indicators for the success of a company in this industry, as it demonstrates both the business determination and scientific acumen to set up a trial as a necessary stepping stone to get to market, along with an ability to continue to fund the expensive research and development that can go on for years. 

Depression Drivers

But what’s really driving the market for psychedelics and their proven mental wellness attributes is an increase in depression across the globe, with more people seeking alternative treatments because standard depression drugs do not address some of their more serious depression issues. The total cost of mental illness in the U.S. is estimated to be $2.5 trillion; and the global antidepressant market is worth over $13.5 billion.

One study reported that the ideal antidepressant has not been found, as the problems of intolerance, delayed therapeutic onset and limited efficacy persist. The complications of treating depression include the fact that it may be “an umbrella construct” with multiple disorders of “varying biological pathophysiology” which each require different treatment. 

So far, more and more psychedelics studies appear to confirm that the psychedelic compounds they are studying (especially psilocybin) may provide the answer for treating depression without the disturbing side effects or the need for constantly taking medications.

There will continue to be ongoing issues as the psychedelics industry grows while the mental health wellness world watches, tests various compounds and molecules, and builds new enterprises.

Some issues are predictable, such as problems with patents going forward as in the case of the challenge against Compass Pathways’ (NASDAQ: CMPS) psilocybin patent. That challenge was denied by the U.S. Patent Trial and Appeal Board’s (PTAB) in late June in a decision that appears to actually be a win for both sides.

Other issues are less predictable, such as psychedelics administered without psychological support and/or a supportive environment that may have limited antidepressant efficacy, and in very rare cases, could even worsen a patient’s condition, according to a 2017 study. “We share the view that the presence of psychological support is an essential component of the psychedelic treatment model. But we also recognize that the magnitude and nature of its contribution needs to be better defined and tested,” the authors wrote.

Increasing demand for psychedelic therapy is poised to synergize with an upswell in funding initiatives from other non-medical sources through 2022 and into 2023, potentially jeopardizing standards of safety and professionalism if corners are cut, according to another study. “In anticipation of and, to some extent, already witnessing the beginning of a ‘hype-cycle’, we believe that innovative, pragmatic and exploratory research can play a vital role, helping safeguard the development of a particularly promising, yet vulnerable, approach to mental health care.”

The psychedelics industry is hot all across the globe. It’s making leaps and bounds in terms of developing the science, even as it scrambles for financial resources to keep research and development funded. There are signs of a shakeout of companies this year and into 2023, with more mergers, acquisitions, and partnerships expected. 

Multi-million deals will continue—like the $64 million and $70 million investment deals in 2021. Decriminalization and psychedelics drug reform will continue—legalization of psilocybin is making headway in the U.S. (Oregon and Colorado); it is already legalized in Austria, the British Virgin Islands, The Netherlands and Jamaica. 

Whatever the business and science dynamics of the industry are today, psychedelics are all aimed at a righteous goal once approved and out of the labs: Provide the world with a new choice for better mental health. The question is how long will that take, and what global power will lead the charge.

 


Dave HodesJune 8, 2022
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10min1030

You’ve read the predictions, you’ve heard the buzz—psychedelics are about to change the world of mental health treatment. 

They promise no more mental health pharmaceuticals that numb out the brain, or that help mask the side effects. No more taking chemicals for the rest of your life that are not body-friendly, with the caveat that psychedelics can also cause brief, uncomfortable events during treatment on their way to profound, life-changing results.

Want to jump into these turbulent waters of starting up and building a psychedelics business developing drugs for treating mental health conditions? Here are five ways to go about it.

  1. First, get a million dollars. Or even $2 million dollars. Or better yet, $5 million. Yes, this business is expensive. Getting startup money from a venture capital investor is no simple matter because the payoff for them is still relatively uncertain and, at best, years away. They have to be informed gamblers, and you have to have a convincing business plan or model for your business where you can show all the expected results of what their money is buying—which for now, is simply the research and development structure for your company, including clinical trials which can take years and cost millions of dollars to complete. Clinical trials follow a typical series from early, small-scale, Phase 1 studies to late-stage, large scale, Phase 3 studies. The FDA can put a hold on a clinical trial if they don’t like how it’s proceeding. That being said, the top 11 VC firms invested about $139.8 million in 2020-2021, according to Business Insider. So apparently, even among the clinical trial uncertainty and the sometimes slow-moving FDA approval process, they clearly see a path to profitability.
  2. Find and sign up the best medical minds you can afford. It’s all about the molecule, man. Identifying and developing small molecules and macromolecules that might help cure illnesses and diseases is the core activity of pharmaceutical companies. There are good scientists out there who see the possibilities of psychedelics for treating mental health. What you want is a scientist with a serious pedigree who you can afford. Someone who has done a lot of work already in psychedelics through some academic facility. Someone who still has a good working relationship with that institution. You need a name to hang your expectations on, and a molecule your medical team can find and patent. And yes, the medical team people are not cheap either. You may be able to work out a sort of shared development deal with the medical director or their team where they continue on with their work at a university but still provide you the name and assistance you want as you build your company. One example is Matthew Johnson, the professor of Psychiatry and Behavioral Sciences at Johns Hopkins University, who is one of the world’s most published scientists on the human effects of psychedelics; was 2019 president of the Psychopharmacology and Substance Abuse Division of the American Psychological Association; and is currently president of the International Society for Research on Psychedelics, an organization he founded with colleagues. He is a clinical advisor for MindMed (NASDAQ: MNMD), a clinical-stage biopharmaceutical company developing novel products to treat brain health disorders that is one of the top five psychedelics companies to watch this year.
  3. Understand your risks as a startup in an emerging industry. There are more and more startups getting into psychedelics now. Some will succeed. Most will fail. The failure rate is high for any small business, let alone one in a challenging emerging market. As of 2021, 20 percent of small businesses failed in the first year, 50 percent within five years, and 65 percent within 10 years. Some fail after multiple clinical trials that didn’t quite work out. But their research has been done and maybe another startup can buy that company’s research as a sort of jump start for their new business. Do your research about strategies for success in this industry. And remember: Many mainstream pharmaceutical companies are still sitting on the sidelines waiting out more regulatory approvals when it comes to psychedelics. If these guys are hesitant, that may be your clue to wait out developments as well before jumping in.
  4. Carefully decide if and when you want to go public. Once a company decides to move forward with an IPO, it must work with an underwriter (typically a bank or multiple banks) to create a prospectus, according to The Motley Fool. A prospectus is a detailed financial report designed to help potential investors make informed decisions. One of the disadvantages of going public is that it takes six to nine months to go through the process, and it costs money to go through with an IPO from financial service and underwriting fees to filing fees. Then once it goes public, the company has to publish their unvarnished financial information, and answer to shareholders, which can create different management headaches.
  5. Don’t give up. It’s a bumpy road. You are going to experience failures. You are going to experience poor management decisions. This is just the way it goes with a novel therapeutic based on an illegal substance in an emerging market. There are many different state and federal laws to work with, and a developing regulatory environment that could take an unexpected turn and put your business at risk. You will need to prepare for these and other growing pains that are common in emerging industries. Seek legal help to build in a safety net. And always, always protect your patent and any related intellectual property which is easier said than done. Some psychedelics were criminalized for decades, the U.S. Patent Office does not have the personnel with expertise in the field, increasing the likelihood of granting meritless psychedelic patents, according to an essay in the Harvard Law Review. And because Indigenous communities pioneered many aspects of modern psychedelic therapies, their patenting by Western corporations may promote biopiracy, or the exploitation of Indigenous knowledge without compensation. Plus, the control of psychedelics by a small number of companies may stifle innovation and reduce access to these therapies.

Dave HodesApril 19, 2022
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8min2760

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


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