Psychedellux Archives - Green Market Report

Video StaffJuly 16, 2021

3min4250

U.S.-based psychedelic investment fund Palo Santo has launched with an initial $35 million in capital raised and an active portfolio of 20 companies. The diversified venture fund said in a statement that it is focused on tackling the growing global mental health crisis by investing in innovative psychedelic-based and adjacent therapies that are poised to shape the future of psychiatry and fields beyond.

 

Wesana Health Holdings Inc. (CSE: WESA) (OTC: DBDIF) is buying Psychedelitech Inc., also known as PsyTech Inc., for a price of approximately C$21 million an all-stock deal. PsyTech uses data-driven tools that allow physicians insight into patient well-being and clinical best practices. PsyTech is mainstreaming the adoption of psychedelic-assisted therapies through the promotion and delivery of safe and effective therapy, combating stigma, and accelerating innovation.

 

Empower Clinics reported total revenues of $2 million in the first quarter of 2021. The company also reported a net loss of $25 million, which it said was primarily driven by a non-cash loss on the fair value adjustment related to the Company’s warrants. 

 

PharmaDrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF)reported interim positive results from its ongoing preclinical study evaluating the company’s patented Cepharanthine (“PD-001”) in a broad panel of human cancers. To follow up on these highly encouraging results, PharmaDrug said it will quickly initiate an additional in vitro efficacy study to assess the potential of cepharanthine to provide additive benefits in combination (combo-therapy) with the current standard of care agents. The drug is derived from a non-psychedelic plant called Stephania.


Video StaffJuly 9, 2021

3min7590

This is Psychedellux – the week’s top business headlines in the psychedelics industry. 

Dublin-based GH Research is now listing its stock on the Nasdaq under the symbol “GHRS” after opening for trading on Friday, July 2 at $22. The company had an IPO of 10 million shares at an initial price of $16 per share for total proceeds of approximately $160 million. The company said that its initial focus is on developing the novel and proprietary version of DMT for the treatment of patients with Treatment-Resistant Depression, or TRD.

Numinus Wellness Inc.  (TSXV: NUMI) (OTC: LKYSF) is buying the Neurology Centre of Toronto as of an agreement dated July 2, 2021, in a deal valued at half a million dollars. The deal is expected to close by the end of August 2021. All of NCT’s staff – including medical doctors, nurses, physician assistants, occupational therapists, psychotherapists, physiotherapists, nutritionists, and administrative staff – are expected to remain with Numinus after the deal closes.

Compass Pathways signed a deal with an NHS Trust and King’s College London. The new partnership will speed up Compass Pathways’ work in treatment areas such as post-traumatic stress disorder, anorexia and bipolar disorder. It will result in a number of new research studies and give the company access to NHS patients for clinical trials.

Cybin Inc. (NEO:CYBN) entered into an exclusive research and development collaboration agreement with TMS NeuroHealth Centers Inc., a wholly-owned subsidiary of Greenbrook TMS Inc. which operates 129 outpatient mental health service centers in the United States. Cybin and Greenbrook will work together to establish Mental Health Centers of Excellence for the purpose of facilitating research and development of innovative psychedelic compound-based therapeutics for patients suffering from depression.

 


Video StaffJuly 2, 2021

3min5410

This is Psychedellux – the weekly recap of the business news in the psychedelics industry.

 

Cybin Inc. (NEO:CYBN) (OTCQB:CLXPF) released financial and business highlights for its financial year ended March 31, 2021. The company noted that it had a net loss of  $32.2 million for the year ended March 31, 2021 of which non-cash expenses totaled $13.1 million and cash-based operating expenses totaled $19,120,000. Cybin also reported that it had cash and cash equivalents of $64 million as of March 31, 2021.

 

Empower Clinics Inc. (CSE: CBDT)(OTC PINK: EPWCF) released its audited consolidated financial statements in United States dollars. Empower Clinics reported total revenues grew 58% to $3,209,196 for the fiscal year 2020 versus revenues of $2,031,581 for the fiscal year 2021. The company had a net loss of $17,066,311 or $0.09 per share compared to $4,301,663 or $0.04 per share for the fiscal year 2019. the company said this was primarily driven by a non-cash loss on the fair value adjustment related to its warrants outstanding that were impacted by the significant appreciation of the company’s share price (a key input in determining the fair value).

 

Allied Corp. (OTCQB: ALID) signed a supply and manufacturing agreement with HAVN Life Sciences (CSE:HAVN) to produce and distribute Psilonex™ RX psilocybin medical products for Allied’s patient cohort. HAVN will produce bottles of PsilonexRX capsules which is a proprietary formulation of psilocybin, cordyceps, lions mane, vitamin B and other ingredients.


Video StaffJune 25, 2021

3min6370

Psychedelic biotech company Awakn Life Sciences Corp. (NEO: AWKN)  began trading on the NEO Exchange Inc. under the symbol “AWKN”. The company has raised C$13.5 million to date and has plans to open three UK psychedelic-assisted psychotherapy clinics where it will deliver ketamine-assisted therapies near term and MDMA when they secure authorization in 2021. The company’s target is 20 clinics by the end of 2024.

Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTC: TRUFF) has entered into a non-binding letter of intent to acquire a 51% stake in Acadian Exotic Mushrooms Ltd. AEM is a dormant gourmet mushroom production facility. Upon completion of start-up activities, the 22,000 square foot facility is expected to produce up to 5,000 pounds of Shiitake mushrooms per week. AEM will also have the ability to produce, package and distribute a wide variety of fresh mushrooms while offering an assortment of dried options and the potential to produce functional mushroom consumer packaged goods.

Silo Wellness Inc.  (CSE: SILO) (OTC: SILFF) has launched Marley One, a psychedelic mushroom consumer brand, in collaboration with the family of legendary musician Bob Marley. Silo said that the initial product offering will include a range of functional mushroom tinctures with unique blends highlighting the brand’s connection to Jamaica, including species such as cordyceps, lion’s mane, chaga, reishi, and turkey tail. These initial mushroom supplements have no psychoactive properties, but Silo said it is planning a psychedelic mushroom product line under the Marley name later this year.

 


Video StaffJune 18, 2021

3min8630

Atai Life Sciences  (Nasdaq: ATAI)  announced the pricing of its upsized initial public offering in the United States of 15,000,000 common shares at a price to the public of $15.00 per share. atai’s common shares are expected to begin trading on the Nasdaq Global Market on June 18, 2021 under the ticker symbol “ATAI.” In April, the company had initially planned on a $100 million offering, but that has ballooned to $225 million.

Cannabis company Creso Pharma Limited  (ASX: CPH)  (OTCQB: COPHF) is merging with psychedelic treatment company Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) to create The HighBrid Lab. The transaction is a reverse takeover of Red Light Holland by Creso Pharma giving Red Light shareholders a 29% premium for their shares. Creso shareholders will own 57% of the new company. 

PsyTech Inc., closed a $3.81 million oversubscribed Series A funding round.  The round was led by Ambria Capital as well as investors in the psychedelics, banking, and medical practice sectors.

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) announced the launch of its in-silico drug discovery program in conjunction with researchers at the University of Alberta. the program is focused on developing artificial intelligence/machine learning (AI/ML) supported drug screenings, including both the ability to build drugs from the receptor up and assess drugs around the receptors of Mydecine’s choosing.

Field Trip Health Ltd. (TSX: FTRP; FTRP.WT; OTCQX: FTRPF) announced that it has completed initial drug metabolism and pharmacokinetic (“DMPK”) studies for FT-104, its novel psychedelic compound in development. 

Novamind Inc. (CSE:NM)(OTC PINK:NVMDF)announced that it has made a strategic investment of $1 million in a stealth mode drug development company based in the United States. For now all information is confidential. 


Video StaffJune 4, 2021

2min11380

Novamind Inc. (CSE:NM)(OTC PINK:NVMDF) reported its fiscal third-quarter results for the three months ending in March. NovaMind reported total revenue of $1.8 million,  a 43% quarter-over-quarter, driven by increased patient volume at the Company’s four operating clinics. It has a debt-free balance sheet with $7.6 million in cash and total working capital of $9.9 million to fund operations

HAVN Life Sciences Inc. (CSE:HAVN)(OTC PINK:HAVLF) completed the previously announced acquisition of clinical-stage intellectual property from Bolt Therapeutics. With this Acquisition, HAVN Life is working towards substantiating a patent application after which preclinical work can begin.

Privately-held Gwella Mushrooms Inc. closed on its oversubscribed financing round with some of the industry’s top firms, including The Conscious Fund, Vice Ventures, Palo Santo, Ambria Capital and Vine Ventures, as well as several other investors contributing an additional $1.5M strategic investment.

Field Trip Health Ltd. (CSE: FTRP; FTRP.WT; OTCQX: FTRPF) common shares will begin trading on the Toronto Stock Exchange under the ticker symbol “FTRP” at the opening of the market on June 7, 2021. In connection with the TSX listing, Field Trip’s common shares and warrants will be delisted from the Canadian Securities Exchange.

Seelos Therapeutics, Inc. (Nasdaq: SEEL) said that it has been included in the Defiance Next Gen Altered Experience ETF, the first U.S. listed Exchange Traded Fund (ETF) focused on psychedelics which began trading on Friday, May 28th on the New York Stock Exchange under the symbol PSY.


Video StaffMay 14, 2021

2min7200

This is Psychedellux, the week’s top business headlines in the psychedelics industry.

 COMPASS Pathways plc (Nasdaq: CMPS) reported its financial results for the first quarter of 2021 as the company continues to plug away at research. The net loss was $12.7 million, but Compass was granted 2 patents during the quarter and continues to have a generous cash cushion of $179 million. 

Havn Life Sciences Inc. (OTC PINK: HAVLF) reported this week its research team has developed a rapid testing method that enables precise and accurate measurement of psilocybin content in under 5 minutes. The fast test allows the Company to quickly experiment with and validate new extraction processes, which is essential for internal process development and maintaining quality control and accurate dosing of psychedelic compounds.

Numinus Wellness Inc. (TSXV: NUMI) and Optimi Health Corp. (CSE: OPTI) (OTC: OPTHF) developers of a functional mushroom brand have submitted a pre-clinical trial application to Health Canada for review and comment. The application includes the investigational product’s chemical constituents, genotype, and formulation as well as procedures and processes to produce a consistent dosage from Psilocybe mushrooms.

And finally, Wesana Health Holdings Inc. (CSE: WESA) began trading on the Canadian Securities Exchange this week under the ticker symbol “WESA.”

Psychedellux is brought to you by the Green Market Report.


Video StaffMay 7, 2021

3min8110

This is Psychedellux – the leading recap of the week’s top news in the psychedelics industry.

The Multidisciplinary Association of Psychedelic Studies (MAPS) released data from its Phase III trial with the FDA for the use of MDMA (ecstasy) to treat PTSD. MDMA showed efficacy for treating PTSD in six MAPS Phase II trials, providing a cost-saving and clinically beneficial treatment for those with severe or extreme chronic PTSD resulting from any cause. The Phase III trial data revealed that 67% of the group who received MDMA no longer qualified for a PTSD diagnosis after three treatment sessions

Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) reported its net loss was $26.9 million for the year ending December 31, 2020.  Subsequent to the year-end 2020, the company raised approximately $30 million.

Psychedelic clinic companies have been expanding quickly as more patients are seeking alternatives to traditional prescription drug treatments. Field Trip Health Ltd. (OTCQX: FTRPF)  opened its fifth location in the United States in the city of Houston, TX. Novamind Inc. (OTC PINK:NVMDF) reported it would open four new Cedar Psychiatry clinics, doubling its network to eight total locations. 

Revive Therapeutics Ltd.(OTC: RVVTF) has entered into a sponsored research agreement with the University of California, San Francisco to explore the utility of Bucillamine as a treatment for severe COVID-19. 

Champignon Brands Inc. (CSE: SHRM) (FWB: 496) (OTCQB: SHRMF) has changed its name from “Champignon Brands Inc.” to “Braxia Scientific Corp.” and its ticker symbol will change from “SHRM” to “BRAX” on the Canadian Securities Exchange (the “CSE”).

Field Trip Health Ltd. (OTCQX: FTRPF)  announced that its common shares are now eligible for electronic clearing and settlement through The Depository Trust Company (“DTC”) in the United States

 


Video StaffApril 30, 2021

3min9490

This is Psychedellux – the week’s top psychedelic industry headlines.

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. 

Numinus Wellness Inc. (TSXV: NUMI) announced that it has formed a partnership with KGK Science, a leading contract research organization with expertise in natural products, to undertake a new Psilocybin extraction clinical trial. The Phase 1 trial will enroll 14 human volunteers and assess the safety and psychoactive properties of a Psilocybe mushroom product extracted and formulated at the Numinus Bioscience lab. The company also said it was listing its warrants on the TSX Venture Exchange

PharmaTher Holdings Ltd. (OTCQB: PHRRF) has filed a provisional patent application with the U.S. Patent and Trademark Office outlining the novel use of ketamine as a potential treatment for Type 2 diabetes and obesity, based on the evaluation of the company’s drug repurposing artificial intelligence platform. PharmaTher recently used this platform to discover novel uses of psilocybin in the potential treatment of certain cancers, which led to the sale of the company’s psilocybin intellectual property portfolio to Revive Therapeutics Ltd. (OTC: RVVTF) for a consideration of up to C$10 million.

COMPASS Pathways plc (Nasdaq: CMPS) (“COMPASS”), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, today announced the launch of a proposed public offering of 4,000,000 American Depositary Shares (“ADSs”), each representing one ordinary share.


Video StaffApril 23, 2021

3min10940

This is Psychedellux – the week’s top business headlines for the psychedelics industry

 Atai Life Sciences plans to raise $100 million in an IPO. The company has built a pipeline of 10 therapeutics and six enabling technologies. 

Lots of medical updates this week. 

Aion Therapeutics Inc. (CSE: AION) announced that its proprietary and patented combinatorial mushroom preparations showed high efficacy in killing HER2+ breast cancer cells, ER+/PR+ breast cancer cells, and triple-negative breast cancer cells by direct cytotoxicity. The company said it plans to begin initiating clinical trials.

Revive Therapeutics Ltd. (CSE: RVV, USA: RVVTF) announced the successful completion of the research results and filing of a U.S. provisional patent application with The United States Patent and Trademark Office on its oral thin-film delivery system with psilocybin 

Cybin Inc. (OTCQB:CLXPF)  announced that it has successfully demonstrated Proof of Concept for its deuterated tryptamine programs, CYB003 and CYB004, for the treatment of depression and addiction. Cybin is working to shorten the length of time that psilocybin treatments take and this program is part of that research. 

NeonMind Biosciences Inc. (OTC:NMDBF)  said that it is establishing a medical services division for the delivery of evidence-backed innovative treatments for a variety of mental health needs. This will include psychedelic modalities and other newer treatments for mood disorders such as depression. NeonMind has appointed Ernie Ho as VP, Corporate Development, with his initial focus to be the development of the team to build out medical services as well as to identify and assess partnership and acquisition targets.

 


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