Investor interest in the potential of medicinal psychedelics continues to rise.
Psychedelic therapies have great potential to treat many costly and destructive mental health conditions and gain broad acceptance as a viable treatment, but that potential will only be realized from research, development, and the completion of clinical research trials.
That’s why the expansion of clinical research programs focused on psychedelics is crucial to realize the medicinal and investment potential of medicinal psychedelics.
The last few days have seen significant announcements about clinical trials which incorporate medicinal psychedelics.
NYU Langone Health Newshub recently stated, “Philanthropic support of more than $10 million is helping NYU Langone Health advance its already world-renowned reputation in the study of psychedelic medicine. This is being achieved through the establishment of a one-of-a-kind center that will expand research and physician training in this exciting and resurging field.”
The past and current clinical research at the NYU Langone Health facility included treatment of cancer-related psychiatric distress, depression, substance addiction and post-traumatic stress disorder (PTSD).
The private sector is also advancing clinical research programs into medicinal psychedelics.
For example, Mind Medicine (NEO:MMED)(OTC:MMEDF), Numinus Wellness (TSXV:NUMI) (OTC:LKYSF), Field Trip Health (CSE:FTRP) (OTC:FTRPF), and Cybin Inc. (NEO:CYBN) (OTC:CLXPF) have all announced clinical research trials are either planned or are already underway for medicinal psychedelics.
Recently, MINDCURE (CSE:MCUR) (OTC:MCURF), took a major step towards joining the largest medicinal psychedelics companies by getting involved in clinical research.
MINDCURE announced it has completed the initial strategic investment into ATMA Journey Centers Inc.
ATMA was the first private sector service provider in Canada to announce conducting legal psychedelic-assisted therapy for a palliative care patient under the approval of Health Canada’s section 56(1) exemption.
This facility is where ATMA provides individual and group therapy to patients and serves as its National Psychedelic Training Center for mental health care professionals.
As part of the deal between ATMA and MINDCURE, ATMA will receive the direct investment to expand its clinic network and access to MINDCURE ‘s iSTRYM technology platform.
MINDCURE will get access to patient data which it will use to accelerate the growth of iSTRYM’s database for use in future diagnoses, treatments, and personalized care.
MINDCURE is in a unique situation among psychedelic companies. The deployment of its proprietary iSTRYM technology platform puts it in position to be one of the first medicinal psychedelic companies to build a near-term revenue stream, while still actively developing psychedelic-based therapeutics that could be valuable in the long-term.
Kelsey Ramsden, President & CEO, Mind Cure, said, “Our partnership with ATMA represents a huge step forward for healing today in Canada and around the world. By accelerating the development of our research and technology platform, iSTRYM, we’re closer to minimizing the gaps that exist in health care, all the way from research to the deployment of care. It’s an amazing opportunity to innovate with pioneers of the psychedelic therapy industry by creating proprietary research, identifying commonalities, and driving real transformative results for individuals using psychedelic medicines.”
Other developments for the leading companies playing a role in the growth, acceptance, and development of the rapidly rising psychedelics sector:
MINDCURE (CSE:MCUR) (OTC:MCURF):
MINDCURE is a health and wellness company focused on the many aspects of the rapidly growing medicinal psychedelics sector.
The company seeks to identify and develop products that ease suffering, increase productivity, and enhance mental health through products and therapies based in the psychedelics.
Since its initial public offering (IPO) in September 2020, MINDCURE has been steadily advancing its business.
The company has demonstrated its aggressive growth strategy with many recent advances including the completion of a financing deal to accelerate the company’s growth.
MINDCURE announced a C$10 million public offering on January 21st.
As a potential sign of strong investor demand, within 24 hours of the initial financing announcement MINDCURE stated it would be increasing the financing to C$20 million due to overwhelming investor demand.
By the time the financing closed, the total new capital for MINDCURE was a gross of C$23 million.
Learn more about MINDCURE at www.mindcure.com
Mind Medicine (NEO:MMED)(OTC:MMEDF)
Mind Medicine has emerged as a leader in the psychedelic biotech sector.
According to the company, it “Discovers, develops and deploys psychedelic inspired medicines and experiential therapies to address addiction and mental illness.”
Mind Medicine is researching potential therapies using Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC for conditions of Anxiety, Addition, and Adult ADHD.
The company recently announced it has closed on its acquisition of HealthMode.
HealthMode is a digital medicine and therapeutics startup that applies Artificial Intelligence (AI)-enabled digital tracking and measurement to increase both the precision and speed of clinical research and patient monitoring.
Learn more about Mind Medicine at www.mindmed.co
Numinus Wellness (TSXV:NUMI) (OTC:LKYSF):
Numinus is a company that develops and deploys psychedelic therapies.
It is the first company in Canada to receive a license to extract psilocybin from mushrooms, to complete a legal harvest of psilocybe mushrooms using this license, and the holder of a Health Canada dealer's license to import, export, possess, test, and distribute MDMA, psilocybin, psilocin, DMT, and mescaline.
Numinus states on its web site that it foresees, “Safe, legal access is going to become increasingly available for a range of conditions, including depression, PTSD & substance use disorders.”
The company announced at the end of 2020 a collaboration with the Multidisciplinary Association for Psychedelic Studies (MAPS) Public Benefit Corporation to seek approval of MDMA-assisted psychotherapy for PTSD.
MAPS is a leading advocate for medicinal use of psychedelics. Since its founding in 1986 it has sought to design and fund studies covering medical applications of psychedelic substances. It recently raised more $30 million to continue its mission.
Numinus continued its expansion into 2021.
The company announced in January it had signed a lab services agreement with Optimi Health Corp., developer of a vertically integrated functional mushroom brand focused on the health and wellness sector, to further the research and development of Canadian-grown psilocybin-producing mushrooms.
In February of 2021 Numinus announced it will be acquiring Mindspace Wellbeing. Numinus described Mindspace Wellbeing as a Montreal-based well-being organization which grew from a state-of-the-art psychology clinic with a focus on evidence-based approaches to mental health.
Learn more about Numinus Wellness www.numinus.ca
Field Trip Health (CSE:FTRP) (OTC:FTRPF):
Field Trip Health describes itself as “leading the medical and scientific re-emergence of psychedelics and psychedelic-enhanced therapies.”
It is developing its proprietary drug candidate FT-104, a novel, synthetic psychedelic molecule that is a serotonin 5HT2A receptor agonist.
It operates a number of clinical hubs for psychedelic therapies and is steadily adding more.
Field Trip Health has announced the opening of a research and development laboratory for psychedelic fungi in Mona, Jamaica and another clinical health center in Atlanta, Georgia.
The company also announced a new financing deal through a “bought deal.”
Field Trip Health initially announced a C$50 million financing deal, but just increased it to just over C$82 million.
The company stated it intends to use the new capital for the ongoing development of its “FT-104” novel psychedelic development program, to open new Field Trip Health centers, and, as usual, for working capital and general corporate purposes.
Learn more about Field Trip Health at www.fieldtriphealth.com
Cybin Inc. (NEO:CYBN) (OTC:CLXPF):
Cybin is a life-sciences company focused on advancing psychedelic and nutraceutical-based products.
It is also directly supporting clinical studies across North America and other regions through strategic academic and institutional partnerships.
Cybin’s latest big move came from a financing deal.
Last month Cybin completed a financing deal for a gross total of C$34.3-million.
It also recently released a business update.
In that update, Doug Drysdale, Cybin’s CEO, stated, "The past few months have been exciting and productive for Cybin. In a very short time, we have raised nearly $90-million, giving us an ample runway to support our investigative and clinical work, as well as to pursue strategic opportunities as they arise. The support and validation from our top-tier investors is very gratifying.”
Learn more about Cybin Inc. at www.cybin.com
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