This week in psychedelic business news: Cybin acquires a Phase 1 DMT trial from Entheon; Numinus completed the acquisition of Novamind, MindMed's stock is removed from an index; and more!
Cybin Acquires DMT Clinical Study from Entheon Biomedical
On June 7th, 2022, Cybin Inc. (NYSE: CYBN, NEO: CYBN) announced that they have entered into an agreement with Entheon Biomedical Corp. (CSE: ENBI, OTCQB: ENTBF) to acquire their Phase 1 DMT safety trial. The study, conducted in the Netherlands with 50 healthy patients who smoke tobacco, is the largest Phase 1 DMT trial to date.
The sale is expected to close within 30 days.
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Numinus and Novamind Shareholders Approve Acquisition
As was previously reported, Numinus Wellness Inc. (TSX: NUMI, OTCQX: NUMIF) and Novamind Inc. (CSE: NM, OTCQB: NVMDF, FSE: HN2) have entered into an agreement for the former to acquire the latter.
The acquisition was dependent on the shareholders of both companies approving the deal, which has now happened. On June 8th, 98.5% of voting Novamind shareholders and 98.71% of voting Numinus shareholders approved the deal.
Assuming no unexpected regulatory hurdles, the transaction is expected to close on or around June 10th. The all stock transaction will see Novamind shareholders receive 0.84 shares of Numinus stock per share held. At current share prices, this will cost around $23,000,000 through dilution for Numinus.
MindMed Dropped from Russel 3000 Index
One year ago, in June 2021, as MindMed’s (NASDAQ: MNMD, NEO: MMED) stock was going parabolic, it was included in many indexes that passively track American stocks. One such index was the FTSE Russell 3000® Index, which tracks the largest 3000 US companies by market cap.
As at the time MindMed’s market cap exceeded a billion dollars, it made the cut, and was added.
Unfortunately, however, this index rebalances once a year. And by June, 2022, MindMed’s stock had fallen a whopping 75%, putting its market cap around $375 million (USD). This means that MindMed no longer ranks among the largest 3000 American companies, and was removed from the Russell 3000 Index.
This is not a commentary on the business execution or future prospects of MindMed —as it wasn’t when they were originally added— but rather a simple matter of arithmetic. MindMed can not be included in the Russell 3000 if it is not one of the largest 3000 American companies.
Optimi Health Finalizes Partnership and Psilocybin Supply Agreement with ATMA Journey Centers
On June 8th, Optimi Health Corp. (CSE: OPTI, OTCQX: OPTHF, FRA: 8BN) announced their exploratory psilocybin supply agreement with ATMA Journey Centers, a private company, has been finalized.
Under the agreement, Optimi —a company primarily focused on the research, production and sale of naturally derived psilocybin— will provide psilocybin to ATMA —a company primarily focussed on psychedelic therapist training, education, communication and business development.
PharmaTher Announces Positive Results from Study of KETABET™ for Depression
On June 7th, PharmaTher Holdings Ltd (OTCQB: PHRRF, CSE: PHRM) announced the results of a small, observational study which attempted to reduce the negative side effects of ketamine treatment in those with depression. They did this by pre-treating the 10 patients with a drug called betaine anhydrous, which is non-psychedelic, occurs naturally in the body, can be taken as a supplement, and is used to treat a condition called homocystinuria. PharmaTher calls the combination of these two drugs, along with their treatment regimen, KETABET™.
#Mindmed #Numinus #Cybin
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