It’s yet another sign that the pharmaceutical industry at large is taking the potential of psychedelics very seriously.
Mindset Pharma is teaming up with The McQuade Center for Strategic Research and Development to collaborate on two families of novel medical psychedelic compounds through Phase 1a and Phase 1b clinical trials.
The McQuade Center, a member of the global Otsuka family of pharmaceutical companies that identifies and supports early-stage opportunities capable of changing the landscape of treatments for mental illness disorders, is making an upfront cash payment of US$5 million to Mindset and will financially and operationally support the development of the novel compounds under the agreement.
In exchange, Mindset Pharma (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF), one of the leading psychedelic medicine companies in the industry, is granting its new partner a right of first refusal with respect to any asset sale, exclusive licensing or collaboration opportunities pertaining to the drugs, as well as a right of first negotiation with respect to a merger, acquisition or asset sale related to Mindset.
It’s yet another sign that the pharmaceutical industry at large is taking the potential of psychedelics very seriously. Mindset board chairman Richard Patricio calls this collaboration “a pivotal moment in Mindset’s maturation.”
It’s been a busy, productive year for the young, Toronto-based company, which filed an international patent application for a novel, scalable method to synthesize psilocybin at a discount to currently known methods. Additionally, Mindset has been reporting steady progress on several fronts, describing its proprietary psilocybin compounds as ideal candidates for microdosing, and stating its DMT-inspired drug candidates could offer patients the benefits of 5-Meo-DMT with an improved safety profile.
Mindset Pharma CEO James Lanthier says the company will leverage The McQuade Center’s “extensive experience in drug development and CNS indications to accelerate and de-risk our development pathway as we prepare to launch clinical trials.”
McQuade Center president Robert McQuade, Ph.D., added: “We look forward to collaborating with Mindset on these assets and are hopeful that medical psychedelics could be approved to treat mental illness in the future.”