Psychedelic Business Spotlight: September 10, 2021

Research and Clinical Trials

It’s been a big week for research developments in the psychedelic business space. According to its recent preclinical research, Vancouver-based drug development company Algernon Pharmaceuticals revealed that DMT could increase neuron growth by up to 40% even when using a sub-hallucinogenic dose of the drug. The company is investigating the use of DMT as a possible treatment for stroke. This research aimed to learn about the dose and duration needed to optimize the neuroplastic effects of DMT without triggering hallucinations. 

“This exciting in vitro data provides further evidence supporting the use of DMT in stroke and strongly suggests that low doses and short exposure times are feasible,” said Algernon Stroke Program Consultant Dr. Rick Straussman. 

Meanwhile, life sciences company Psyched Wellness is commencing a preclinical trial on Amanita Muscaria Extract (AME-1) from the hallucinogenic Amanita Muscaria mushroom to determine its neurotoxicity effects on functional and motor activity. It is hoped the results will provide scientific evidence for the efficacy and safety of AME-1. 

Over in Europe, Danish synthetic biology company Octarine Bio has partnered with United Kingdom-based psychedelic specialist contract research organization Clerkenwell Health to fast-track the delivery of its clinical trials. Octarine Bio uses fermentation machinery to turn sugar into psilocybin, a production method with many benefits, including low cost, sustainability, and supply chain stability. 

Drug Development

Nova Mentis is expanding its research pipeline to study psilocybin’s ability to target obesity and diabetes. The company says its preclinical work shows that Nova Mentis’ propriety psilocybin formulation has the potential to treat obesity, as well as obesity-related diabetes known as “diabesity.” 

Two companies, Mindset Pharma and Field Trip Health, are targeting treatment-resistant depression (TRD) with their proprietary psychedelic compounds. Mindset Pharma says its research shows its psilocybin-inspired candidate MSP-1014 is a safer and more scalable evolution to its psychedelic predecessor for treating TRD and end-of-life angst. 

Field Trip Health’s will be targeting TRD and postpartum depression with its own synthetic serotonin-2A agonist, which has an active component with a similar serotonin-2A potency to psilocybin, with Phase 1 clinical trials due to commence in Q1 of 2022. 

Biopharmaceutical company Mydecine Innovations Group is partnering with Professor of Psychiatry and Behavioral Science at Johns Hopkins University Dr. Matthew Johnson to test the efficacy of its psychedelic molecule MYCO-001 in treating nicotine dependence. The Phase 2/3 clinical trial is expected to launch in Q1 of 2022 and could be completed as early as Q2 of 2022. 

Markets

In other psychedelic business news, Canadian natural psychedelic drug discovery company Filament Health announced it had been approved to commence trading on the United States’ OTC Pink Market under the ticker symbol FLHLF. The company has also applied uplist its shares to the OTCQB Venture Market. 

Wellness company Levitee Labs has also commenced trading on the OTC Pink under the ticker symbol LVTTF.

Additionally, Novamind has been approved for trading on the OTCQB Venture Market under the ticker symbol NVMDF. “With this listing, we look forward to expanding Novamind’s presence in the US and deepening our relationships with a broad base of institutional and retail investors,” said Novamind CEO and Director Yaron Conforti.

Mergers and Acquisitions

Red Light Holland, whose focus is on the production, growth, and sale of “magic truffles,” announced this week that it had acquired a 51% stake in Acadian Exotic Mushrooms (AEM). AEM is a gourmet mushroom production facility in Canada with the ability to produce, package, and distribute a variety of fresh mushrooms while offering an assortment of dried mushroom options and the potential to produce functional mushroom consumer packaged goods. “We are looking forward to a potential future where the AEM facility could be converted to support Canadian psychedelic operations, if and when regulations permit,” said Red Light Holland CEO and Director Todd Shapiro. 

Meanwhile, Ketamine One has announced it has entered into a non-binding letter of intent with Illumma, a leader in ketamine infusion practice, to jointly support two ketamine clinics located in Austin and Bee Cave, Texas. Through this partnership, Ketamine One hopes to raise the profile of its mental health treatments. The company currently runs a network of 16 clinics across North America.

Treatment Provision

Last but not least in this week’s psychedelic business news roundup, Field Trip Health has opened its first psychedelic-assisted psychotherapy clinic in Europe. The clinic, located in Amsterdam, is the company’s sixth facility and its first outside the US and Canada. At the clinics, psychiatrists and nurses guide patients through psilocybin truffle-induced trips.