Psychedelic Spotlight
  • News
  • Culture
  • Business
    • Business
    • News
    • Editorial
    • Stock Reports
    • Videos
    • Interviews
  • Research
  • Policy
  • Media
    • Podcast
    • Videos
  • Work With us
    • Work With Us
    • Contact Us
    • About
  • Media Kit
  • Search
  • Menu Menu
Home1 / Psychedelic Spotlight News2 / Business3 / Stock Reports4

Psychedelic Business Spotlight – June 10

byJames HallifaxonJune 10, 2022
  • Share on Facebook
  • Share on Twitter
  • Share on WhatsApp
  • Share on Pinterest
  • Share on LinkedIn

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.

To gain the rights to the trial, Cybin will pay Entheon $1,000,000 (CAD), plus up to an additional $480,000 for consulting services regarding the trial.

Related Posts

‘”Poisoner-in-Chief”: Mind Control & How the CIA Brought LSD to America

Philadelic Conference Brings Together Interdisciplinary Experts to Advance Understanding of Psychedelics

Scientists Reveal How DMT Affects the Brain's Advanced Functions

New ESPN Documentary, “Psychedelics & a Road to Recovery” to Explore Psychedelics For Traumatic Brain Injuries

Cybin believes that this purchase will help accelerate the development of CYB004, their next generation DMT with a longer duration of effect. Specifically, Cybin expects this to speed up the process by 9 months by gaining access to “essential safety and dosing optimization data.” This will replace Cybin’s previously planned pilot study for CYB004.

With the sale, Entheon’s business model seems to be shrinking, focusing on their HaluGen division —which produces a test which they say can pre screen a person to see if they are genetically predisposed to having a bad trip— and their IQ Program, which creates algorithms from treatment data. Under the terms of the sale, the two parties will “enter into a data license agreement,” which will allow Entheon’s IQ division to access certain data from the trial to support their IQ division.

The sale is expected to close within 30 days.

To purchase the HaluGen Genetic test kit and see if you are genetically predisposed to having a bad trip, click here.

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.

Once the acquisition goes through, Numinus will operate 13 wellness clinics, four clinical research sites and a dedicated psychedelics research laboratory. The newly combined company will have an expected revenue of more than $10 million in the first year, though will still be running a large deficit. 

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.

This agreement will “supply psilocybin products to ATMA for future therapist initiatives and supply requirements,” and will give Optimi “an opportunity to refine approaches and improve efficiencies around the commercial distribution and clinical applications of psilocybin in anticipation of more robust demand.”

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™.

The main side effects of ketamine that PharmaTher was trying to reduce with a pre-treatment of betaine anhydrous, are depersonalization, derealization and amnesia.

According to PharmaTher, a “reduction in mean of 66% at 40 minutes following ketamine infusion initiation was seen for each of these measures in the study.” Furthermore the combination was well-tolerated and there were no serious adverse events.

The full results of this study will be released in the second half of 2022, and PharmaTher says that they will inform “the Company’s planned placebo-controlled phase 2 clinical study” of KETABET.

________________________________________________________________________________

Interested in Investing in More than Just Psychedelic Stocks?

Do you want to start investing but need help researching stocks? Check out Wealth Research Group’s FREE stock report: Ultimate Forever Stocks: Hold and Add More for the Remainder of Your Life!

This FREE stock report dives into EIGHT stocks that our partners Wealth Research Group believe will transform your portfolio.

Completely FREE, Wealth Research Group won’t spam you and will NEVER ask for your credit card. So what do you have to lose? Plus, by downloading the report, you support Psychedelic Spotlight, so it is a win-win!

 

Click here to download Ultimate Forever Stocks

Have you heard about our new community?

We’re excited to announce Bonfire -
a personal growth community
for people who are interested in psychedelics.

Join us for our launch event on July 18th, where we’ll share about the work we’ll be doing together to actualize our personal missions, grow, and heal together.

Sign Up Here
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

Related News

Mindset Pharma's DMT-Inspired Drug Candidates Could Address Serotonin Syndrome Challenge

Mindset Pharma’s DMT-Inspired Drug Candidates Could Address Serotonin Syndrome Challenge

Business, Research
“The data suggests that we have a new drug that may be at least as effective, if not more effective, than 5-MeO-DMT and, more importantly, it looks like it is much safer," says Mindset Pharma CEO James Lanthier.
0 Comments
/
August 31, 2021
How to Navigate a 'Bad Trip' on Psychedelics

How to Navigate A Challenging Psychedelic Trip

Culture, Education
Psychedelic facilitator and guide Nick Levich shares his best advice for facing inevitable discomfort during these profound experiences.
0 Comments
/
August 31, 2021
Minnesota Gets Its First Psychedelic Clinic

Minnesota Gets Its First Psychedelic Medicine Clinic

Treatment
The first psychedelic therapy clinic has opened in Minnesota. The Institute for Integrative Therapies will provide ketamine-assisted therapy.
0 Comments
/
March 30, 2021

Psychedelic Spotlight is your reliable source for the latest stories in the emerging psychedelics industry, covering breakthrough discoveries, investor news and cultural reform.

Explore

  • About
  • Treatment
  • Work With Us
  • News
  • Privacy Policy
  • Terms and Conditions

Resources

  • Conferences
  • Experts
  • Glossary
  • Therapy

Subscribe

           

© 2022 Psychedelic Spotlight. | Owned and operated by PSYC Media Corporation, Inc. a US publicly traded company (OTCPink: PSYC) | All Rights Reserved.
What is Ego Death and How Does it Work?What_Is_Ego_DeathSol Psychedelphia – A Psychedelics Community Education Event
Scroll to top

Get a roundup of Psychedelic news stories in your inbox

By signing up to the Psychedelic Spotlight newsletter you agree to receive electronic communications from Psychedelic Spotlight that may sometimes include advertisements or sponsored content.

Which list would you like to subscribe to?(Required)