MindMed downplays delisiting fears; Red Light Holland teams with Wiz Khalifa; Field Trip shareholders approve company split; and more!
MindMed Does Not View Nasdaq Delisting as “a Risk of Any Sort”
To kick-off This Week in Psychedelic Stocks, we are starting with MindMed (NASDAQ: MNMD, NEO: MMED). In a Psychedelic Spotlight hosted AMA held with MindMed CEO Robert Barrow, the question of what MindMed is doing to avoid being delisted from the Nasdaq was raised. As background, a company must maintain a stock price of at least $1 to remain on the Nasdaq, and MindMed’s stock currently sits at $0.58.
Despite this, Mr. Barrow assured all of its investors that there was very little chance of this happening. In fact, he said that MindMed “certainly do not view delisting as a risk of any sort.”
MindMed currently has 177 days to get its stock price back up over $1. If it fails to accomplish this, it may be granted another 180 days.
To learn more, please read MindMed Reassures Investors over Nasdaq Delisting Fears, and stay tuned for the release of the full AMA video, to be published next week.
Wiz Khalifa Teams Up With Red Light Holland for Boutique Mushroom Brand
Next up in psychedelic stock news, Red Light Holland (CSE: TRIP, FSE: 4YX, OTC Pink: TRUFF) has brought yet another celebrity on board. This week, it became official that rapper Wiz Khalifa was partnering with Red Light to launch a mushroom wellness brand called MISTERCAP. Red Light says that Wiz Khalifa will be able to leverage his significant social media presence to help grow the brand.
Commenting on the partnership, Todd Shapiro, Red Light Holland’s CEO and Director said, “We’ve been working with Wiz Khalifa and his team to collaborate and create a brand that encompasses our joint belief for the affordable and equitable access to naturally occurring psilocybin responsibly…Wiz Khalifa is a global icon with tremendous reach who is uniquely positioned to help us spread the message and end the stigma surrounding psilocybin while focusing on mental health and wellness.”
To learn more about this partnership, read Wiz Khalifa Teams Up With Red Light Holland for Boutique Mushroom Brand.
Field Trip Health Shareholders Approve Dividing the Company into Two
Continuing with psychedelic stocks, Field Trip Health (TSX: FTRP, Nasdaq: FTRP) will soon be no more. The company’s shareholders have approved, by a vote greater than 99%, to split the company into two. Field Trip Health and Wellness will run the company’s psychedelic and wellness clinics, while Reunion Neuroscience will inherit the company’s drug discovery arm. Now, the split must be approved by the courts and some final paperwork must be completed.
To learn more about this split, what it means for shareholders, and what exactly the two new companies will be working on, please read Why Field Trip Health Is Dividing in Two — and What This Means for Investors.
Field Trip Health Reports Fiscal Fourth Quarter and Full Year 2022 Financial Results
For the fiscal fourth quarter ended March 31, 2022, Field Trip Health had C$1,724,102 in revenues, up 228% year-over-year. For the fiscal year ended on the same date, revenue was C$4,860,129. This was up 406% year-over-year.
The net loss for the quarter stood at C$14,170,285, while the yearly loss stood at C$54,691,130. Field Trip has C$63.7 million in unrestricted cash and cash equivalents.
PharmaTher Announces Positive Results from Study For Ketamine Microneedle Patch
PharmaTher (OTCQB: PHRRF, CSE: PHRM) has completed a study testing the efficacy of their patented delivery system, called PHARMAPATCH™. PHARMAPATCH delivers ketamine and ketamine derivatives through a microneedle patch. In the current rat study, the patch was shown to be effective in delivering esketamine, a ketamine enantiomer.
PharmaTher plans on using the PHARMAPATCH to deliver their drug called KETABET™, which is a combination of ketamine and betaine anhydrous. The company is planning a Phase 2 study to determine whether PHARMAPATCH can deliver KETABET to effectively treat Treatment-Resistant Depression.
Tryp Therapeutics Files Provisional Patent Application for Binge Eating Disorder Treatment
Rounding out the psychedelic stock news for this week, Tryp Therapeutics (CSE: TRYP, OTCQB: TRYPF) has filed “a new provisional patent for the use of psilocybin for the treatment of patients with Binge Eating Disorder (BED).” The company’s Phase 2 trial investigating this “represents the first use of psilocybin in conjunction with psychotherapy as a therapeutic intervention in patients” with Binge Eating Disorder. If granted, “the new patent will provide Tryp with an Intellectual Property Protection for BED utilizing its psilocybin-based candidates TRP-8802 and TRP-8803.”
Microdose Awards Nominations Now Open
On November 3rd, 2022, the Microdose Awards will be held at Wonderland, a psychedelics conference held in Miami. Nominations for these awards are now open.
If you enjoy the journalism that Psychedelic Spotlight provides, please consider nominating us for the category of Consumer Media Company of the Year.
You can submit nominations for as many categories as you choose, or you can just submit a nomination for one category. Nominations will close on August 30, 2022.
Once nominations are closed, the public will be able to vote on which of the nominees is the most deserving of the award
Click here to go to the nominations page. Psychedelic Spotlight thanks you for your support!