Psychedelic Business Spotlight: May 28, 2021

This week in psychedelic business news: NeonMind establishes a Medical Advisory Board, Mynd announces public listing, and a new study supports Algernon’s novel use of DMT.

NeonMind Biosciences Inc., is creating a Medical Advisory Board to guide the planning and operation of the wellness company’s clinics across Canada. The board will be made up of experts in healthcare; ketamine treatment; psychotherapy protocols; and clinical operations, strategy, and growth.

“The formation of our Medical Clinic Advisory Board is a critical next step in the creation of our clinics and treatment models. By incorporating a team of experts specializing in mental healthcare, interventional psychiatric treatment, psychedelics, and clinical deployment, operations, and advocacy, we are achieving the next step in our strategic plan to increase treatment access in local markets across Canada,” said Robert Tessarolo, president and CEO of NeonMind.

NeonMind is also developing therapeutic uses of psilocybin for the treatment of obesity and weight management conditions. 

Shares of Mynd Life Sciences Inc., have begun trading on the Canadian Securities Exchange under the symbol “MYND”. The company, based in British Columbia, intends to initiate up to six clinical trials to investigate the use of psilocybin and psilocybin analogs as a treatment for chronic depression and inflammatory diseases. 

“We are incredibly proud to have driven Mynd from incorporation, initial private financing through to securities commission approval and ultimate public listing, all in the span of just one year,” said Dr. Lyle Oberg, Mynd’s chief executive officer. “Our key differentiator is built upon our proven leadership, the caliber of our chief science officer and his research team, and our innovative intellectual property portfolio. We look forward to providing more information to investors over the coming months.”

Cybin Inc. has filed an international patent application to obtain patent coverage in 153 countries. The patent, governed by the Patent Cooperation Treaty, grants the company the right to file future national applications into treaty member jurisdictions. 

“Technologies gained by Cybin resulting from our strategic acquisition of Adelia Therapeutics, coupled with subsequent research initiatives from our experienced scientific team, have produced Cybin’s first PCT filing,” said Doug Drysdale, chief executive officer of Cybin. “As we progress our R&D and clinical programs, we expect to continue to create and develop innovative therapeutics with faster onset of action, smoother pharmacokinetic profiles, shorter treatment periods, and reduced side effects.” 

An independent research study from the University of Szeged in Hungary has provided more evidence that the psychedelic DMT may prove beneficial as a treatment for stroke. The study, published in the journal Neuropharmacology, showed that DMT reduced the activity of some of the mechanisms and effects involved in the damaging biological cascade that occurs in stroke in rat models. DMT also reduced the volume of dead cells and increased the viability of cells found in the somatosensory cortex. 

The study is part of a clinical research program spearheaded by Algernon Pharmaceuticals Inc. The company is planning to become the first in the world to pursue DMT for stroke in humans. Clinical trials are expected to begin in late 2021. 

Prior pharmacogenetic testing may better inform dosing in patients undergoing LSD-assisted treatment, according to a newly published MindMed study. The psychedelic medicine biotech company conducted an analysis of four Phase 1 studies, each of which used a randomized, double-blind, placebo-controlled crossover design. The studies were all conducted at the University Hospital Basel Liechti Lab in Basel, Switzerland 

“This is the first data on the pharmacogenetics of LSD,” said Dr. Matthias Liechti. “The results indicate that a test of the metabolic function of a patient by CYP2D6 phenotyping and genotyping can be used to adjust the dose of LSD. Such information is important for the further development of LSD into a medication and could ultimately help to personalize patient treatment.”

Wesana Health Holdings Inc., has added renowned psychedelics psychologist and writer, James Fadiman, PhD, to its Scientific Advisory Board. Fadiman will provide strategic guidance and direction to the company’s scientific research efforts related to psychedelic-assisted psychotherapy for traumatic brain injury (TBI). 

Fadiman has been involved in psychedelic research for more than 50 years, most recently uncovering and researching microdosing. He is known as America’s wisest and most respected authority on psychedelics and their use, and is credited for identifying guidelines for the safe and effective use of psychedelic medicine across a range of applications. 

“The opportunity to realize the promise that these medicines represent is, after many years, finally coming to fruition. It’s very important me to ensure that the research on psychedelics is applied in the most effective way,” Fadiman said. “I am very pleased to be joining Wesana’s scientific board in order to apply my knowledge to help those suffering from traumatic brain injury, migraine and related conditions, as well as to support Wesana’s long term innovation for improving neurological health.”

Field Trip Health Ltd., received conditional approval to list its common shares and warrants on the Toronto Stock Exchange (TSX). The listing is contingent on the company fulfilling certain criteria laid out in its conditional approval later from May 26. 

Upon obtaining final approval, Field Trip’s common shares will be delisted from the CSE and commence trading on the TSX under the trading symbol FTRP and the warrants under the symbol FTRP-WT. The company’s shares will continue to trade on the OTCQX market under the symbol FTRPF. 

“Receiving conditional acceptance to move to Canada’s largest exchange is a significant milestone for Field Trip and the emerging psychedelics industry more broadly,” said Joseph del Moral, chief executive officer of Field Trip. “While our listing on the TSX will provide greater visibility for Field Trip in the markets and broaden our access to additional Canadian and international investors, we continue to work towards further enhancing liquidity for global investors in Field Trip, including exploring cross-listings onto US exchanges.”