This week in psychedelic business news: Mindset Pharma partners with global pharmaceutical company; Awakn Life Sciences explores behavioral addictions; Ei.Ventures buys virtual land for psychedelic therapy.
This week in psychedelic business news, Toronto-based psychedelic medicine company Mindset Pharma announced earlier this week it was teaming up with The McQuade Center for Strategic Research and Development—a member of the global Otsuka family of pharmaceutical companies—to collaborate on two families of novel medical psychedelic compounds through Phase 1a and Phase 1b clinical trials. Per the terms of their agreement, The McQuade Center makes an upfront cash payment of $5 million USD to Mindset while financially and operationally supporting the compounds’ development and in return receives a right of first refusal with respect to any asset sale, exclusive licensing or collaboration opportunities pertaining to the drugs.
The scope of Awakn Life Sciences Corp.'s trailblazing study on the effectiveness of ketamine-assisted therapy in treating behavioral addictions is about to get much broader. On Wednesday, the biotech company announced it had received ethical committee approval to expand its existing investigation beyond Gambling Disorder to now also include Binge Eating Disorder, Compulsive Sexual Behavior, and Internet Gaming Disorder.
Field Trip Health, a global leader in the development and delivery of psychedelic therapies, announced Thursday that it will begin making applications for Canadians looking to access psilocybin-assisted and MDMA-assisted therapy through Health Canada’s Special Access Program (SAP), an initiative allowing citizens with “serious or life-threatening conditions” to request certain drugs which have not yet been approved for sale in Canada but may be of use in cases where traditional therapies failed. The announcement comes just a few months after Field Trip founder and Executive Chairman Ronan Levy sat down with Psychedelic Spotlight to discuss his company’s efforts to normalize psychedelic medicines.
Psychedelics startup Ei.Ventures announced the purchase of virtual real estate in a metaverse known as The Sandbox. The company intends for the digital property to serve as a place for real-life clinicians to host virtual psychedelic therapy sessions. Valued at $2.2 million, the 12×12 virtual estate will be called PSLY.COM, the name of Ei.Ventures and Mycotopia Therapies soon-to-be merged company. “This will be a new way to interact with your friends in general, and provide psychedelic therapy in particular,” Ei.Ventures CEO David Nikzad explained in an email.
Finally in this week’s biggest psychedelic business news, Levitee Labs announced the formation of a Medical Advisory Board consisting of Mark Tarnopolsky, Bakir Al Tikriti, Noha ElSayed, Mohammed Mosli, and Eding Mvilongo—a diverse group of doctors, medical professionals, and researchers whose expertise spans everything from addiction and mental health to drug development and psychedelics. The Board's formation aligns with the wellness company's signing agreements to acquire addiction focused clinics and pharmacies in Alberta and British Columbia.