This week in psychedelic business news: Compass Pathways files another patent; Seelos Therapeutics raises big money; Cybin makes psychedelic therapy more accessible in NYC.
In psychedelic business news, it’s been a busy week for Clearmind Medicine. The company announced it is pursuing a dual listing on the Nasdaq Stock Market and has launched a new study. In partnership with the Hebrew University of Jerusalem’s Obesity and Metabolism Laboratory, the study will evaluate the effect of the company’s proprietary psychoactive compound 5-Methoxy-2-aminoindane (MEAI) on binge eating.
In drug development news, biotechnology company PharmaTher has applied to the United States Food and Drug Administration (FDA) for orphan drug designation for ketamine to treat the rare neurological condition Status Epilepticus (SE). The company believes ketamine can improve the quality of life and save the lives of people with SE.
Drug development company NeonMind Biosciences says it is on track to bring the first psychedelic-based treatment for obesity into clinical trials following a positive pre-Investigational New Drug (IND) consultation with the FDA. The company expects to initiate a Phase 1/2 proof-of-concept clinical study with its lead drug candidate NEO-001 in the first half of 2022.
Canadian biotechnology company Cybin has partnered with Lenox Hill Hospital in Manhattan, New York, to provide marginalized communities access to psychedelic therapies. The program, facilitated by a grant awarded to Cybin, hopes to address health inequalities by offering treatments with no out-of-pocket costs to individuals who would otherwise be unable to afford them. “It’s time for psychedelic medicine to climb down from the ivory tower and into the community,” said Cybin’s Chief Clinical Officer, Dr. Alex Belser.
In psychedelic business patent news, Compass Pathways has been granted its fifth patent from the United States Patent and Trademark Office. This new patent covers methods of addressing treatment-resistant depression with crystalline psilocybin and oral dosage forms of crystalline psilocybin with an excipient. It is the company’s 10th patent overall, with two also granted in the United Kingdom, one in Germany, and two in Hong Kong.
In fundraising news, biopharmaceutical company Seelos Therapeutics has raised $20 million through the private placement of a senior secured convertible note and shares of common stock to Lind Global Asset Management V, LLC, managed by The Lind Partners. The company plans to use the proceeds for general corporate purposes and advance the development of its product candidates, therapies for central nervous system disorders, and rare diseases.
Finally, in psychedelic supply news, Havn Life Sciences this week announced the successful export of naturally derived psilocybin from Jamaica to its partner Nectar Health Sciences Laboratory, a wholly-owned subsidiary of Psilobrain Therapeutics, based in British Columba, Canada. This comes after the company announced supply partnerships with Mycrodose Therapeutics, Mycotopia Therapies, Cube Psytech, and others. “This partnership is a huge win for us as we look to secure additional supply agreements with Canadian companies, now that the integrity of our supply chain from Jamaica has been demonstrated, said Havn Life Sciences CEO Tim Moore.