A stunning mental health breakthrough has unleashed a massive opportunity. So much so, it could provide much-needed relief for nearly 700 million people around the world with mental health issues. The incredible thing is, it could all start with a small dose of psychedelics, like psilocybin. Not only is the US FDA supportive of research, dozens of medical studies are proving such treatments are impactful, including Johns Hopkins Medicine and New York University. Even cities and states around the U.S. have begun to decriminalize the use of psilocybin. Better, according to Compass Pathways’ CEO George Goldsmith, “A single experience, a single dose of psilocybin for many people, can create an immediate and sustained benefit for people suffering with depression.” With psychedelics gaining strong momentum, some of the top companies to watch include Cybin Inc. (NEO:CYBN)(OTC:CLXPF), Mind Medicine Inc. (NEO:MMED)(OTC:MMEDF), Compass Pathways (NASDAQ:CMPS), Numinus Wellness Inc. (TSXV:NUMI)(OTC:LKYSF), and Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF).
CYBIN Inc. (NEO:CYBN) BREAKING NEWS: CYBIN Inc.,a life sciences company focused on psychedelic therapeutics, is excited to announce that it has entered into an agreement with neurotech pioneer HI, LLC dba Kernel to leverage its innovative technology, Kernel Flow, for its upcoming sponsored clinical work. Click here to view the accompanying film.
Flow is a full-head coverage, time-domain functional near-infrared spectroscopy system designed to detect hemodynamic changes in the brain that pulses light through the skull and into the bloodstream in order to measure how much oxygen the blood is carrying at any given time. Flow measurements can be used as analogues of local neural activity during a psychedelic experience. Cybin expects the quantitative measurements enabled by Flow may improve the development, delivery and scaling of its psychedelic therapeutics.
“Access to Kernel’s innovative Flow technology adds another exciting dimension to the investigative work that Cybin is doing to develop breakthrough treatments for mental health disorders such as depression and addiction. Currently, clinical investigators rely on limited subjective information from patients. The ability to collect quantitative data from our sponsored drug development programs is potentially game-changing in terms of our ability to measure where psychedelics work in the brain in real time, and how we ultimately design our future therapeutics. We are delighted to partner with Kernel to study the utility of Flow in sponsored clinical settings. This new cornerstone component of our sponsored clinical programs follows a record-setting capital raise, listing on the NEO Exchange and the acquisition of Adelia Therapeutics Inc., which added significant scientific capabilities, novel molecules, delivery mechanisms and intellectual property,” stated Doug Drysdale, CEO of Cybin.
“Cybin’s visionary approach to understanding and treating mental illness through psychedelic therapeutics opens a new frontier for addressing human health and wellness. This opportunity with Cybin will assist the transition from subjective self-reporting to longitudinal, quantitative measurements and insights, thereby offering the promise of data-driven, personalized treatment protocols that may significantly improve safety and efficacy,” stated Bryan Johnson, Founder and CEO of Kernel.
Cybin intends to take delivery of Flow in the second quarter of 2021. Cybin plans to undertake sponsored studies in a range of clinical conditions and utilize insights gained from the data collected by Flow technology to inform the design of future clinical studies, support regulatory submissions and aid in the design of future molecules to address the needs of mental health patients.
Other related developments from around the markets include:
Mind Medicine Inc. (NEO:MMED)(OTC:MMEDF) is pleased to announce that further to its previously announced offering, it has filed a final short form prospectus with the securities commissions or similar authorities in each province of Canada, other than Québec. Pursuant to the amended and restated underwriting agreement among the Company, Canaccord Genuity Corp., Eight Capital and CIBC Capital Markets, the Underwriters have agreed to purchase 18,200,000 units of the Company, on a “bought deal” basis, at a price per Unit of CAD$4.40 (for gross proceeds of CAD$80,080,000.
Compass Pathways (NASDAQ:CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, reported its financial results for the third quarter of 2020 and gave an update on recent progress across its business. George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “This has been a significant quarter, with an IPO that gives us the funds needed to advance our mission and transform mental health care. Recent hires for the company build further important expertise within our strong leadership team, including in data science and digital health, which will be core to the future of mental health care. We remain fully focused on execution of our phase IIb trial investigating our COMP360 psilocybin therapy for treatment-resistant depression and, with scientific partners in our recently established Drug Discovery Center, are also evaluating the potential of early stage compounds to address mental health challenges.”
Numinus Wellness Inc. (TSXV:NUMI)(OTC:LKYSF), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies, is pleased to announce that it has closed its previously announced bought deal public offering of units through Canaccord Genuity Corp. and Eight Capital pursuant to a short form prospectus dated December 21, 2020. Pursuant to the Offering, the Company issued 25,367,850 Units, on an underwritten basis, at the purchase price of $0.68 per Unit, for aggregate gross proceeds to the Company of $17,250,138, which includes the exercise, in full, by the Underwriters of the over-allotment option granted by the Company to purchase an additional 3,308,850 Units at the Offering Price.
Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF), a leader in the development and delivery of psychedelic therapies, reported its second fiscal quarter results for the three and six months ended September 30, 2020. For the second fiscal quarter, Field Trip reported patient services revenues of $94,532 from its Toronto and New York Field Trip Health centers, which began continuous operations in June and August, respectively. Net loss for the second fiscal quarter of $3,932,444 was primarily due to general and administration expenses of $2,182,144, research and development expenses of $745,989, sales & marketing expenses of $268,475, patient services expenses of $232,114, occupancy costs of $111,877 and realized foreign exchange loss of $196,288. Net loss for the second fiscal quarter of 2020 of $514,643 was primarily due to general and administration expenses of $411,686, occupancy costs of $59,342 and sales and marketing expenses of $43,582.
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