This week the psychedelic space has seen important announcements and milestones across the business, research and advocacy realms.
Perhaps the most significant news this week came from Canada, where 17 healthcare professionals have been permitted to use psilocybin for professional training. This is the latest success for the nonprofit TheraPsil, who campaign for legal access to psilocybin-assisted therapy for Canadians in need.
Across the Atlantic, in the UK, regulators have approved the world’s first DMT for depression clinical trial which is set to begin dosing in January 2021. London-based Small Pharma is collaborating with the Centre for Psychedelic Research at Imperial College London to run the groundbreaking trial.
Capital has continued to enter the space, with a number of large financings taking place this week. Notably, MindMed closed an upsized financing of $34.5 million, which suggests the company has cash reserves of $85 million, having raised just over $121 million to date.
We also take a look back at November as part of our psychedelics research review. November’s publications included a study by Feduccia et al that suggested historic antidepressant usage may reduce the efficacy of MDMA-assisted psychotherapy; and, an exploratory study from Yale found that a single low dose of psilocybin reduces the frequency of migraine headaches for 2 weeks.
Psychedelic Sector News
Cybin Acquires Biopharmaceutical Company Adelia Therapeutics
Cybin (CYBN) is to acquire Adelia Therapeutics, a biopharmaceutical company focused on developing medicinal psychedelics. Through this acquisition Cybin gains access to new, patented active pharmaceutical ingredients; a properietary drug delivery platform; human capital in the form of Adelia’s leadership team; and, an operational development facility in the United States.
Mydecine Prepares to Export 20 Kilograms of Psilocybin from Jamaica to Canada
This week, Mydecine (MYCO) announced it is preparing to export its first commercial harvest of 20kg (44lbs) of psilocybin mushrooms. The company’s Canadian facility has a Health Canada Schedule 1 Dealer’s License, which allows for their legal import.
Mind Cure Set to Open Health Centre Offering Ketamine and Psilocybin Therapy
In line with other companies in the space, such as Field Trip and Champignon Brands, Mind Cure is set to open a health centre. Based in Kelowna, British Columbia, the centre will offer ketamine-assisted therapy, and also hopes to provide psilocybin therapy via Section 56 exemptions. The company expects to open the centre in May 2021.
Champignon Brands’ CFO Resigns
CaaMTech Expands Research Collaboration with UMass Dartmouth
CaaMTech has renewed and expanded its research collaboration with Dr. David R. Manke and his team of researchers at UMass Dartmouth. The research revolves around the synthesis and crystallography of novel tryptamines. Thus far, Dr. Manke’s team has successfully synthesised over 70 novel tryptamines.
Andrew Chadeayne, CEO and Founder of CaaMTech, explained: “In less than two years, Dr. Manke has synthesized and crystallographically characterized more novel tryptamines than anyone in history. The next generation of mental health drugs will come from the library of compounds that we have already developed. Now we’re doubling down.”
We spoke to Andrew shortly after the announcement…
Financings and IPOs
There were a number of financings this week, plus an IPO announcement…
MindMed Closes Upsized Financing of $34.5m, Cash Reserves of $85m
Today, MindMed closed an upsized financing of $34.5 million, with units priced at $1.90. At the time of writing, MMED is trading at $4.50. The Company has post-financing cash reserves of $85m, and has raised $121.4 million since their founding: approximately USD $95 million.
Numinus Announces $15m Bought Deal
Numinus opened the week by announcing a $10 million bought deal public offering of 14.7 million units priced at $0.68. This announcement was quickly followed by another stating an increase in the offering, bringing the raise to $15 million in aggregate gross proceeds.
Field Trip Announces $17.4m Bought Deal Financing
After initially announcing a $15m bought deal offering, Field Trip announced an increase to $17.4m. Units were priced at $4.50.
Tryp Therapeutics Set for December 17th IPO
Tryp Therapeutics is set to IPO on the CSE after a $4.4 million round priced at $0.25 per unit. The company is expected to list under symbol TRYP on or about Dec 17th.
Psychedelics Research Review: Nov 2020
The increase in research surrounding psychedelics has continued into November, which saw a great number of publications. Brouwer and Carhart-Harris provided some theoretical food for thought in the form of their paper which proposed psychedelics manifest a ‘pivotal mental state’: a hyper-plastic state which enables “rapid and deep learning that can mediate psychological transformation”.
A study by Feduccia et al suggested historic antidepressant usage may reduce the efficacy of MDMA-assisted psychotherapy. This implies that the use of SSRIs may have lasting impacts on the human brain. You can learn more about this study by reading our summary.
In terms of psilocybin, a randomised open-label study (n=24) found that 2 sessions with psilocybin significantly improved depression scores for those with major depressive disorder (Davis et al). We also covered the findings of an exploratory study from Yale, which found that a single low dose of psilocybin reduces the frequency of migraine headaches for 2 weeks (Schindler et al).
17 Canadian Healthcare Professionals Approved to Use Psilocybin for Professional Training
We were pleased to help break this significant piece of news from TheraPsil this Tuesday. The Canadian nonprofit has already secured exemptions from Section 56 allowing palliative, and one non-palliative, Canadians to access psilocybin-assisted therapy. Now, the organisation has successfully supported 17 healthcare professionals to receive exemptions allowing them to possess and use psilocybin for professional training in psilocybin therapy.
Among the 17 healthcare professionals are psychologists, psychiatrists, clinical counselors, social workers, general practitioners and nurses. TheraPsil is currently fundraising in order to continue its core work in facilitating legal access to psilocybin therapy for Canadians in medical need.
UK Regulators Approve World’s First DMT for Depression Clinical Trial
London-based Small Pharma has received regulatory approval for a clinical trial to explore DMT for depression. The company believes that DMT can offer a shorter psychedelic therapy session, given that it “delivers a psychedelic experience in 20 minutes” according to CEO Peter Rand.
New Resource: MDMA Patent Tracker
Our latest resource tracks MDMA patents. From Merck’s original synthesis of the drug in 1912, right through to patents filed in the past few years, our editor-at-large Graham Pechenik has created this survey of the MDMA patent landscape.
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