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Psychedelic Bulletin: MindMed Raises $28.75m, Entheon Inches Closer to Go-Public, Next Week’s Votes on Decriminalisation

It’s been another busy week in the sector, with news including MindMed closing a c.$29 million financing, Entheon receiving conditional approval from the CSE to go-public, and an update on Champignon’s Cease Trade Order.

We’re also seeing a great deal of media attention on psychedelics, given the upcoming ballot initiatives in the US election next Tuesday. By the time we send our next mailer, psychedelics could be decriminalised in two US states: Oregon and DC. 

Here’s your roundup…

Psychedelic Sector News

MAPS: MDMA-Assisted Psychotherapy More Cost-Effective Than Other PTSD Treatments

This week, MAPS published a press release discussing the findings of their peer-reviewed study published earlier this month. The study shows that MDMA-assisted psychotherapy is cost-effective when compared to existing treatments for PTSD.

The magnitude of this saving is expected to be in the range of $103.2 million over 30 years per 1,000 patients; with breakeven occurring at just over 3 years. In many countries, these savings would benefit public healthcare systems or private insurance companies.

If coupled with efficacy data, which should be forthcoming in MAPS’ clinical trials, these cost savings could build a strong case for public healthcare systems and insurance companies to provide MDMA-assisted psychotherapy in the future.

It should be noted that the estimates are likely conservative, as they don’t take into account other monetisable benefits including increased productivity and lower disability payments that result from effective treatment of PTSD. More here.

MindMed: Closes CAD $28.75 million Financing

MindMed has closed a previously announced upsized financing, via a bought deal, for gross proceeds of $28.75 million. 27.38 million units were sold at a price of $1.05 each. The Company now has cash reserves of $50.1 million.

MindMed Co-Founder & Co-CEO, J.R. Rahn said “The strong institutional investor interest for this oversubscribed financing demonstrates the vast appetite for companies pursuing clinical trials of psychedelic medicines with the FDA and other regulatory bodies.”

Field Trip: Update on FT-104 Molecule

Field Trip’s novel psychedelic molecule, FT-104, is found to be similar in potency to psilocybin but with a shorter duration of psychoactivity. The half-life of the molecule is roughly one-third of psilocybin’s. This makes it a potentially preferable option for related therapies.

This is further to the results announced in late September, which demonstrated successful GLP synthesis and that the molecule is a serotonin 5HT2a receptor agonist. We asked the Field Trip team two quick questions: read their answers here.

Champignon: Submitted All Documents to BC Securities Commission; Remains Halted

Champignon has announced that they have submitted all documentation requested by the BC Securities Commission in connection with AltMed Capital Corp’s financials. The Company will provide definitive timing on the revocation of the order “as soon as possible.”

MagicMed: Agreements with University of Calgary

MagicMed today announced that it has entered into a Research Contract and Facilities Use Agreement with the University of Calgary to accelerate the development of its psychedelic derivatives patent library.

Havn: Supports Psilocybin Depression Study in Germany

Havn today announced that they are donating $20,000 to support research by the MIND Foundation in Germany, on a study on depression and psilocybin.

Cybin Corp: Established a Firm Foothold in the Sector with Historic Raise (Editorial)

Learn more about Cybin Corp, and their historic $45 million raise, in this editorial feature.

ATAI: Neuronasal Completes Pilot study, Receives IND Clearance, for N-acetylcysteine 

ATAI has announced that Neuronasal has completed its pilot study intended to show nose to brain delivery of N-acetylcysteine (NAC) in healthy volunteers.

The Company has also been granted IND clearance by the FDA, allowing them to continue Phase 1 clinical trial development with ATAI. Note that NAC is not a psychedelic substance.

Pharmather: Files another FDA Orphan Drug Designation for Ketamine; Scientific Advisor Appointment

Pharmather has filed an application with the FDA for Orphan Drug Designation, which is reserved for rare diseases. The use-case is ketamine in the treatment of Postherpetic neuralgia, a chronic neuropathic pain syndrome resulting from a shingles (herpes zoster) outbreak. This application follows Pharmather’s similar application made on October 20th, for ketamine in Parkinson’s Disease.

Yesterday, the company announced the appointment of Dr. Robert A. Hauser as a scientific and clinical advisor to the Company.

Entheon: Conditional Approval from CSE for Go-Public Agreement

MPV Exploration Inc. has announced the Canadian Securities Exchange (CSE) has granted conditional approval to list Entheon shares on the Exchange.

Along with this, the amalgamation agreement announced in July and September has progressed to the following stages:

  • Name Change: MPV Exploration Inc. becomes Entheon Biomedical Corp;
  • Consolidation: 3 pre-consolidation common shares become 1 post-consolidation share

Hollister Biosciences: Q3 Performance

No mention of psychedelics in this latest news from Hollister, but the Company reports record quarterly revenue from its cannabis brands: CAD $12.5 million revenues, and CAD $1.265 million in EBITDA. Note that these are not audited figures.

Weekend Reads / In the News

First, It Was Weed — Now, Voters Have a Chance for Legal Psychedelics

Rolling Stone. Much of the media coverage of psychedelics this week has pertained to the upcoming US elections, which include ballot measures in Oregon and DC to decriminalise psychedelics. This piece received a great deal of attention, published in one of the most iconic media outlets in the world.

Other notable media pieces on the upcoming votes: ABC News (DC Ballot Initiative), GQ (Oregon Measure 109).

CBS Baltimore Covers Psilocybin

CBS Baltimore (video + transcript). This news segment went out live on CBS Baltimore’s WJZ channel. It introduces the promise of psilocybin for mental health purposes, then goes on to explain Johns Hopkins University’s studies.

‘People are desperate’ says Saskatoon psychiatrist offering ketamine treatment for depression

CBC. “Dr. Monika Hooper says up to 40 per cent of patients are travelling from out of province to receive treatment.”

The psychedelics revolution has arrived in New Zealand

The Spinoff. The University of Auckland is about to start an LSD microdosing trial, bringing the psychedelic renaissance to NZ.

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