'Psyched': Silo Wellness To Go Public, MindMed Adds DMT To Research Portfolio, Champignon Closes $11M Raise, Mydecine Launches New Research Partnership

Psyched is a bi-monthly column covering the most important developments in the industry of medicinal psychedelics. We hope you follow us periodically as we report on the growth of this exciting new industry.

Silo Wellness To Go Public With Reverse Takeover Of Yukoterre Resources 

Oregon-founded psychedelics company Silo Wellness announced June 17 the singing of a binding letter of intent to combine its business operations with Yukoterre Resources Inc. YT, resulting in a reverse takeover of Yukoterre by Silo and its shareholders, with a new ticker symbol: “SILO.”

Yukonterre is a mineral exploration company based in Yukon, Canada.

Through the deal, SILO would complete an ongoing private placement offering of SILO common shares for gross proceeds of approximately $2.5 million. Each holder of SILO shares will receive one Yukoterre share for each Silo share held and Yukonterre would change its name to Silo Wellness Inc.

The parties expect the transaction to occur on or before Aug. 14, 2020, pending CSE approval.

MindMed To Begin Clinical Trials On Ayahuasca's Active Ingredient DMT

On June 18, biopharmaceutical and psychedelics research company Mind Medicine Inc. MMEDF MMED announced it will begin studying DMT’s effects on humans in a Phase 1 clinical trial conducted in collaboration with University Hospital Basel in Switzerland.

DMT, an abbreviation of N,N-Dimethyltryptamine, is the main active ingredient in ayahuasca, a hallucinogenic brew traditionally used as a spiritual medicine in shamanic ceremonies among indigenous communities in South America.

MindMed is providing startup funding for a Phase 1 clinical trial under the direction of Dr. Matias Liechti, head of the Liechti Lab at University Hospital Basel.

The study is expected to begin in the fourth quarter. 

New Wave Holding Announces LSD Microdosing Study, New Additions to Executive Team

New Wave Holdings Corp. SPOR TRMND, an investment fund with a portfolio focused on e-sports and psychedelic research, announced it will support the Delos Psyche Research Group in a study to determine the effects of LSD microdosing in the human body.

The study aims to study the effect of sub-hallucinogenic amounts of LSD on patients suffering from depression, anxiety, stress, occupational burnout, quality of life, mindfulness, self-care, boredom, social distress and other parameters.

On June 18, the company also announced the appointment of pharmaceutical industry veteran Dr. Carolyn Myers, Ph.D. as vice president of commercial development.

Additionally, on June 15, the company announced that Dr. Dennis McKenna, Ph.D. was included on its psychedelic research advisory board. Dr. McKenna is recognised as a leading figure in the field of ethnopharmacology and research surrounding psychedelics.

Mydecine Announces Research Agreement With University of Alberta, Acquisition Of Telehealth Provider MindLeap

Mydecine Innovations Group Inc. MYCO NLBIF announced on June 12 the signing of an agreement with Applied Pharmaceutical Innovation, a not-for-profit commercial drug development institute hosted at the University of Alberta.

The company said that research and development efforts will start with a program to extract, analyze and determine the effects of various compounds from fungi — which include scheduled species of mushrooms — with an authorization previously granted to the institute.

The goal of the agreement is to develop products with clinical applications over a period of three years. 

Mydecine CSO Robert Roscow said the research partnership not only opens up investigation of single molecules from mushrooms, but also more complex formulations. 

The company also announced on June 17 a definitive share exchange agreement with Mindleap Health Inc, a digital telehealth platform.

The deal was inked for the acquisition of a 100% interest in MindLeap's telehealth platform. Through the platform, the company plans to provide mental health treatment with the inclusion of psychedelic-assisted therapies among other forms of mental health care.

Lastly, the company announced on June 10 that it has signed a non-binding letter of intent to acquire NeuroPharm Inc., a Canadian-based health care company focused on developing natural treatments for military personnel, EMS, front-line personnel and veterans.

Greenstar Biosciences Signs LOI To Purchase Eleusian 

GreenStar Biosciences Corp. GSTR announced on June 16 the signing of a non-binding letter of intent to acquire 100% of Eleusian Biosciences Corp. through the issuance of common shares of GreenStar.

GreenStar is a Vancouver-based technology and services company that provides real estate, financial, management, IP and branding support to licensed cannabis businesses in the U.S.

Through the acquisition, the company would add Eleusian’s developments in psychedelic therapy to its portfolio as well as a cash balance of approximately $225,000.

With the proceeds raised from the deal, Eleusian said it intends to further fund its prototype of a patent-pending nasal mist transducer. 

Champignon Brands Inks Deal With Dalriada, Closes $11M Private Placement, Announces Name Change

Champignon Brands Inc. SHRM SHRMF, announced June 8 it has selected Toronto-based Dalriada Drug Discovery Inc. to advance its intellectual property portfolio of ketamine and psilocybin.

Dalriada, a drug discovery and biopharmaceutical R&D contractor, will drive Champignon’s new drug discovery programs and provide R&D support the company’s existing preclinical assets and ongoing developments.

On June 11, the company announced the closing of a CA$15,000,375 ($11,022,838) private placement deal co-led by Canaccord Genuity Corp. and Eight Capital.

Champignon said it intends to use the proceeds for their clinical expansion program in North America as well as for general working capital purposes.

On June 15, Champignon announced that it plans to change its name and re-brand to Apotheosis Scientific Ltd. The official date of change has not yet been established. The re-branding will include a new corporate website, investor presentation and branding campaign.

Additionally, the company announced its considering a spin-out of its functional mushroom-infused consumer packaged goods division into a separate public company.

Graphic based on Unsplash photo.