'Psyched': Atai Launches DMT Subsidiary, NeuroPharm Collaborates With Dutch University

ATAI Launches Subsidiary Focused on DMT

Psychedelics and biotech company ATAI Life Sciences announced the launch of Viridia Life Sciences, a wholly-owned subsidiary that will be dedicated to the study and production of the DMT molecule (N,N-Dimethyltryptamine).

DMT is the active ingredient in ayahuasca, a hallucinogenic brew traditionally used in spiritual practices by indigenous communities of the Amazon basin.

ATAI said that Viridia is leveraging the platform’s own drug development experience to formulate DMT products based on alternative routes of administration.

“Viridia’s DMT products will be developed with the specific aim of controlling the rate of which the drug is released and absorbed, which has a direct impact on the onset and duration of the psychedelic experience,” said Glenn Short, PhD, CEO of Viridia Life Sciences.

DMT’s psychedelic onset is typically very rapid and intense, beginning within two minutes.

Short said that ATAI aims to slow the onset and lengthen the duration of the experience slightly, so that the psychedelic onset is much more gradual and overall more gentle and agreeable to the patient.

Short added that ATAI will explore ways of combining DMT drug developments with its recently-launched digital therapeutics platform, which was announced earlier this month.

The company expects to begin human clinical trials in 2021.

MagicMed Industries Has $1.5M Private Placement Opportunity

MagicMed Industries Inc., a psychedelics research company, inked a private placement deal with Mackie Research Capital Corporation for gross proceeds of up to CA$1.5 million (US$1.18 million).

Mackie Research has committed to sell up to 6 million common shares in MagicMed at a price of CA$0.25 per share.

The parties expect to close the raise by Aug. 14, 2020.

NeuroPharm Announces Research Collaboration With Leiden University

NeuroPharm, a company focused on the development of psychedelic psychotherapy for veterans and military personnel, announced the beginning of a research collaboration with the Leiden University Medical Center of The Netherlands.

NeuroPharm and Leiden University are currently developing protocols to begin clinical trials of psilocybin for post-traumatic stress disorder in military veterans.

NeuroPharm Inc. is currently in talks to be acquired by Colorado-based Mydecine Innovations Group Inc. MYCO MYCOF.

Picture based in graphics by Unsplash.