Psyched: NeonMind, Novamind Go Public; MAPS And Field Trip Study MDMA; Psychedelics Center Launches In NYC

NeonMind Goes Public

Psychedelics biotech company NeonMind debuted on the Canadian Securities Exchange (CSE) Monday under the symbol ‘NEON.’

NeonMind CEO Penny White discussed the highly anticipated — oversubscribed — initial public offering (IPO) on the Jan. 7 edition of the Benzinga Cannabis Hour:

The company generated proceeds of about CA$4.6 million ($3.6 million).

“We are very excited about this next phase of growth for the company and have big plans for both our psilocybin research and medicinal mushroom products,” White said on the show.

In November 2020, NeonMind launched a line of non-psychedelic functional mushroom products available through its own ecommerce store. 

NeonMind’s psychedelics research arm is focused on studying the possible applications of psilocybin in the treatment of eating disorders. So far, it filed five provisional patent applications claiming the use of psilocybin and other psychedelics as possible treatments.

The company is currently developing protocols for a phase II human clinical trial on the same subject, which it expects to present for approval in early 2021.

MAPS and Field Trip Team Up To Study MDMA In Eating Disorders

Field Trip Health's FTRPF Toronto clinic will serve as a trial location for MAPS’ upcoming study on MDMA-assisted therapy to treat eating disorders.

In July 2020, the Multidisciplinary Association for Psychedelic Studies announced a Phase 2 clinical trial, meant to assess the safety and feasibility of MDMA treatment in anorexia nervosa and binge eating disorder.

Field Trip’s Toronto location was selected as one of three sites, others being Vancouver and Denver. In total, 12 participants will be administered MDMA and 18 caregivers — a parent or partner — will receive non-drug psychotherapy support as part of the study.

“For-profit or non-profit, we are all together in seeking to bring new methods of psychedelic healing to those millions who need it,” MAPS founder and executive director Rick Doblin said.

Earlier this week, Field Trip also announced closing a bought deal offering for proceeds of over CA$20 million (approximately $15.7 million).

Novamid Debuts On The CSE

Novamind debuted in the Canadian Securities Exchange on Tuesday under the symbol "NM," through a reverse take-over with Hinterland Metals Inc.

In late November, Novamind closed a private placement for CA$10 million ($7.8 million), adding to a total of CA$15.3 million raised since its inception.

As opposed to other psychedelics companies, Novamind is not building a library of intellectual property around psychedelic molecules. The company’s goal is to develop therapeutic protocols in conjunction with other players in the space, as well as offering treatment options for patients through a network of clinics and retreats.

In July, Novamind acquired the Utah-based Cedar network for CA$3.05 million (CA$1 million in cash and CA$2.05 million in Novamind shares).

Cedar is known for offering innovative and alternative neuropsychiatric modalities like transcranial magnetic stimulation and ketamine-assisted psychotherapy.

“In short, there's two cores for our business,” Novamind CEO Yaron Conforti said. “There's a clinic network and there's a clinical research facility which is also turning into a network.”

The company is expecting to collaborate as a contract research organization for other companies or research institutions in the sector through its clinical research arm.

Oregon Includes Psilocybin Program In 2021 Budget

Oregon’s 2021 to 2023 budget included $5.6 million to begin implementing Measure 109, a legislation approved in the November ballot. It sets up a program that regulates psilocybin, the active psychedelic ingredient in “magic mushrooms.” (h/t The Source Weekly).

The measure included a two-year period to develop and implement the program, via which patients over the age of 21 will be allowed to buy, possess and use psilocybin under the supervision of trained facilitators, while manufacture, delivery and administration of the drug will be allowed at licensed facilities.

Starting Jan. 1, the Oregon Health Authority will work with the Oregon Psilocybin Advisory Board to develop the program.

New York’s Mount Sinai Launches Psychedelics Research Center

The Icahn School of Medicine at the Mount Sinai Health System in New York announced the launch of a new center for psychedelics research.

The Center for Psychedelic Psychotherapy and Trauma Research will be led by Rachel Yehuda, PhD, Professor of Neuroscience and Psychiatry at the Icahn School of Medicine. The center will focus on psychedelic therapies by developing clinical research on psychedelic compounds and their mechanisms of action.

“Under Dr. Yehuda’s leadership, The Center for Psychedelic Psychotherapy and Trauma Research will provide better understanding of how this particular treatment works and of the mechanisms of resilience and recovery for some of the most devastating psychiatric disorders,” said Dennis Charney, Dean of the Icahn School of Medicine at Mount Sinai and President for Academic Affairs for the Mount Sinai Health System. 

Clinical trials will revolve around treatments for PTSD.

The center will also provide training in psychedelics-assisted psychotherapy for mental health professionals, as well as public education on psychedelic treatments. It will also use a combination of clinical and translational approaches to investigate the effects of these treatments on brain function and cellular biology.