Psyched: MindMed Enters Psychedelics 2.0, Mind Cure Raises $18M, Mydecine Raises $13M

Mind Cure Closes $18M Raise

Mind Cure Health Inc. MCUR recently announced the closing of a CA$23 Million ($18.1 million) offering.

The company issued approximately 38 million units, consisting of one share and one half of a share purchase warrant, at CA$0.60 per unit. 

The proceeds will be used to finance product research and development, advance the company’s technological capabilities, marketing expenditures and product awareness, as well as for working capital.

So far, Mind Cure has raised almost CA$31 million ($24.4 million) to date. The company’s operations are divided between five spheres, which include:

• A line of non-psychedelic supplements using functional mushroom formulations that are already available to consumers.
• Research on novel molecule and protocol identification.
• Research on psilocybin, ketamine and ibogaine, with a focus on pain, cluster headaches, migraine, neuropathic pain, neuroregeneration and performance.
• cGMP production of psychedelic molecules.
• Digital therapeutics, including the iSTRYM platform, a tech platform for mental health and psychedelic research, which will go into beta test mode in the second quarter of this year and is expected to be fully deployed by the end of the year.

MindMed Dives Into Psychedelics 2.0

MindMed MMED MMEDF inked a new partnership with MindShift Compounds AG, a Swiss startup working in the development of second generation psychedelic molecules.

The two companies will work together to further develop and patent these novel compounds.

“The compounds we are working on are typically derivatives or analogues of known substances with psychedelic properties, such as phenethylamines, tryptamines, and ergolines, and are therefore enhanced versions of both the established and classic psychedelic compounds such as mescaline, psilocybin, DMT, and LSD, as well as compounds with expected combined psychedelic-empathogenic effect profiles,” said MindShift CEO, Dr. Felix Lustenberger.

MindMed will own the rights to the new drugs developed, expanding its pipeline of medicinal psychedelic molecules.

“We are developing a pipeline of novel, patentable psychedelic drug candidates that are specifically engineered to improve on first generation psychedelic compounds, targeting predictable pharmacokinetics and shorter half-life that will result in better efficacy and reduced toxicity,” said MindMed President and Head of Clinical Development, Dr. Miri Halperin Wernli. 

The company expects to begin phase 1 clinical trials for these compounds in early 2022.

Mydecine Closes $13M Offering

Mydecine Innovations Group MYCO MYCOF announced the closing of a bought-deal public offering for CA$17.2 million ($13.5 million).

The company issued 34.5 million units, consisting of one share and one share purchase warrant, at a price of C$0.50 per unit.

“We are excited about the closing of this financing. We greatly appreciate the interest and support from our investor base. This offering further strengthens Mydecine’s balance sheet and positions the Company for continued growth in 2021,” said Mydecine CEO Joshua Bartch.

Proceeds will be used to invest in additional clinical trials, expansion of the company’s IP portfolio, development of its drug pipeline, R&D partnerships and general working capital purposes.

The warrants issued, exercisable until 2024 to acquire one Mydecine share at CA$0.70, are expected to be listed at the CSE by Feb. 16.

This Week’s Milestone Round

PharmaDrug Inc. BUZZ LMLLF filed an application to receive Orphan Drug Designation from the FDA for the use of the psychedelic compound DMT in the emergency treatment of ischemic stroke.

Rat models have shown that the introduction of DMT after acute brain stroke can decrease brain lesion and improve motor function recovery. Receiving Orphan Drug status can help fast-track research and FDA approvals for specific treatments.

CaaMTech announced that the first in a series of over one hundred patent applications for  psychedelic molecules has been allowed by the US Patent and Trademark Office. The patent covers the synergistic effects of cannabinoids on the activation of serotonin receptors when combined with psilocybin.

Numinus Wellness NUMI closed the acquisition of Mindspace, a well-being organization that offers psychedelics-assisted psychotherapy at two Montreal clinics, among other services.

The transaction involved a cash payment of CA$500,000 ($392,000), 441,176 Numinus shares (approximately $608,000 at Friday’s market), and extra payments of up to CA$900,000 to be paid in Numinus shares.