Psyched: MindMed, Atai Head For Nasdaq, Psychedelics Search Platforms Grow, Champignon Brands Resumes Trading

Two of the most highly funded companies in the psychedelics space announced plans last week to list on the Nasdaq exchange.

Months after submitting an application to uplist its shares from Toronto’s NEO exchange, MindMed MMEDF confirmed it will commence trading on the Nasdaq Capital Market under the ticker symbol “MNMD” on April 27.

MindMed will continue to be listed on the NEO exchange, and its subordinate voting shares will remain listed on the OTCQB until trading on the Nasdaq begins.

“We believe this listing will increase our visibility in the marketplace, improve liquidity, broaden and diversify our shareholder base, and ultimately enhance long-term shareholder value,” said JR Rahn, CEO and co-founder of MindMed.

MindMed shares spiked 65% on Friday, from $2.13 to $3.52 at market close.

Atai To Follow Suit: Atai Life Sciences also made headlines, confirming its upcoming Nasdaq listing after months of rumors.

The Berlin-based biotech firm filed Tuesday with the SEC to raise $100 million in an IPO using the ticker symbol "ATAI."

Atai owns about a 25% stake in Compass Pathways CMPS, a company developing psilocybin products for psychedelics-assisted psychotherapy that debuted on Wall Street in September of last year.

According to the filing, Atai has raised $362.3 million so far.

Psychedelic Treatment Databases Are Gaining Traction

Access to psychedelic therapies is becoming easier thanks to platforms providing online, interactive listings for psychedelic practitioners and retreats.

These platforms are gaining ground as a valuable resource for those seeking legal psychedelic treatment.

Psychable, a platform providing thousands of listings for psychedelic practitioners across the U.S., Canada and internationally, commenced online operations last Monday.

Another site, psychedelic.support, offers a similar service, providing education on psychedelic use and allowing users to search a wide database of psychedelic practitioners.

“The launch of Psychable is a significant step forward for psychedelic-assisted therapy, as it provides a safe environment for both those seeking treatment options and practitioners to connect securely and discuss individual health plans that may provide transformative, lasting relief,” said CEO Jemie Sae Koo.

With Psychable, clients can choose to search based on location and type of substance, including ketamine, ayahuasca, MDMA, psilocybin and cannabis. The site offers firsthand testimonials from patients.

Both Psychable and psychedelic.support offer the possibility to contact practitioners through their platforms. 

Other platforms, like Behold Retreats, offer personalized accompaniment for clients looking to participate in psychedelics retreats abroad, giving a travel agency-type experience to users, who can arrange travel and accommodation for destinations like Peru, Jamaica and The Netherlands.

Retreat Guru, a kind of Tripadvisor for wellness retreats, also includes meditation, yoga and online retreats, with user ratings and reviews.

Though the site is not reserved for exclusively legal practices, client reviews can serve as a tool to mitigate some of the possible harms of unregulated psychedelic use.

Champignon Brands Gets Back In The Game

After many months under a “cease trade” order imposed by the British Columbia Securities Commission, Champignon Brands SHRMF announced the orders have been revoked and trading of its stock has resumed.

The company received “cease trade” orders in June 2020 after failing to file business acquisition reports on the purchase of Artisan Growers Ltd., Novo Formulations Ltd., and Tassili Life Sciences Corp.

The company stated that business remained as usual in clinics and research facilities while the order was afoot.

The Milestone Round

Core One Labs CLABF announced the inking of a letter of intent to purchase Akome Biotech Ltd., a developer of psychedelic-based pharmaceuticals targeting treatments for cluster headaches, Alzheimer's and depression. 

Akome holds a provisional matter of composition patent based on a formulation BOL148, a non-psychedelic type of LSD that could have therapeutic effects without causing hallucinations, as well as provisional patents for psilocybin and ketamine-based formulations.

NeonMind Biosciences NMDBF announced plans to deploy a chain of NeonMind-branded clinics in Canada.

“We believe that there are gaps that have not yet been filled for localized services and underserved markets, and will begin laying our foundations now with specialty mental health services, and then evolve our clinic model over time with changing market needs and with the availability of new drug-enhanced psychotherapies,” said NeonMind President and CEO Rob Tessarolo.

PharmaTher PHRRF, submitted an Investigational New Drug application with the FDA to begin a Phase 2 clinical trial evaluating the safety, efficacy and pharmacokinetics of low-dose ketamine in the treatment of involuntary muscle movements in patients with Parkinson’s disease.