Field Trip Health Debuts On Nasdaq With Average Performance, Looks To Expand Footprint Of Psychedelics Clinics

Field Trip Health FTRP FTRP made its Nasdaq debut on Thursday, becoming the fifth company in the psychedelics space to receive a welcome by Wall Street this year.

The company, led by CEO Joseph de Moral, is establishing a footprint of psychedelics-assisted psychotherapy clinics across North America and Europe, with a goal of providing mental health treatment with psychedelics molecules as they come into legality.

“Listing on the leading securities exchange for biotech companies will enable more investors both in the U.S. and globally to support Field Trip as we advance our ground-breaking work in the psychedelics industry,” Dr. Ryan Yermus, Field Trip’s chief clinical officer said.

For the time being, Field Trip is offering treatment using Ketamine, a legal psychedelic-like drug originally approved as an anesthetic. The company currently owns and operates six clinics with locations in New York, LA, Chicago, Huston, Atlanta, Toronto and Amsterdam.

Amsterdam is the company’s only European location, where psilocybin treatment is currently offered in the form of psilocybin truffles, which are allowed in the Netherlands due to a legal loophole around the cultivation of psilocybin mushrooms.

Big Plans For The Near Future: In an interview with Benzinga, co-founder and executive chairman Ronan Levy stated plans to open up to 75 clinics across North America by 2024.

The executive mentioned the progress being made with the development of FT-104, a novel psychedelic molecule developed by the company, which is currently undergoing GMP production in preparation for Phase 1 studies.

FT-104 is a proprietary psilocybin analog, currently in preclinical research, that could offer improved therapeutic potential to naturally-occurring psilocybin.

Just Another Day of Trading For Field Trip: Field Trip's stock was listed on the Nasdaq Global Select Market, which is considered the highest-ranking tier in the exchange. Nevertheless, the markets didn’t respond with much enthusiasm.

Field Trip's shares dropped down from $6.22 at market open to $5.55 at noon Thursday. Prices slowly picked up during the afternoon, reaching $5.72 at the time of this writing with a trading volume that had not yet reached the average of approximately 65,000 shares.

Courtesy photo.