Biomind Labs: Q3 Financials & FDA Approval For New Chemical Entity Targeting Treatment-Resistant Depression

Next-gen psychedelics developer Biomind Labs Inc. BMNDF shared its unaudited financial results for the three and nine months ended September 30, 2022 and announced that the FDA gave clearance to the company’s Investigational New Drug (IND) application related to New Chemical Entity (NCE) Triptax.

Biomind Labs is developing novel pharma formulations of the main psychedelics DMT, 5-MeO-DMT and mescaline, and is focused on bringing patients and the psychiatric community novel and affordable treatments. CEO Alejandro Antalich stated that the approval is “a paramount achievement” for the company and “a historic moment” within the psychedelic treatments field.

“With this IND clearance, we are now in a strong position to rapidly advance our clinical pipeline targeting depression, specifically, Treatment-Resistant Depression (TRD.) As part of our diversified go-to-market strategy, the NCE Triptax opens a new avenue to be considered by traditional pharma companies, since it could be used as an active pharmaceutical ingredient (API) or as a chemical precursor, depending on the selected route of administration and physicochemical characteristics,” Antalich further explained. 

The Numbers

Financial results include total cash of $405,111 as of September 30, 2022, compared to $2,273,663 on December 31, 2021.

R&D expenses for the three and nine-month periods ended September 30, 2022, totaled $75,923 and $325,026, respectively, as compared to $336,010 and $481,858 for the same periods in 2021.

Net loss for the three and nine-month periods totaled $924,153 and $2,452,594, respectively, compared to $2,568,923 and $3,145,482 for the same periods ended September 30, 2021.

The company also announced it has entered into a loan facility with its largest shareholder Union Group Ventures Limited for the provision of a credit facility of up to $3,000,000 for working capital.

The loan details: Amounts plus any applicable interest shall be repaid by Biomind 12 months after the date of the applicable interest or at an earlier date that the lender may elect, alternatively through the issue of common shares. The loan is unsecured, no bonus securities will be granted to the lender, and amounts advanced under it shall bear an annual interest of 12%.

Photo courtesy of Olia Danilevich on Pexels.