Psyched: MindMed's 2020 Financials, Psychedelics ETF Rebalancing, Country's First Psychedelics Masters Degree

MindMed Posts 2020 Financials, New MDMA Dosing Study and 18-MC Patent Application

MindMed MMEDF released its full-year 2020 financial results. 

The company posted a net and comprehensive loss of $35.1 million for the year ended Dec. 31, 2020. Its total assets at the end of the reporting period were $85.6 million, counting $80.1 million in cash.

The company used $24.2 million of net cash in operating activities in 2020.

Its cash balance as of Tuesday last week hovered at $161 million. The company plans to use the money to improve its portfolio and develop its technology sector.

On Monday, MindMed also revealed the results of a study on personalized MDMA dosing, conducted in conjunction with the Liechti Lab at the University Hospital Basel, in Switzerland. 

The study pooled data from 10 studies performed in the laboratory in 194 healthy subjects who received doses of 75 or 125mg of MDMA.

The main conclusion was that personalizing MDMA dosing could help optimize the acute MDMA experience.

In addition, MindMed’s patent application for 18-MC, the company’s proprietary ibogaine analog, was published by the USPTO, eighteen months after its submission.

The patent covers a method for treating substance use disorders and addiction with the application of 18-MC.

According to Calyx Law’s Graham Pechenik, this is the company’s first published application on 18-MC. The application focuses on cocaine, nicotine, opiate, alcohol, morphine and methamphetamine use specifically.

Horizons Psychedelics ETF Rebalances Its Portfolio

The Horizons Psychedelic Stock Index ETF, the first and -for now- only ETF to offer coverage of the psychedelics sector, announced its first quarterly rebalancing.

The ETF debuted on the NEO stock exchange under the symbol PSYK in January.

Now, Horizons announced the addition of four new companies to the ETF: Algernon Pharmaceuticals AGNPF, BetterLife Pharma BETRF, Core One Labs CLABF and Lobe Sciences GTSIF. The ETF also dropped Nova Mentis Life Science Corp. NMLSF from its portfolio.

“The new additions to PSYK’s index this quarter reinforces our view that we will see continued growth of new entrants in the sector over the next year,” said Steve Hawkins, President and CEO of Horizons ETFs.

Ei. Ventures Launches $50M Reg A+

Emotional Intelligence Ventures, a company dedicated to research and production of botanical psychedelics, received qualification from the Securities and Exchange Commission to launch a Regulation A+ Tier 2 offering, which allows retail investors and the general public (and not just institutional and accredited investors) to take positions in the company before a public listing.

Ei. Ventures’ main differentiator in the space is a self-imposed directive to work exclusively with non-synthetic, plant and fungi-based ingredients for both its psychedelic and non-psychedelic products.

The company is currently developing three lines of botanical psychoactive products.

“One is a product called Psilly, the second product is called MY-MDMA, and the third one is called MY-DMT. All three products are products that would be used in very, very low dosage, somewhere around one to five milligrams,” said CEO David Nikzad.

Psilly is a psilocybin-based formulation, currently in preclinical stages.

“MY-MDMA is a botanical analogue that is similar in structure to MDMA but it is not synthetic,” said Cecil Robles, the company’s chief strategy officer.

The product is touted as a plant-based replacement of MDMA, with fewer side effects. And, according to the company, plants used in its production are 100% legal.

A similar approach is taken for MY-DMT, a DMT botanical analog. Both products are in the discovery stage; pre-clinical work has not begun.

University of Wisconsin Launches Country’s First Psychedelics Masters

The University of Wisconsin–Madison School of Pharmacy announced the launch of the country’s first Masters program for psychoactive pharmaceutical investigation.

The online program will offer training in therapeutic development and deployment of psychedelics, entheogens, cannabinoids and other psychoactive substances. 

“With a curriculum that connects chemistry and culture, equity and ethnobotany, and phenomenology and pharmacokinetics, the MS in Pharmaceutical Sciences: Psychoactive Pharmaceutical Investigation will deliver robust scientific training alongside critical humanities content,” said a press statement.

Nova Mentis Sets Up Serotonin Research Center

Nova Mentis Life Science Corp. NMLSF announced the establishment of a serotonin research center in partnership with FourthWall Testing, in Winter Garden, Florida.

The company said its research program is based on identifying biomarkers that can be used to confirm the therapeutic efficacy of its psilocybin portfolio.

Nova Mentis intends to study the microbes involved in serotonin production in the human body and their contribution to the development of autism spectrum disorder.

“95 percent of the body’s serotonin is produced by intestinal cells as well as bacteria in the human gut; only 5 percent is produced in the brain,” says Marvin S. Hausman MD, Chairman of Nova’s scientific advisory board.

“Amassing a large volume of shotgun sequencing data, along with data on a neurotransmitter thought to be involved in the etiology of a poorly-understood disease like ASD will enable us to develop new methods for understanding the relationship between the microbiota community, serotonin levels and disease severity,” said Dr. Kyle H. Ambert, a member of the company’s scientific advisory board.

Wesana Health Closes $12.8 million Offering in Sight Of Public Listing

Psychedelics company Wesana Health Inc. closed a private placement for approximately CA$16.1 million ($12.8 million).

The company is focused on the development and delivery of psychedelic and naturally sourced therapies to treat traumatic brain injury. 

The placement was closed ahead of the company’s reverse take-over transaction with Debut Diamonds Inc, a CSE-listed mining company. The companies announced a go-public transaction in February.

“We are grateful to have the strong support from new and existing institutional investors as we close this oversubscribed financing. Enhancing our institutional ownership through this financing is a key step to providing us with the necessary capital to continue our clinical development,” said Daniel Carcillo, Co-Founder and CEO of Wesana Health.

Proceeds from the raise will be used to fund the company’s preclinical and clinical development of psychedelic-assisted therapy in the treatment of TBI and expand the company’s leadership team.