Psychedelic Drug Developer Mindset Pharma Optimistic About 2023 After Key 2022 Funding Collaborations And Patent Allowances

Once considered the realm of ancient civilizations and countercultures, psychedelics have in the past few years been seeing increasing interest. 

Psychedelic medicines are seeing a surge in popularity in large part because of reports that they provide significant improvements in depressive and anxious symptoms coupled with increased emotional well-being, and they could help an unmet medical need for a lot of psychiatric illnesses.

These benefits are fueling the growth of the global psychedelic drugs market. Data Bridge Market Research projects that the market will grow with a compound annual growth rate (CAGR) of 13.3% from 2022 to 2029. The market is expected to reach over $6.4 billion in revenues by 2029 from $2.38 billion in 2021.

While the industry may have seen some growth and advancement thanks to players like Mind Medicine (MindMed) Inc. MNMD, Seelos Therapeutics Inc. SEEL and COMPASS Pathways PLC CMPS, Mindset Pharma Inc. MSET could be pulling ahead of the pack in the development of next-generation psychedelic drugs.

Psychedelic Medicines For Unmet Needs

Since 2019, the Toronto-based company has been focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs.

Mindset says it is developing several novel families of next-generation psychedelic compounds, as well as an innovative process to chemically synthesize psilocybins in addition to its own proprietary compounds.

Here are a few key facts about the next-generation psychedelic-inspired drug developer:

• Advancing multiple families of novel, optimized drugs towards clinical development. 
• Multiple partnerships funding commercialization, including the only big pharma partnership in novel drugs. 
• Formidable intellectual property (IP) portfolio with multiple patents allowed and 12 patent applications covering a broad range of novel, next-generation drugs, synthesis processes, and delivery methods. 
• Developed a proprietary novel, patent-pending, intranasal formulation technology for improving the administration of a wide range of central nervous system (CNS) medications.

Highlights Of 2022 And What To Expect From Mindset In 2023

In January last year, Mindset reported that it had become the first and only psychedelic biotech to form a collaboration with big pharma – specifically, Otsuka Holdings Co Ltd. 4578 – to advance its next-generation psychedelic drugs to clinical study. 

Mindset noted that this collaboration provides it with a huge advantage because it provides a significant source of non-dilutive funding to advance its programs.

Mindset believes the collaboration will insulate the company from the ups and downs of the public markets while giving it access to unparalleled big pharma expertise in moving drugs through the regulatory process to patients.  

The same year, the company announced that it had received multiple allowances of patents from the United States Patent and Trademark Office, reinforcing its position as the leader in IP-protected next-generation psychedelics.

In September 2022, Mindset revealed a second commercial agreement with Cybin Inc. CYBN, where it will license a small set of compounds it was not working on to Cybin in exchange for an upfront payment plus milestones and a royalty if Cybin advances these compounds. 

Having established itself as a premier biotechnology company working on new psychedelic drugs at a point of negative overall market sentiment, the company believes it’s capable of delivering significantly more value. 

This year, the company says it will advance at least one, if not several drugs into clinical study.

To learn more about Mindset Pharma visit its website.

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