Clearmind Medicine Stock Is Soaring: What's Going On?

Clearmind Medicine Inc CMND shares are surging Wednesday after the company said it completed a Type A meeting with the U.S. Food and Drug Administration.

What Happened: Clearmind has completed a Type A meeting with the FDA regarding the company’s clinical trial of its CMND-100 compound for the treatment of Alcohol Use Disorder using psychedelic- based therapy. 

The active ingredient in CMND-100 is MEAI, a novel psychoactive molecule that has been reported to reduce desires to consume alcoholic drinks while exerting a euphoric alcohol-like experience.

“We’re pleased to report we recently met with the FDA to align on the content of our IND resubmission for CMND-100,” said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine.

“The meeting was informative and productive, and we’re eager to advance the U.S. regulatory process and potentially bring a new hope for millions suffering from AUD by providing an innovative approach to overcome the challenges associated with the current available treatments to date.”

Clearmind is a biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems.

See Also: Why Connected Supply Chain Software Platform E2open Shares Are Higher Today

CMND Price Action: Clearmind shares were up 64.3% at $3.38 at the time of publication, according to Benzinga Pro.