This week’s Psychedelic Groundbreaker is MindBio Therapeutics. MindBio Therapeutics is a clinical-stage drug development company conducting research into microdosing and the medicinal use of psychedelic medicines to treat a range of debilitating mental health conditions. Clinical trials are underway at the University of Auckland in New Zealand. Phase 1 Clinical Trials started in April 2021 Microdosing LSD for depression and Phase 2 Clinical Trials have just been approved Microdosing LSD in cancer patients.
What’s this article series about? Psychedelic Groundbreakers is a get-to-know-you-style blog series highlighting prominent and groundbreaking companies in the psychedelics industry.
What’s your company vision?
Our vision is to transform the lives of people suffering from debilitating mental health conditions. We believe in an integrated approach to mental health treatment advancement through psychedelic drug development, the integration of technology for patient care and safe delivery systems to prevent drug misuse.
Why was your company started?
We set out to advance clinical research into microdosing of psychedelic drugs which show a lot of promise in the grey literature for the treatment of a range of mental health conditions. We are conscious that whilst some of the early studies have been promising, the next stage of determining safety and efficacy are rigorous clinical trials and that is where we play our strong part in the sector, particularly with microdosing. MindBio Therapeutic’s clinical trials will help us advance forward with formulation development to create well-tolerated medicines, advance regulatory reform and help these novel treatments integrate into the health care system. We have started Phase 1 clinical trials in 80 healthy patients testing microdoses of LSD with phase 2 trials in patients with a major depressive disorder to begin next year. Phase 2 trials have been approved for microdosing LSD in late-stage cancer patients experiencing existential distress, anxiety, and end-of-life depression. We see the global crisis in mental health and the challenge in treating patients with the current treatment regimens including anti-depressant drugs which often have undesirable side effects. Our early research has indicated that LSD is well tolerated in microdoses and that is a great advantage for effective treatment.
What’s been the biggest challenge so far?
MindBio Therapeutics has been well received by our peers, the medical fraternity, investors and the community and we take a long view of the regulatory approvals, patient care integration and distribution challenges we face globally when dealing with psychedelics. For this reason, we take a data-driven approach to our ambitious corporate culture and are leading this methodology through randomized double-blind placebo-controlled clinical trials.
Describe your business model in 10 words or less
World leaders in microdosing psychedelics.
What excites you most?
We are excited that the work we are doing in microdosing psychedelics has the potential to change the lives of people suffering from mental health conditions where perhaps other treatments have failed. In our trials, patient’s baseline psychological and physiological data is collected and their first dose is administered in the lab, then patients are prescribed LSD by a doctor and then take the drug home for self-administration, just like they would with a normal anti-depressant drug. This real-world trial and testing methodology is the world-first clinical trial of its kind that we believe will show safe prescribing and use of the drug by patients at home and in the community. Important steps we think for regulatory reform.
What is your biggest lesson learned when raising capital?
Every investor has their own reason for investing and it is important not to assume anything about an investor’s interests in a project as they often see it differently to founders.
Did you notice any type of investor differences while raising money?
Yes. Every investor has their own thesis as to what will work and will seek out those aspects that interest them when quizzing founders and interrogating the business plan.
What tips would you give founders entering fundraising?
Develop a financial model and when capital raising always thinks about the implications of what you agree to now on your next capital raise.
We’d like to thank MindBio Therapeutics for being a part of the Psychedelic Groundbreaker series. Stay tuned for more profiles on leaders in the psychedelic industry, and click here to learn more about MindBio Therapeutics.
Would you like to participate in this series? Fill out this form and we’ll follow up with a review of your application.
