Welcome to the News You Might Have Missed, a weekly roundup of psychedelic medicine headlines to help you catch up and stay informed. It was a busy week with lots of news, have a look and see you next week for another update.
MindMed Announces 1:15 Reverse Stock Split
There were rumbles of concern as MindMed Announced 1:15 Reverse Stock Split, but the split was most likely done to ensure continued listing on the NASDAQ exchange.
According to the press release: “The reverse share split is intended to enable the Company to achieve several important corporate objectives, give the Company greater flexibility in considering and planning for future potential business needs, and to address the Nasdaq minimum bid price requirement.”
COMPASS Pathways Announces Q2 Results and Highlights
Prices were already surging before COMPASS Pathways Announced Q2 Results and Highlights, and they continued to rise after the firm updated on its growing pipeline and strong financial position. Highlights include:
- Kabir Nath appointed as Chief Executive Officer
- Phase III program submitted to FDA and under review
- COMP360 phase II study in anorexia nervosa launched
- Cash position at 30 June 2022 of $207.2 million
Horizons Psychedelic ETF Performs 1:4 Share Consolidation
Shareholders of the Horizons Psychedelic Stock Index ETF (PSYK) might have noticed a sudden and drastic price change this week as the ETF Performed a 1:4 Share Consolidation. The PSYK ETF was consolidated at a 1:4 ratio and “the net asset value per Security is increased by the same ratio as the Security consolidation so that the Security consolidation has no impact on the value of the investor’s total position.”
Cathie Wood’s ARK Fund Buys Over 3 Million ATAI Shares
Support for psychedelics continues to come in as Cathie Wood’s ARK Fund Buys Over 3 Million ATAI Shares. The new total purchase of Atai stock for the month of July was over 3 million shares (3,018,751). Taking an approx average price of $4.00 for the month, that’s over $12 million put into psychedelics by Cathie Wood’s fund.
Small Pharma Granted Another DMT Patent
This Canadian patent protects Composition of Matter of certain deuterated analogues of N, N-dimethyltryptamine (“DMT”), including the active ingredient in the Company’s deuterated DMT candidate, SPL028. It sits alongside the Company’s existing U.K. and European granted patents for SPL028, strengthening its protection in key international markets.
