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.
Field Trip & Reunion Announce $19.9 Million Private Placement Financing
- – Field Trip Health Ltd. has been renamed “Reunion Neuroscience Inc.” and remains listed on the NASDAQ Stock Market and Toronto Stock Exchange under the ticker symbol “FTRP” with such ticker symbol changing to “REUN”
- – Field Trip Health & Wellness Ltd. to be listed on the TSX Venture Exchange under ticker symbol “FTHW”
- – First day of trading for both Reunion and Field Trip Health & Wellness expected to occur on or about August 17, 2022
- – Field Trip Health & Wellness Ltd. completes $19.9 million private placement financing.
MindMed Halts 18-MC (MM-110) Opioid Withdrawal Program
From CEO Rob Barrow: “Following a productive Type C meeting (with the FDA), we received feedback from the agency in which they requested Additional Preclinical Characterization of MM-110. That will now be required prior to initiating the proposed Phase 2a trial in the U.S.
We agree with the agency, as this information would be necessary to treat participants and our plan Phase 2a clinical trial with what we believe to be an adequate dose and duration. Given the time and cost that would be required based on these recent developments, we are reallocating our internal resources from this program to our other product candidates that we believe have a higher probability to generate near-term value for our shareholders.”
Terran Biosciences Sues Compass Pathways for Stealing Trade Secrets
Big industry news as Terran Bioscience sues Compass Pathways for allegedly stealing trade secrets. According to the court filings and with a shout-out to Psychedelic Alpha for breaking the news, Compass allegedly entered into negations and signed an NDA with a researcher regarding psilocybin development, before ending the talks and “milking” him for this confidential research. Is there any substance to these allegations? Unknown, we’ll reach out to the parties for comment.
Cybin Announces Financial Results and $35M Equity Program
Cybin has established an at-the-market equity program that allows the issuing and selling of up to USD$35,000,000 of common shares. This is a preparatory move, allowing Cybin the flexibility to more quickly issue shares and raise capital, a wise step considering the market’s volatile conditions.
Some highlights from Cybin’s Q1 results:
- Started enrollment for its Phase 1/2a trial of CYB003 in major depressive disorder (“MDD”). Received a “may proceed letter” and Investigational New Drug Application clearance from the U.S. Food and Drug Administration (the “FDA”) for its Phase 1/2a study in June 2022.
- Plans to report interim safety and PK data from the Phase 1/2a study at the end of calendar year 2022.(1)
- Completed the acquisition of a Phase 1 DMT study from Entheon. The CYB004-E study, which is ongoing at the Centre for Human Drug Research in the Netherlands, is the largest Phase 1 DMT study conducted to date.
- $42.5 million in cash as of June 30, 2022, enough runway from another full year of operation (approx).
Irwin Naturals Completes Georgia Acquisition, Adds Two Ketamine Clinics to National Chain
Klee Irwin, CEO of Irwin Naturals, said, “The vision we laid out for Irwin Naturals Emergence is becoming a reality with each acquisition we announce and execute. We wanted to be a first mover in this new and revolutionary area of healthcare, and adding these two clinics is further proof that we are a first mover in this space.”
