In news that went extremely under the radar, the psychedelic medicine industry has a new player on the NASDAQ.
Back in June, we covered the news that GH Research, a private Ireland-based company studying DMT, had raised over $100 million and was planning to file for a NASDAQ listing. Well, it seems that GH Research managed to quietly list on the NASDAQ over a month ago without anyone knowing. Crazy stuff.
In what is apparently a compliance issue, GH Research was listed on the NASDAQ in late June without any media announcements. See their SEC prospectus here. Is there a gag order of some sort that kept them from promoting their listing? Microdose is reaching out to the company for comments (at the moment even their own LinkedIn profile still lists them as a private company).
In the meantime, we’re letting you know that the industry has a new player on the NASDAQ. According to this press release (not promoted in the media and sort of hidden on their website), the company had an IPO of 10 million shares at an initial price of $16 per share for total proceeds of approximately $160 million. Shares opened to the public at $22 and the stock is trading under the symbol “GHRS”. Today the stock has dropped under $20.
The company’s main products are GH001, a proprietary inhalable 5-MeO-DMT drug candidate, and GH002, a proprietary injectable 5-MeO-DMT product candidate. You can read about their pipeline here.
GH Research is also somewhat advanced in its clinical trial process, having completed a Phase 1 volunteer clinical trial for GH001, with the molecule currently being investigated in the Phase 2 part of an ongoing Phase 1/2 clinical trial in patients with depression.
With a NASDAQ listing, over $200 million in funding, and advanced trials for a major condition, GH Research has a pretty impressive set of early stats (although we’d like a bit more communication and transparency before getting MindMed-level excited).
Stay tuned for more from Microdose on this developing story.