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.
A Look at Small Pharma’s Year-End Highlights
Small has published its financial results for the fiscal year ended February 28, 2022. Here are some highlights:
- Cash on hand as of February 28, 2022 of $40.7 million.
- Cash used in operating activities of $16.2 million for the 12 months ended February 28, 2022, giving the company approx 2 years of funds at current burn rate
- The Company’s lead program, SPL026 intravenous DMT assisted psychotherapy in major depressive disorder (“MDD”), is in the Phase IIa part of the Phase I/IIa clinical trial, with completion of patient dosing expected in coming months.
Roth Capital Doubles Down on Cybin After DMT Acquisition
Roth Capital analysts double-down on bullish Cybin price target after DMT trial acquisition. Based on this acquisition and strengthening of its DMT program, Roth has kept its $10 target, a sign of faith in the company’s programs especially considering the difficult market conditions.
Mydecine Releases Company Update
Mydecine has released a company update, showing a recent capital raise and insights into their pipeline development. Some main takeaways:
- Closed two financings in May 2022 for a total of $4.5 million CAD in gross proceeds.
- “…significantly decreased our burn rate since Q4 2021, in order to have sufficient capital available to meet our next clinical trial and drug development milestones.”
- “Based on feedback from the FDA…we’ve pivoted our clinical trial strategy from a seamless Phase 2/3 design, to a Phase 2b and subsequent Phase 3 study,” said Mydecine Chief Medical Officer Dr. Rakesh Jetly.
- Plans to submit full Breakthrough Therapy Status and Investigational New Drug applications in early Q4 2022 and hopes to gain full clearance within 30 days after submission.
Mindset Pharma Patent Approval Covering Psilocin Derivatives for Central Nervous System Disorders
Included within this application are several drug candidates belonging to its “Family 1” which are second-generation compounds with potential improvements compared to psilocybin in pharmacokinetics, effect size, safety, and manufacturing.
“This notice of allowance marks yet another important milestone in our pursuit of creating next generation psychedelic drugs to treat neurological and psychiatric disorders with unmet needs,” said James Lanthier, CEO of Mindset Pharma
TRYP Announces Results from First Patient Dosed in PHASE II Trial
The company announced initial data readout for the first patient dosed in its Phase II S.T.O.P. (Study of the Treatment of Overeating utilizing Psilocybin) trial. In collaboration with the University of Florida. The STOP trial is evaluating TRP-8802 in patients with Binge Eating Disorder (“BED”). and represents the first use of psilocybin in conjunction with psychotherapy as a therapeutic intervention in patients with BED.
PharmaTher Announces Positive Results from Study of KETABET™ for Depression
One of the industry’s most consistent companies, PharmaTher, continues to move their programs forward with Positive Results from Study of KETABET™ for Depression. KETABET™ (Ketamine and Betaine) shown effectiveness as measured by the Clinician Administered Dissociative States Scale. PharmaTher planning a Phase 2 clinical study to incorporate KETABET™ in its proprietary microneedle patch for depression.
Numinus Announces Shareholder Approval Acquisition of Novamind
Novamind and Numinus shareholders have approved the transaction (approval of Novamind acquisition by Numinus). The transaction is expected to be completed on or about June 10, 2022. “We are pleased with the overwhelming support of both Numinus and Novamind shareholders for this significant and transformational transaction. This acquisition will position our business as one of the leading integrated mental wellness companies in North America offering Ketamine- and psychedelic-assisted therapies, with 13 wellness clinics, four clinical research sites and a dedicated psychedelics research laboratory,” said Payton Nyquvest, Founder & CEO, Numinus.
