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.
Colorado Votes to Legalize Psilocybin Therapy; Allow Personal Use of Psychedelics
On November 8th, Americans exercised their democratic rights in a tight election. Colorado’s Proposition 122 passed by a slim margin, a ballot initiative to permit the personal consumption of many “natural” psychedelics, and legalize psilocybin-assisted psychotherapy in regulated “healing centers.”
Atai Reports Q3 Financials and Business Update
atai Life Sciences has the biggest product portfolio in the psychedelics medicine space, with over a dozen programs running under a wide range of subsidiary companies. So while quarterly results aren’t necessarily the biggest news, it’s handy to get reminders on what the industry’s largest player is up to. Highlights include:
- Ended quarter with $304M in cash, which combined with the non-dilutive funding facility from Hercules provides anticipated runway into 2025.
- Last patient dosed in the Phase 2a proof-of-concept trial of PCN-101 (R-ketamine) for treatment-resistant depression (TRD), with topline results expected around year-end 2022.
Cybin Provides Progress Update on its CYB004-E Phase 1 Trial
is pleased to announce that its CYB004-E Phase 1 trial evaluating N,N-dimethyltryptamine (“DMT”) has completed dosing for four out of five participant cohorts and The Safety Review Committee has confirmed no clinically significant safety or tolerability issues. The CYB004-E Phase 1 trial was acquired from Entheon Biomedical in July 2022.
Sensorium Therapeutics Closes $30 Million Series A to Transform Mental Health Treatment with Nature-Inspired Psychoactive Medicines
Sensorium Therapeutics announced the closing of a $30 million Series A financing to advance its initial asset, SENS-01, and Biodynamic Discovery PlatformTM (BDP), a drug discovery engine that rapidly identifies, synthesizes, and enhances targeted molecules as novel therapeutics. The round was led by Santé Ventures, a specialized healthcare and life sciences investment firm with approximately $1 billion in capital under management, with participation from Route 66 Ventures, CU Healthcare Innovation Fund, WPSS.bio, Palo Santo, Iter Investments, Ocama Partners, and re.Mind Capital.
MindMed Reports Third Quarter 2022 Financial Results and Business Highlights
Robert Barrow, Chief Executive Officer and Director of MindMed. “Throughout the third quarter, we have taken meaningful steps to reduce our cash expenditures and we further bolstered our balance sheet by raising approximately $60 million. We believe our strong financial position provides the Company with necessary funding to prepare for later stage clinical development of MM-120 while continuing our pursuit to retain, protect, and build the Company’s intellectual property portfolio.”
- Initiated Phase 2b dose-optimization trial in patients with Generalized Anxiety Disorder, with first patients dosed in Q3 2022 and key clinical readout expected in late 2023
- Advanced IND-enabling studies for MM-402 and initiated Phase 1 investigator-initiated trial in Q3 2022
- Cash and cash equivalents of $154.5 million expected to fund current operating plan into first half of 2025
Want to catch up on more industry news? Check out a previous edition of the News You Might Have Missed