Psychedelic Stocks Weekly Recap: MindMed, MagicMed, Tryp Therapeutics + More

It has been a wild week in the world of psychedelic medicine. This especially true for trailblazers in the space such as MindMed, who upsized to an C$80 million bought deal, MagicMed, who closed an $8.1 million financing deal, and Tryp Therapuetics, who closed their IPO and is now trading on Canadian Stock Exchange (CSE: TRYP). Indeed, these three milestones are great news for those following psychedelic stocks.

Outside of finance, we also saw Numinus complete the first legal extraction of psilocybe mushrooms – a landmark for Canada, and equally, the global psychedelic renaissance. We also witnessed several clinical and social events this week pertaining to psychedelics, such as the first ever DMT clinical trial for depression being approved in the UK.

While it would be exhaustive to cover each stride towards progress this week, this recap will summarize some of the aforementioned victories and highlight a few others along the way.

Recent Victories Pertaining to Psychedelic Stocks

MindMed

Indeed, psychedelic pharmaceutical company MindMed upsized from a C$50 million bought deal public offering to an C$80 million bought deal public offering – in a matter of days. This is clearly reflected in the company’s stock value, which has increased over 1000% since June’s valuation of $0.30 per share. At the time of posting, it is currently closer to $3.50 per share, and all things considered, the company is on the right trajectory in to increase investment capital dramatically.

Perhaps investors have learned to never underestimate MindMed, or perhaps the world is catching on through the efforts of big time investors like Kevin O’Leary. In either case, we know the two announcements significantly caught the eye of investors:

First, MindMed announced the completion of a pre-IND (Investigational New Drug) meeting with the FDA regarding Project Lucy. Project Lucy is the company’s LSD-focused clinical effort to treat anxiety disorders. This news means MindMed will begin Phase 2b of Project Lucy in August, 2021.

Second, MindMed had completed analyzing the preliminary data behind 18-MC (the company’s ibogaine-derivative) which will be used for an addiction treatment program. This effort, known as Project Layla, has now shown the necessary safety profiles to continue development. Surely, this news contributed to the increase in MindMed stock investments.

MagicMed Industries

Just yesterday, MagicMed Industries announced a very successful close to their upsized and oversubscribed financing deal of $8.1 million. The private placement of MagicMed units, led by Gravitas Securities Inc., was initially a $2.5 million offering. However, due to significant investor interest, the offering upsized to the aforementioned $8.1 million. A whopping 16,183,766 units were sold at $0.50 per unit.

Investor interest in MagicMed is likely correlated to the company’s psychedelic derivatives library, the Psybrary. This derivative library will serve as a catalyst for the industry to develop new patents, which makes the innovative company a welcoming partner to psychedelic pharmaceutical candidates.

Psychedelic Stocks and healing

Tryp Therapeutics

Tryp Therapeutics, a pioneering psychedelic pharmaceutical company, recently closed their oversubscribed Initial Public Offering (IPO) and went public. As of today, Dec. 18th, the company is trading under the ticker $TRYP (CSE: TRYP). Tryp’s successfully closed deal IPO with Canaccord Genuity Group sold 20,010,000 units at $0.25 per unit (resulting in aggregate gross proceeds of $5,002,500).

This $5 million dollar closing is a fantastic way to enter the capital market, and moreover, the details demonstrate just how well positioned the company is. The closed financial agreement was actually a fully exercised over-allotment option on behalf of Canaccord. In other words, Canaccord initially bought 17,400,000 units of Tryp Therapeutics, then bought an additional 2,610,000 units – the largest number of units allowed per the deal’s over-allotment option. What does this mean for investors? Simply put, Canaccord recognized the desire amongst investors to buy Tryp stocks and acted on it.

Psychedelic Stocks and innovation

Psychedelic Stocks & Psychedelic Research – Two Complimentary Victories

Readers will recall Mindset Pharma’s $4 million deal closing of an upsized private financing agreement on Dec. 16th. In conjunction with the aforementioned financial advances by MindMed, MagicMed, and Tryp Therapeutics, this week has proven to be one of psychedelic capital market success. The big picture is that the world is tuning into the once niche interest of psychedelic healing – and our society’s sick and crisis afflicted individuals will soon benefit from this increase in working capital. A major operation requires major funding, and fortunately, psychedelic stocks have helped solidify the necessary support for this industry to move forward.

We would also be remiss to not mention Numinus’s first legal extraction of psilocybe mushrooms, which, in turn, is the first legal extraction of psilocybe mushrooms in Canada by a public company. From harvest to extraction, Numinus provides many “firsts” for this new and exciting space. This is great news for psychedelic research and development at large. We celebrate this first legal extraction knowing that the vital first step to beginning safe and evidence-based procedures is covered.

There is never a slow day in the realm of psychedelic medicine, stocks, and science. While most industries remain in competition, what’s unique about the psychedelic industry is it shares it’s victories. One company’s financial or clinical advance means the whole space is a step closer to mainstreaming and disseminating the power of these compounds. We look forward to covering the events that transpire in future weeks, months, and years – this moment in time is only a glimpse of the story that will unfold.

Microdose Psychedelic Insights

Microdose Psychedelic Insights

Your Guide to the Business of Psychedelics. Our mission is to shift the world's perception of psychedelic medicine.