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November has been a great month for the psychedelic therapy industry and was highlighted by Oregon passing legislation to decriminalize psychedelics.
Although many people view the industry as not legitimate, the psychedelic therapy sector is comprised of real businesses that are funded and are working on developing treatments for debilitating mental illnesses.
Several psychedelic therapy companies are in advanced stages of the US Food and Drug Administration clinical trial process. We believe that positive clinical trial data will play a substantial role in the advancement of the industry.
In 2012, we learned about GW Pharmaceuticals plc (GWPH) and how it was focused on developing FDA approved cannabis-based medicines. Back then, GW was trading for less than $20 per share and we identified it as a leading way to be levered to the cannabis industry.
We believe that there are a lot of similarities between the early days of the cannabis industry and the psychedelic therapy sector and have been working to identify companies that are capitalizing on this opportunity.
Mind Medicine (MindMed) Inc. (MMEN: NEO) (MMEDF: OTC) is considered to be an early mover on the psychedelic therapy market and is an opportunity that we have been closely following. The clinical-stage biotechnology company is focused on advancing its drug development pipeline and believe that this provides it with several significant potential growth catalysts.
Over the next year, we expect MindMed to report important clinical trial data and will monitor how the story continues to evolve. Currently, the company’s drug development pipeline includes:
- 18-MC addiction: Currently in a Phase 1b trial which is expected to be completed before year end. The company expects to conduct a Phase 2 trial in early 2021
- LSD (experiential): Currently in a Phase 2a trial for both anxiety and cluster headaches. The first readout for the anxiety trial is expected in the first quarter of 2021. The cluster headaches trial is expected it to be complete in 2023.
- LSD (microdose): Has been advancing through the necessary regulatory filings to start a Phase 2a trial for adult ADHD in the Netherlands and Switzerland. The company expects Phase 2 trials to be complete by the end of 2022
- LSD and MDMA: Expects a randomized placebo-controlled Phase 1 trial is planned to start before year end
- DMT: Expects a Phase 1 trial that will test various IV dosing regimens to begin before year end
We are bullish on MindMed’s drug development program due to the size of the total addressable market (TAM) for its treatments and will monitor how the story continues to advance. The company has benefited from being able to tap the capital markets to raise additional capital to fund growth and will continue to closely follow the opportunity.
If you are interested in learning more about MindMed’s drug development program, please send an email to support@mushroomstocks.com with the subject “MindMed” to be added to our distribution list.
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