|They call it a miracle. What if this novel psychedelic could be the solution to alcoholism? Recent up-list to the NASDAQ with a 1.29M share float.
Clearmind Medicine Inc. (NASDAQ: CMND) (CSE: CMN) is a psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems.
Current price $4.61/share (as of market close 11-24-22)
There are quite a few companies in the biopharma sector working with psychedelics to develop compounds to treat mental illnesses. I want to talk about CMND because I think they have developed a novel compound and are approaching treatment in a different way.
Recent structural change at CMND:
The company implemented a 1-for-30 reverse stock split, which was effective at 5:30 p.m. on September 30, 2022. CMND also uplisted to the NASDAQ on November 15, 2022, and on November 17th the company announced it closed a public offering of 1,153,847 common shares at a price to the public of $6.50 per share for gross proceeds of $7.5 million. It was a busy couple of weeks for the company.
The lead product at CMND is called CMND-100, a compound based upon the MEAI (5-Methoxy-2-aminoindane) psychoactive molecule. The company believes that MEAI could be used in treatment for Alcohol Abuse Disorder (AUD), binge eating, depression, psychotherapy, along with other mental health issues and binging disorders. The company’s goal is to develop CMND-100 as an orally self-administered product.
CMND is about to enter a human clinical trial for the treatment of AUD. I’m not going to quote a litany of statistics about alcohol abuse. We all know what the studies will say and most of us have personally been touched by the negativity of an alcohol abuse situation.
While CMND will be the first company to look for FDA approval for MSEI, it has been used by some as a recreational psychedelic drug and here are a couple comments made by those users:
“It’s the ‘enough’ switch. It signals to the brain that it is satisfied, that it wants nothing.”
“MEAI exerts a euphoric alcohol-like experience and a reduced desire to consume alcoholic beverages.”
“After consuming it, I feel intense but controlled euphoria. Now the idea of drinking alcohol seems repulsive—as does eating bar food.”
I urge you to watch this short video detailing the development of MEAI, with comments from the company team and testimonials.
I also want you to consider this quote from CMND CEO Dr. Adi Suloff-Shani, “what we see is so phenomenal that I have to be very optimistic about how psychedelics can actually completely change the way we treat mental health issues today.”
On Wednesday this week, CMND announced the initiation of clinical batches of production of its novel psychedelic-derived drug candidate, the MEAI- based molecule- CMND-100. The produced batches will be used in the Company’s upcoming first human clinical trial evaluating the proprietary drug candidate compound CMND-100 for the treatment of Alcohol Use Disorder (AUD). This step marks the initial move into clinical trials.
The Company’s intellectual portfolio currently consists of seven patent families that include 8 granted patents and 15 pending applications. The portfolio spans a wide range of jurisdictions including the US, Europe, India, and China.
In the interest of transparency CMND has stated how they plan to use the proceeds from their recent public offering.
$1.5 million to advance the formulation and clinical development efforts in their MEAI patented compounds.
$1.0 million to complete the pre-IND enabling studies and IND submission.
$3.5 million to complete their planned Phase I/IIa studies.
Remainder for working capital & general corporate purposes & possible in-licensing of intellectual property for new product candidates.
FYE is October 31st – MRQ is July 31, 2022
Outstanding shares 2.5M (after last week’s public offering)
Shares in float TBD (after last week’s public offering)
Cash (mrq) $817K (+ $7.5M raised last week)
Market cap $11.5M
About Clearmind Medicine Inc.
Clearmind is a psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods, or supplements.
The Company’s intellectual portfolio currently consists of seven patent families. The Company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build the portfolio.
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