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Psychedelic Business and Investment News: June 7-11

Psychedelic Business and Investment News: June 7-11

Psychedelic Business and Investment News Roundup June 7-11

Truffle Report has compiled a roundup of major psychedelic business and investment news from June 7-11, making it easier for you to access these insights in one place.

ATAI

On June 11, ATAI Life Sciences announced the commencement of a proposed underwritten initial public offering of 14,286,000 of its common shares. All common shares to be sold in the proposed offering will be sold by ATAI. The underwriters of the offering will have a 30-day option to purchase up to an additional 2,142,900 common shares at the initial public offering price, less the underwriting discounts and commissions. The initial public offering price is expected to be between $13.00 and $15.00 per common share. ATAI has applied to list its common shares on the Nasdaq Global Market under the ticker symbol “ATAI.”

MindMed

On June 9, Mind Medicine (MindMed) Inc. announced that J.R. Rahn, the company’s co-founder and chief executive officer, is stepping down as chief executive officer and a director, and that its chief development officer, Robert Barrow, will assume the position of chief executive officer with immediate effect. The company will also initiate a comprehensive search for a chief executive officer, in which Mr. Barrow will be a candidate, and Mr. Rahn will advise the company during its leadership transition. The transition of the leadership team will enable the company to aggressively pursue its clinical development programs and development of its companion innovative digital technologies.

In reflecting on his tenure, Mr. Rahn noted “under my leadership the company did a remarkable job of getting off to its unprecedented start, and building itself into a leader in the psychedelic medicine industry.”

Field Trip Health

On June 08, 2021 Field Trip Health Ltd.  announced that it has applied to list its common shares on the NASDAQ Stock Market.

“Psychedelics stand poised to disrupt modern psychiatry, and the NASDAQ is where world class companies whose ambition is disruption list to reach a global audience of investors,” said Ronan Levy, Field Trip’s Executive Chairman. “By applying to list on the NASDAQ, we are declaring to the world that Field Trip is such a world class company.”

Hannan Fleiman, co-Founder and President, said, “With our drug development program advancing work on FT-104, our next generation psychedelic molecule, and our renowned Field Trip Health Centers opening up across North America, Field Trip is positioned to be the global leader in the psychedelics industry. Following our successful listing on the TSX in Canada, we are now taking the first steps to list on the NASDAQ, a move which would greatly increase the ability of US investors to participate in this growth.”

Cybin

On June 9, Cybin Inc. announced that it will co-sponsor a randomized, placebo-controlled trial of psychedelic-assisted psychotherapy with psilocybin for frontline clinicians experiencing COVID-related distress. The study will aim to treat symptoms of depression, anxiety, burnout and post-traumatic stress among frontline doctors, nurses and healthcare professionals.

Cybin has formed a strategic collaboration with the University of Washington to help sponsor the trial, which will be led by Dr. Anthony Back. The study will be hosted in Seattle, a city hit hard with an early coronavirus outbreak. 

Mydecine

 On June 08, Mydecine Innovations Group announced that the Mydecine R&D team has made groundbreaking advances in psilocybin research with the discovery of over 40 compounds with pharmacological potential in mushrooms.

Over the past months, Mydecine’s research and development teams have screened over 25 mushroom species, including various varieties of P. cubensis, and has selected and analyzed over 40 unique compounds found throughout the various species. Of these compounds, a large majority appear to have never been reported before and could be vital to the critical effects of naturally-sourced mushrooms on human health and well-being as well as synergistic effects with pure psilocybin.

Silo Pharma

On June 08, Silo Pharma, Inc. announced that it has entered into a Scientific Research Agreement with the University of California San Francisco. This SRA will leverage four other clinical trials being planned by the university, to determine the effects of psilocybin on inflammatory markers of patients who have exhibited Parkinson’s, Bipolar disorder, and chronic back pain. 

Eric Weisblum, CEO of Silo Pharma commented “Inflammation is a common mechanism across numerous physical diseases. Inflammation has specifically been implicated in the pathophysiology of Parkinson’s Disease, chronic pain, and bipolar disorder.  Psilocybin and related compounds have shown strong anti-inflammatory effects in non-human animals, raising the possibility that reducing inflammation is a possible mechanism underlying psilocybin’s positive treatment effects in multiple disorders. A better understanding of the anti-inflammatory effects of psilocybin has potential to allow for optimization and personalization of psilocybin treatment.”

Red Light Holland

On June 8, Red Light Holland Corp. announced its wholly owned subsidiary, Red Light Acquisition Inc. has acquired Radix Motion Inc., a technology and innovation company focused on empowering the psychedelic ecosystem with embodied technology, including augmented reality, virtual reality, and interactive holograms. Radix Motion’s core technology is based on neuroscience research including its first product, Meu, which has been hailed by Douglas Rushkoff as “Working to realize Terence Mckenna’s vision.”

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ATAI Nasdaq IPO Stock Image

On June 10, Red Light Holland Corp. announced that it has completed the acquisition of an 80 percent stake in 4316747 Nova Scotia Limited. Happy Caps Mushroom Farm in Nova Scotia, Canada, is a unique gourmet mushroom farm, cleverly positioned in the mushroom plug spawn business, selling fresh mushrooms for the wholesale market and specializing in ‘grow your own mushroom kits’ with sales in Canada and the United States.

Entheon Biomedical

On June 10, Entheon Biomedical Corp. announced its Psychedelics Genetic Test Kit, developed by its wholly-owned subsidiary, HaluGen Life Sciences Inc., is now available for sale in the United States.

The Psychedelics Genetic Test Kit, a first of its kind, was designed and commercialized by HaluGen, and launched in Canada on April 5, 2021. The test kit analyzes a series of relevant DNA biomarkers along with pre-screening mental health surveys in order to provide insights into an individual’s risk and potential of adverse reactions with the use of hallucinogenic drugs.

Novamind

On June 10, Novamind Inc. launched a groundbreaking new psychedelic treatment protocol to help ease the mental health burden, and Covid-19 related trauma and stress on emergency first responders and frontline workers who have been deeply affected by the pandemic.

In partnership with the Wholeness Center, the Company will initially treat 40 frontline workers battling the Covid-19 pandemic, with ketamine-assisted psychotherapy protocol at Novamind’s clinics in Utah and the Wholeness Center in Colorado.

Starting in late June 2021, the treatment will be delivered over the course of six sessions in small group settings to process work-related stress and trauma from the Covid-19 pandemic. Frontline KAP is among the first protocols to utilize psychedelic therapy as a treatment for stress and trauma in this population. 

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