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COMPASS Pathways establishes Centre of Excellence with Sheppard Pratt
to accelerate research and improve patient experience in mental health careLondon, UK – 8 January 2021
COMPASS Pathways plc (NASDAQ:CMPS) ("COMPASS"), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, is establishing its first Centre of Excellence in collaboration with The Sheppard Pratt Institute for Advanced Diagnostics and Therapeutics in Baltimore, Maryland, United States.The Centre of Excellence will model the "clinic of the future", showcasing the best thinking in science, therapy, technology, and design. Working as a research facility and innovation lab, it will generate evidence to shape therapy models in mental health care, train and certify therapists, conduct clinical trials including proof-of-concept studies, and prototype digital solutions to improve patient experience. The first wave of research will focus on COMPASS's investigational COMP360 psilocybin therapy, which comprises administration of COMP360 psilocybin with psychological support from specially trained therapists.
Sheppard Pratt is one of the world's leading research institutes in mental health and one of the top psychiatric hospitals in the United States. It is a leader in clinical service delivery, supporting more than 70,000 patients annually in its local community, as well as across 42 states and 19 countries. The Centre of Excellence will be led by Scott Aaronson MD, Director of Clinical Research at Sheppard Pratt, a distinguished fellow of the American Psychiatric Association and a fellow of the American College of Psychiatrists.
The Centre of Excellence will be built on the Sheppard Pratt Towson campus and will include at least four state-of-the-art psychedelic therapy rooms, as well as facilities for research and training. In addition to a capital investment to support the design and building work, COMPASS will fund research studies into psilocybin therapy and other therapies, led by Dr Aaronson.
Dr Aaronson said, "The Centre of Excellence will enable us to carry out new research in the use of psilocybin therapy for a range of mental illnesses, such as depression, obsessive-compulsive disorder and post-traumatic stress disorder, among others. We are already using COMP360 psilocybin in two investigator-initiated studies in psilocybin therapy for severe treatment-resistant depression and for bipolar type II depression. We can see the enormous potential that this therapy could have on the lives of millions of people with mental health conditions around the world."
Harsh K Trivedi MD, MBA, President and CEO of Sheppard Pratt, said, "We are delighted to collaborate with COMPASS on their first Centre of Excellence. There is a tremendous unmet need to provide access to high-quality mental health care, and forging this relationship allows us to transform the delivery of care on a global scale. With great vision and continued investment, we have the potential to revolutionise mental health care treatment and bring innovative solutions to patients as quickly as possible."
George Goldsmith, CEO and Co‑founder, COMPASS Pathways plc, said, "We want to transform mental health care, which today is not good enough for far too many people. Sheppard Pratt has a long history of excellence in clinical service delivery and commitment to its community of patients. Our Centres of Excellence, beginning with this centre led by the distinguished team at Sheppard Pratt, will help to accelerate our combined work so that we can bring evidence-based innovation, on a large scale, to the people who need it the most."
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About COMPASS Pathways
COMPASS Pathways plc (NASDAQ:CMPS) is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. We are pioneering the development of a new model of psilocybin therapy, in which our proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has been designated a Breakthrough Therapy by the US Food and Drug Administration (FDA), for treatment-resistant depression (TRD), and we are currently conducting a phase IIb clinical trial of psilocybin therapy for TRD, in 21 sites across Europe and North America. We are headquartered in London, UK, with offices in New York, USA. Our vision is a world of mental wellbeing. www.compasspathways.com
About Sheppard Pratt
Sheppard Pratt is the largest private, non-profit provider of mental health, substance use, developmental disability, special education, and social services in the United States. A nationwide resource, Sheppard Pratt provides services across a comprehensive continuum of care, spanning both hospital and community-based resources. Since its founding in 1853, Sheppard Pratt has been innovating the field through research, best practice implementation, and a focus on improving the quality of mental health care on a global level. Sheppard Pratt has been consistently ranked as a top national psychiatric hospital by US News & World Report for 30 years.
Forward-looking statements
This press release includes certain disclosures that contain "forward-looking statements," including, without limitation, statements regarding COMPASS's expectations of its future working relationship with Sheppard Pratt, expectations of plans for and the success of its first Centre of Excellence, and expectations about the efficacy of COMP360. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to COMPASS's relationship with Sheppard Pratt, the ability of Sheppard Pratt to undertake or advance its research projects, and those risks and uncertainties described under the heading "Risk Factors" in COMPASS's Prospectus filed with the US Securities and Exchange Commission (SEC) on 21 September 2020 and in subsequent filings made by COMPASS with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, COMPASS disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on COMPASS's current expectations and speak only as of the date hereof.
Availability of other information about COMPASS
Investors and others should note that COMPASS communicates with its investors and the public using the company website (www.compasspathways.com), the investor relations website (ir.compasspathways.com), and on social media (LinkedIn), including but not limited to investor presentations and investor fact sheets, US Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that COMPASS posts on these channels and websites could be deemed to be material information. As a result, COMPASS encourages investors, the media, and others interested in COMPASS to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on COMPASS's investor relations website and may include additional social media channels. The contents of COMPASS's website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.
Media enquiries:
Tracy Cheung, [email protected], +44 7966 309024
Amy Lawrence, [email protected], +44 7813 777919
Tamara Chumley, [email protected], +1 410 938 3157
Investor enquiries:
Stephen Schultz, [email protected], +1 401 290 7324COMPASS Pathways establishes Centre of Excellence with Sheppard Pratt
to accelerate research and improve patient experience in mental health careLondon, UK – 8 January 2020
COMPASS Pathways plc (NASDAQ:CMPS) ("COMPASS"), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, is establishing its first Centre of Excellence in collaboration with The Sheppard Pratt Institute for Advanced Diagnostics and Therapeutics in Baltimore, Maryland, United States.The Centre of Excellence will model the "clinic of the future", showcasing the best thinking in science, therapy, technology, and design. Working as a research facility and innovation lab, it will generate evidence to shape therapy models in mental health care, train and certify therapists, conduct clinical trials including proof-of-concept studies, and prototype digital solutions to improve patient experience. The first wave of research will focus on COMPASS's investigational COMP360 psilocybin therapy, which comprises administration of COMP360 psilocybin with psychological support from specially trained therapists.
Sheppard Pratt is one of the world's leading research institutes in mental health and one of the top psychiatric hospitals in the United States. It is a leader in clinical service delivery, supporting more than 70,000 patients annually in its local community, as well as across 42 states and 19 countries. The Centre of Excellence will be led by Scott Aaronson MD, Director of Clinical Research at Sheppard Pratt, a distinguished fellow of the American Psychiatric Association and a fellow of the American College of Psychiatrists.
The Centre of Excellence will be built on the Sheppard Pratt Towson campus and will include at least four state-of-the-art psychedelic therapy rooms, as well as facilities for research and training. In addition to a capital investment to support the design and building work, COMPASS will fund research studies into psilocybin therapy and other therapies, led by Dr Aaronson.
Dr Aaronson said, "The Centre of Excellence will enable us to carry out new research in the use of psilocybin therapy for a range of mental illnesses, such as depression, obsessive-compulsive disorder and post-traumatic stress disorder, among others. We are already using COMP360 psilocybin in two investigator-initiated studies in psilocybin therapy for severe treatment-resistant depression and for bipolar type II depression. We can see the enormous potential that this therapy could have on the lives of millions of people with mental health conditions around the world."
Harsh K Trivedi MD, MBA, President and CEO of Sheppard Pratt, said, "We are delighted to collaborate with COMPASS on their first Centre of Excellence. There is a tremendous unmet need to provide access to high-quality mental health care, and forging this relationship allows us to transform the delivery of care on a global scale. With great vision and continued investment, we have the potential to revolutionise mental health care treatment and bring innovative solutions to patients as quickly as possible."
George Goldsmith, CEO and Co‑founder, COMPASS Pathways plc, said, "We want to transform mental health care, which today is not good enough for far too many people. Sheppard Pratt has a long history of excellence in clinical service delivery and commitment to its community of patients. Our Centres of Excellence, beginning with this centre led by the distinguished team at Sheppard Pratt, will help to accelerate our combined work so that we can bring evidence-based innovation, on a large scale, to the people who need it the most."
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About COMPASS Pathways
COMPASS Pathways plc (NASDAQ:CMPS) is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. We are pioneering the development of a new model of psilocybin therapy, in which our proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has been designated a Breakthrough Therapy by the US Food and Drug Administration (FDA), for treatment-resistant depression (TRD), and we are currently conducting a phase IIb clinical trial of psilocybin therapy for TRD, in 21 sites across Europe and North America. We are headquartered in London, UK, with offices in New York, USA. Our vision is a world of mental wellbeing. www.compasspathways.com
About Sheppard Pratt
Sheppard Pratt is the largest private, non-profit provider of mental health, substance use, developmental disability, special education, and social services in the United States. A nationwide resource, Sheppard Pratt provides services across a comprehensive continuum of care, spanning both hospital and community-based resources. Since its founding in 1853, Sheppard Pratt has been innovating the field through research, best practice implementation, and a focus on improving the quality of mental health care on a global level. Sheppard Pratt has been consistently ranked as a top national psychiatric hospital by US News & World Report for 30 years.
Forward-looking statements
This press release includes certain disclosures that contain "forward-looking statements," including, without limitation, statements regarding COMPASS's expectations of its future working relationship with Sheppard Pratt, expectations of plans for and the success of its first Centre of Excellence, and expectations about the efficacy of COMP360. Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to COMPASS's relationship with Sheppard Pratt, the ability of Sheppard Pratt to undertake or advance its research projects, and those risks and uncertainties described under the heading "Risk Factors" in COMPASS's Prospectus filed with the US Securities and Exchange Commission (SEC) on 21 September 2020 and in subsequent filings made by COMPASS with the SEC, which are available on the SEC's website at www.sec.gov. Except as required by law, COMPASS disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on COMPASS's current expectations and speak only as of the date hereof.
Availability of other information about COMPASS
Investors and others should note that COMPASS communicates with its investors and the public using the company website (www.compasspathways.com), the investor relations website (ir.compasspathways.com), and on social media (LinkedIn), including but not limited to investor presentations and investor fact sheets, US Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that COMPASS posts on these channels and websites could be deemed to be material information. As a result, COMPASS encourages investors, the media, and others interested in COMPASS to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on COMPASS's investor relations website and may include additional social media channels. The contents of COMPASS's website or these channels, or any other website that may be accessed from its website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.
Media enquiries:
Tracy Cheung, [email protected], +44 7966 309024
Amy Lawrence, [email protected], +44 7813 777919
Tamara Chumley, [email protected], +1 410 938 3157
Investor enquiries:
Stephen Schultz, [email protected], +1 401 290 7324
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London, UK, Jan. 06, 2021 (GLOBE NEWSWIRE) -- COMPASS Pathways plc (NASDAQ:CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that members of its management team will participate in two investor conferences during the week of 11 January 2021.
George Goldsmith, Chairman, CEO and Co‑founder, and Lars Wilde, President, Chief Business Officer, and Co‑founder, will be participating in a fireside chat available on demand from 11 to 14 January in conjunction with the HC Wainwright BioConnect 2021 Conference.
George Goldsmith and Lars Wilde will also present a business update and hold a fireside chat at 12:15 pm ET on 14 January at the Westwicke Healthcare Day at the ICR Conference 2021.
Audio webcasts of the fireside chats will be available on the "Events" page of the Investors section of the COMPASS website at https://ir.compasspathways.com/news-events/events. A replay of events will be available for 30 days following the event.
-Ends-
About COMPASS Pathways
COMPASS Pathways plc (NASDAQ:CMPS) is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. We are pioneering the development of a new model of psilocybin therapy, in which our proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has been designated a Breakthrough Therapy by the US Food and Drug Administration (FDA), for treatment-resistant depression (TRD), and we are currently conducting a phase IIb clinical trial of psilocybin therapy for TRD, in 21 sites across Europe and North America. We are headquartered in London, UK, with offices in New York, USA. Our vision is a world of mental wellbeing. www.compasspathways.com
Contacts:
Media: Tracy Cheung, [email protected], +44 7966 309024
Investors: Stephen Schultz, [email protected], +1 401-290-7324
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In the past couple of years, biopharmaceutical firms focused on psychedelic medicines have increased in number. Two weeks ago, UK's first psychedelic investment fund was launched. The fund is committed to psychedelic health care and hopes to invest in psychedelic medicines to treat conditions such as anxiety, addiction and depression. The fund was established by VC […]View Full Article Hide Full Article
In the past couple of years, biopharmaceutical firms focused on psychedelic medicines have increased in number. Two weeks ago, UK's first psychedelic investment fund was launched. The fund is committed to psychedelic health care and hopes to invest in psychedelic medicines to treat conditions such as anxiety, addiction and depression.
The fund was established by VC Neo Kuma Ventures, an organization based in London, which was formed by Nick David, Clara Burtenshaw and Sean McLintock in 2019. In the same year, the founders of Neo Kuma gave their support to ATAI Life Sciences AG, the co-owner of COMPASS Pathways (NASDAQ:CMPS). Based in the UK, Compass Pathways is working on developing medicines made from artificial psilocybin. Psilocybin is a psychoactive component found in magic mushrooms.
Earlier this year, Compass Pathways became the first psychedelic pharmaceutical firm to issue shares to the public on Nasdaq. The company raised $127 million and is currently trading at a $1.98 billion market cap.
At the same time, Field Trip Health (CSE:FTRP) (OTC:FTRPF), a psychedelics company based in Toronto, went public on Canada's SE after concluding a reverse takeover of Newton Energy Corp, a gas-and-oil company. This move followed a private placement deal worth CAD$12 million. In addition to providing ketamine-assisted treatment centers, the company is developing FT104, a new synthetic hallucinogen for mental health conditions.
A report published earlier this year by Data Bridge Market Research forecasts that the market for psychedelic drugs will grow at about 16% per annum over the next eight years. By 2027, the market's projected worth could total $6.85 billion. Novel therapies such as the esketamine treatment for treatment-resistant depression by Johnson & Johnson and commonly referred to as Spravato have contributed to this growth.
Neo Kuma correlates with the medicinal marijuana market, referring to research suggesting that the U.S. medical cannabis market has grown to nearly $35 billion in 2020, from a market worth roughly $2 billion six years ago. McLintock explained that the industry for psychedelics is set to grow rapidly as regulators embrace psychedelic drugs and the medicinal benefits that psychedelics possess become more commonly known.
McLintock added that Europe is the center of the growing psychedelic health-care sector, despite a lot of conversation in the United States surrounding psychedelics. He then stated that the company looked forward to investing in scientifically sound and high-quality psychedelic firms operating in the industry to help advance innovative research.
Not many firms are positioned to take advantage of the rapidly evolving functional mushroom and psychedelic medicine sectors. However, Canadian-based Pure Extracts Technologies Corp. (CSE:PULL) has for years been active in the extraction of active compounds from cannabis. The company is now deploying those capabilities in the functional mushrooms and psychedelics medicines space before other companies wake up to this huge opportunity.
NOTE TO INVESTORS: The latest news and updates relating to Pure Extracts Technologies Corp. (CSE:PULL) are available in the company's newsroom at https://ibn.fm/PULL
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ATLANTA, Jan. 04, 2021 (GLOBE NEWSWIRE) -- 2020 was a banner year for investors in psychedelic companies as investors in Mind Medicine (MindMed) Inc. (OTCQB:MMEDF), 20/20 Global, Inc. (OTC:TWGL), Compass Pathways (NASDAQ:CMPS), and Numinus Wellness Inc. (OTC:LKYSF) saw their money triple and even quadruple. Psychedelic stocks are in a fast moving sector characterized by companies many analysts would consider speculative and overpriced; however, it is our opinion many psychedelic companies will continue to defy the rules of investing and bulldoze their way to higher prices in 2021. New leaders may emerge, but the reason for this increased interest in psychedelics is improved mental health. We have said it before, and we will say it again, the real money in psychedelics will be made from FDA approved drugs for the treatment of depression and mental health. Depression is a common mental disorder affecting more than 264 million people worldwide. Mental health experts find a strong link between loneliness and depression and drug overdoses. According to national drug abuse data, drug overdoses have increased 42% since Covid-19 reared its ugly head. As a result, mental health disorders are on the rise in every country and could cost the global economy up to $16 trillion annually by 2030. The numbers are staggering, but outweighed by the loss of human lives. Mental health is something every one of us should be talking about.
In the early 1970s research into psychedelic medicine basically stopped overnight. Governments all over the globe classified psychedelics as illegal on the grounds they were drugs of abuse and had no medical use. But was that the real reason? Many of us are not convinced everyone in government has our best interest in mind on every decision. In the U. S. alone, the Mental Health and Substance Abuse Services industry includes over 17,000 facilities with combined annual revenue of approximately $50 billion. Tack on ancillary services and revenues jump to over $300 billion. The global antidepressants market is expected to grow from $14.3 billion in 2019 to about $28.6 billion in 2020 as mental health issues are expected to surge due to the effects of the Covid-19 pandemic. Even though huge advances in modern medicine have been made since 1970, with the exception of serotonin and norepinephrine reuptake inhibitors in the 1980s and 1990s, the mental health industry has not had major advancements in pharmacological therapies for mood disorders until the FDA approved esketamine in March 2019. Johnson & Johnson developed the ketamine derivative and sell it as a nasal spray called Spravato, used for the treatment of depression.
With this information on psychedelic medicine in mind, here are four psychedelic stocks that could show huge returns to investors in 2021:
MindMed (OTCQB:MMEDF) offers the broadest and most diversified pipeline of psychedelic drugs in clinical development and R&D. According to the investor deck on MindMed's website, the Company estimates there is a $100+ billion global total addressable market for psychedelics. MindMed recently announced it would establish a digital medicine division known as Albert to research, develop and build an integrated technical platform and comprehensive toolset aimed at delivering psychedelic inspired medicines and experiential therapies combined with digital therapeutics. Digital therapeutics are evidence-based therapeutic interventions for patients to prevent, manage, or treat a mental disorder or disease.
MindMed currently has multiple FDA-approved trials going on in multiple jurisdictions and geographies, along with a drug development pipeline based on psychedelic substances including Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC. Bruce Linton, the Founder and Former Chairman and CEO of Canopy Growth Corporation, serves as a member of MindMed's Board of Directors. Kevin O'Leary of Shark Tank fame, aka Mr. Wonderful, invested in MindMed in its $24.2 million funding round before going public on Canada's NEO Exchange. Mr. O'Leary is quoted as saying, "This could save lives, cure depression, help alcoholism, get people off opioids—why wouldn't I want to be invested?" https://mindmed.co
20/20 Global (OTC:TWGL) is a newcomer to the psychedelic field and is a fully reporting issuer with the US Securities and Exchange Commission. Ehave, another psychedelic company that is in digital therapeutics and developing a ketamine delivery platform called KetaDASH, sold 100% of its Mycotopia Therapies subsidiary to 20/20 Global Inc. for $350,000 while simultaneously acquiring approximately 75.77% of 20/20 Global's outstanding shares from 20/20 Global's management. 20/20 Global and Mycotopia Therapies will focus on the psychedelic space, as a majority owned subsidiary of Ehave. Mycotopia Therapy specializes in evidence-based research by offering a study of an individual's psychotherapy using psychedelic medicines aided by data collection and algorithms developed with the help of psychedelic practitioners. Ehave transferred its 10% interest in PsychedeliTech Inc., which is the owner of the PsyTech conferences, to Mycotopia Therapies. As a subsidiary of 20/20 Global, Mycotopia Therapies will own 10% of PsyTech along with psychedelic tour and travel related businesses. 20/20 Global will be seeking other business opportunities in the psychedelic space including psychedelic retreats and medicinal mushrooms. Shares of 20/20 Global traded from $0.20 to over $2.00 on the news, but have settled around the current level of $0.80.
Ehave CEO Ben Kaplan was appointed as Chairman and CEO of 20/20 Global. Jamaican investment banker, Mark Croskery, will also serve on the Board of 20/20 to assist with sourcing deal flow from the Caribbean, South America, and Central America, where a plethora of psychedelic deals are on the radar. Ehave said in its press release announcing the transaction it may distribute 20/20 Global shares to its shareholders in the future. With 75.77% of 20/20 Global's shares tied up with one shareholder, this stock could get some legs on any positive news. https://www.mycotopiatherapies.com
Compass Pathways (NASDAQ:CMPS) is based in the U.K. and has a patented, synthesized investigational psilocybin formulation named COMP360, which is under phase 2 investigation for targeting treatment-resistant depression. Compass Pathways' biggest draw is its patent. It owns the patent for "methods of treating drug-resistant depression with a psilocybin formulation." Compass Pathways is testing a synthetic form of psilocybin as a therapy for treatment-resistant depression. Most of the other companies are testing the organic version of the psychedelic compound that occurs naturally in magic mushrooms.
Even though Compass Pathways is a development-stage company with only one drug, in our opinion, the stock will be a home run if COMP360 can treat depression. If Compass Pathways gets approval for COMP360, it should be able to protect and commercialize the drug, since the Company should be able to receive up to 7.5 years of intellectual property protection in the U.S. and up to 11 years in the E.U. for COMP360. The Company was funded by investors like PayPal billionaire Peter Thiel and Christian Angermayer, the founder of Apeiron Investment Group. Compass Pathways lost $41.5 million in the first nine months of the year, versus a loss of $12 million in the same period in 2019. Compass had $196.5 million in cash at the end of the third quarter, which is enough to keep the Company afloat until 2023. If the sight of red ink makes your stomach queasy, take a look at Compass Pathways' website and its world class Board of Directors and Scientific Advisory Board might quell your fears. https://compasspathways.com
Numinus Wellness Inc. (OTC:LKYSF) is a Canadian that has been granted a license by Health Canada to cultivate, extract, and sell "naturally sourced, sustainable psilocybin", otherwise known as hallucinogenic magic mushrooms. According to the Company, it's the only publicly traded company in Canada that is allowed to do so. Numinus Wellness is also the owner of a dealer's license under which it's allowed to "import, export, possess, test and distribute MDMA, psilocybin, psilocin, DMT, and mescaline." Numinus aims to make psychedelic-assisted psychotherapy accessible through a network of health centers that provide safe, controlled, and therapeutic environments in which patients can heal and become well. Numinus offers three pathways for psychedelic-assisted psychotherapy. First, a recent acquisition of Mindspace clinics allows Numinus to offer ketamine-assisted psychotherapy, which can be prescribed to address treatment-resistant depression. Second, Numinus plans to support patients in obtaining Special Access to psychedelic-assisted psychotherapies, pending approval of regulatory change, which will be offered through its clinics in Vancouver and Montreal. Third, Numinus is undertaking two compassionate access clinical trials for psilocybin & MDMA, which will be conducted in its Vancouver clinic.
Numinus Wellness has been trading high six-figure and low seven-figure dollar volume on a daily basis, so we want to mention it here. While Numinus Wellness appears to have a great business plan and some credible advisors, it does not file audited financials on the U. S. Securities and Exchange Commission's EDGAR System. Numinus Wellness has also not upgraded its OTC Markets profile from its predecessor company, Lucky Strike Resources. https://numinus.ca
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Psychedelic drugs have shown a lot of potential with regard to managing various mental health conditions. Canaccord Genuity Capital Markets analyst Tania Gonsalves states that more investors are getting into the psychedelic space, which may be worth nearly $100 billion. The psychedelic space is also becoming more mainstream as more and more cities decriminalize psychedelics such as psilocybin. Santa […]View Full Article Hide Full Article
Psychedelic drugs have shown a lot of potential with regard to managing various mental health conditions. Canaccord Genuity Capital Markets analyst Tania Gonsalves states that more investors are getting into the psychedelic space, which may be worth nearly $100 billion. The psychedelic space is also becoming more mainstream as more and more cities decriminalize psychedelics such as psilocybin. Santa Cruz, Denver and Oakland legalized psilocybin use with the state of Oregon becoming the first state in the United States to legalize the use of psilocybin in a therapeutic setting.
Top psychedelic firms to watch include New Wave Holdings Corp. (CSE:SPOR) (OTC:TRMND) (FWB: 0XM2), COMPASS Pathways Plc (NASDAQ:CMPS), Numinus Wellness Inc. (OTC:LKYSF) (NEO: NUMI) (TSX.V: NUMI), Mydecine Innovations Group Inc. (CSE:MYCO) (OTC:MYCOF) and Mind Medicine Inc. (OTC:MMEDF) (NEO: MMED).
Numinus Wellness is a firm focused on developing health solutions that support evidence-based, accessible and safe use of psychedelic-assisted therapies. The company recently announced its acquisition of Mindspace Psychology Services Inc. This acquisition joins two organizations that are both working towards developing and delivering evidence-based, psychedelic-assisted psychotherapy.
Numinus' medical director Devon Christie, MD, stated that the acquisition would provide a strong partnership for both firms. Both firms have homogenous values and compatible strengths, which made the addition of Mindspace to Numinus a strong cultural and corporate fit.
The managing partner and founder of Mindspace, Joe Flanders, explained that the acquisition was a good opportunity for Mindspace to work jointly with a partner that shared the firm's values and vision.
Numinus CEO Payton Nyquvest stated that the company was excited to be working with Mindspace, adding that this partnership would propel them forward in their global expansion plan of virtual therapy and clinics that generate revenue.
Mindspace will continue its operations but under the brand Mindspace by Numinus, with Flanders still at the helm. However, Mindspace corporate practices are not included in this arrangement. The company will continue offering these services under a different brand, which is to be announced soon.
Apart from the progress made with Mindspace and Numinus, New Wave Holdings Corp reported that it had entered into a partnership with the University of West Indies, Jamaica, to carry out drug discovery and underline the knowledge of medicinal plants in the aforementioned country.
Mydecine Innovations Group Inc. also reported that it had finalized its first commercial harvest of psilocybin mushrooms weighing 20 kilograms at its cultivation and research facility in Jamaica. The firm is now working on exporting its harvest to its facility in Canada that has a Schedule 1 dealer's license from Health Canada, which allows it to legally import the psychedelic mushrooms. Could this be the beginning of a major boom in this market?
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