<div>
  <ul>
    <li>
      <p>
        Canadian psychedelic company Numinus Wellness has released its financial results for Q1 2022 ended November 30, 2021. The company posted a net comprehensive loss of CAD 5.4 million (USD 4.3 million) compared to CAD 7.8 million (USD 6.2 million) during the last quarter. The basic and diluted loss per common share stood at CAD 0.03 (USD 0.02), similar to the CAD 0.04 (USD 0.03) recorded in the last quarter.&nbsp;
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        The company earned a revenue of CAD 789,617 (USD 630,517), increasing by 60% from the last quarter. The company&rsquo;s Numinus Health division alone generated 82% of the total revenue with 55x higher revenue from last quarter through its clinic operations (operating five wellness clinics currently) across Canada.&nbsp;
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        Numinus highlighted a few milestones during the quarter that include the development of novel psychedelic drug tests paving the path to a new potential revenue stream, assisting the Multidisciplinary Association for Psychedelic Studies (MAPS) studies by hosting sites, and completing the acquisition of the Neurology Centre of Toronto.&nbsp;
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        Subsequent to the quarter, the company finalized its ketamine-assisted psychotherapy (KAP) training program and graduated to the Toronto Stock Exchange (TSX) to trade under the ticker symbol &ldquo;NUMI.&rdquo;
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.newswire.ca/news-releases/numinus-wellness-inc-reports-q1-2022-results-824217004.html">
      Canada Newswire
    </a>
  </p>
</div>


Psychedelic Medicine

Numinus Wellness releases Q1 2022 financial results

PROMINENT_CATEGORY

<div>
 <p>Clearmind Medicine, a Vancouver-based psychedelic drugs firm, has signed a licensing agreement with Yissum Research Development Company at the Hebrew University of Jerusalem. The aim of the partnership is to create and utilize next-generation psychedelic compounds for the treatment of addictive behaviors and mental health conditions.</p>
 <p>The terms of the agreement grant Clearmind exclusive global rights to not only develop and research but also manufacture, market, and distribute products based on a future patent of psychedelic compounds.</p>
 
</div>

Clearmind Medicine partners with Yissum for development of psychedelic compounds to treat mental disorders

ANALYST_QUICK_TAKE

<div>
 <p>Reunion Neuroscience, a Toronto-based psychedelic therapy company, has formed a partnership with Fluence, a company focused on psychedelic therapy training, to carry out a Phase II clinical trial of RE104, Reunion's primary asset, aimed at treating postpartum depression (PPD).</p>
 <p>As per the agreement, Fluence will help in developing training material, oversee the training program, and train study monitors. RE104, a patented prodrug of the 4-OH-DiPT compound, is being studied by Reunion for the treatment of mental health conditions, beginning with PPD.</p>
 
</div> <p><b>Analyst QuickTake:<br>
 </b> Over the years, Fluence has built partnerships to offer certification for mental health practitioners in psychedelic therapy and integration. Notable collaborations include 1) <a href="https:<br>
//sp-edge.com/updates/28294"> Psyence </a> , to conduct a Phase IIb clinical trial investigating psilocybin-assisted psychotherapy for cancer patients with adjustment disorder (April 2024), 2) <a href="https:<br>
//sp-edge.com/updates/22180"> Cybin </a> , to expand the EMBARK training program for the CYB003 trial (September 2023), and 3) <a href="https:<br>
//sp-edge.com/updates/3080"> Tryp Therapeutics </a> , to support a Phase IIa clinical trial and design psychotherapy protocols (May 2021).</p>

Reunion Neuroscience partners with Fluence for Phase II clinical trial of lead asset RE104 to treat postpartum depression

<div>
 <p>Core One Labs Inc., a company specializing in psychedelic medicine research and development, has declared a non-brokered private placement intending to acquire up to CAD 1.5 million (USD 1.1 million). This placement comprises units, each valued at CAD 0.15 (USD 0.11), consisting of one share and a half share purchase warrant, transferable. Entire warrants give holders the ability to buy an additional share at CAD 0.20 (USD 0.15) valid for the next five years from the date of issuance. The first part of this placement is set to close on April 17, 2024.</p>
 <p>The capital raised from this placement is projected to be used for working capital and other general corporate purposes, aiming to enhance business processes.</p>
</div>

Core One Labs secures CAD 1.5 million via private placement for working capital and general corporate purposes

<div>
 <p>Psyence Group, a biotechnology company specializing in mental health, has through its Australian branch partnered with Fluence and iNGENū. Fluence offers psychedelic therapy training while iNGENū is a clinical research organization based in Australia.</p>
 <p>These three entities aim to undertake a Phase IIb clinical trial. The trial's objective is to study the effectiveness and safety of psilocybin-assisted psychotherapy in treating cancer patients diagnosed with adjustment disorder.</p>
 <p>A total of 84 patients will participate in this double-blind, placebo-controlled trial. The trial commences in the second quarter of 2024 with expected results in 2025. The partnership will utilize Fluence's psychedelic therapy training expertise and iNGENū's experience in psychedelic pharmaceutical research to develop this therapy.</p>
</div>

Psyence Australia partners with Fluence and iNGENū for psilocybin-assisted therapy research

<div>
 <p>BetterLife Pharma, a Canadian psychedelic biotechnology company, has raised CAD 1.2 million (USD 0.74 million) via the issuance of convertible debentures. Significant contributors to these debentures include the company's CEO, Dr. Ahmad Doroudian, and key shareholder, Dr. Steven Sangha, who both donated CAD 0.1 million (USD 74,000).</p>
 <p>These debentures feature a 24-month term and offer a 10% interest rate. They can be converted into company units at a rate of USD 0.10 per unit, with each unit comprising one common share and one share purchase warrant.</p>
 <p>The funds obtained from this initiative are earmarked for the advancement of the company’s primary compound, BETR-001. This non-hallucinogenic derivative of lysergic acid diethylamide (LSD) is being developed for the treatment of various neuropsychiatric and neurological disorders, notably generalized anxiety disorder (GAD), and major depressive disorder.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> In <a href="https:<br>
//sp-edge.com/updates/27389"> March 2024, </a> the FDA granted MindMed, a psychedelic biotech company, a breakthrough therapy designation for its MM120 program, which is LSD-based and aimed at treating GAD. The new fundraising by BetterLife Pharma underscores its commitment to follow this path by advancing BETR-001, which is currently in the preclinical stage.</p>

BetterLife Pharma secures CAD 1.2 million in convertible debentures to advance BETR-001

Numinus partners with PharmAla Biotech for LaNeo MDMA supply in clinical trial

Optimi Health partners with Tel Aviv University for MDMA supply; expands into Israeli psychedelics market

<div>
 <p>The psychedelic biotechnology company, Gilgamesh Pharmaceuticals, situated in New York, has been granted a sum of USD 14 million by the National Institute on Drug Abuse.</p>
 <p>This substantial fund will be directed towards conducting toxicology studies compliant with Investigational New Drug (IND) regulations, Good Manufacturing Practice (GMP) manufacturing, and executing Phase 1/1b clinical trials. These investments are specifically for the development of GM-3009, an ibogaine analog poised to treat substance use disorders.</p>
</div>

Gilgamesh Pharmaceuticals receives USD 14 million grant to develop GM-3009 compound

<div>
 <p>The psychedelic biotech company from Canada, Cybin, has accomplished a significant milestone by obtaining a breakthrough designation from the FDA for their main candidate, CYB003, which is designed to manage major depressive disorder (MDD).</p>
 <p>CYB003 is a deuterated psilocybin analog that exhibited potential in a Phase II trial. The company's goal is to kick-start Phase III clinical trials for this program around the middle of 2024. Upon securing FDA approval, CYB003 will mark a first - serving as the inaugural adjunctive psychedelic-based treatment for addressing MDD.&nbsp;</p>
</div> <p><b>Analyst QuickTake</b> :<br>
 Cybin's FDA breakthrough designation comes within a week of <a href="https:<br>
//sp-edge.com/updates/27389"> MindMed's </a> breakthrough designation for its MM120 program targeting generalized anxiety disorder, marking rapid progress in psychedelic-assisted therapy. Both companies join industry counterparts Lykos Therapeutics (formerly MAPS) and Compass Pathways, which also obtained FDA breakthrough designations in <a href="https:<br>
//maps.org/news/media/press-release-fda-grants-breakthrough-therapy-designation-for-mdma-assisted-psychotherapy-for-ptsd-agrees-on-special-protocol-assessment-for-phase-3-trials/"> August 2017 </a> and <a href="https:<br>
//compasspathways.com/compass-pathways-receives-fda-breakthrough-therapy-designation-for-psilocybin-therapy-for-treatment-resistant-depression/"> October 2018 </a> , respectively.</p>

Cybin receives FDA breakthrough designation for CYB003 program

<div>
 <p>Canadian biotech firm Cybin, specialising in psychedelic treatment, has declared a private placement offering with anticipated aggregate gross proceeds of USD 150 million, excluding any applicable fees and charges. The private placement activity is spearheaded by Deep Track Capital and includes participants like RA Capital Management, Avidity Partners, and other institutional investors. The offering is set to close on March 19, 2024, provided all conditions are met.</p>
 <p>The placement consists of 348,837,210 common shares, each priced at USD 0.43, representing a premium of about 17% over the 10-day volume-weighted average trading price.</p>
 <p>The money raised from this private placement will fund Phase III clinical trials for CYB003 along with serving as working capital and catering to general corporate requirements.</p>
 
</div> <p><b>Analyst QuickTake</b> :<br>
 As some psychedelic drugs near the final stage of FDA approval, companies are actively raising funds to support their product development. Companies that have raised funds include</p>
<ul>
 <li><p>MindMed, which secured USD 175 million upon receiving its breakthrough designation for its MM120 program (in <a href="https:<br>
//sp-edge.com/updates/27388"> March 2024) </a></p></li>
 <li><p>Lykos Therapeutics (formerly MAPS), which raised USD 100 million upon submitting a new drug application for its MDMA-assisted therapy (in <a href="https:<br>
//sp-edge.com/updates/26546"> March 2024 </a> )</p></li>
 <li><p>Beckley Psytech, which received USD 50 million to develop its psychedelic candidates (in <a href="https:<br>
//sp-edge.com/updates/25190"> January 2024 </a> )</p></li>
 <li><p>COMPASS Pathways, which raised USD 285 million to advance its COMP360 program into Phase III clinical trial (in <a href="https:<br>
//sp-edge.com/updates/21121"> August 2023 </a> ).</p></li>
</ul>

All Updates