Psychedelics company NeonMind Biosciences Inc (CNSX: NEON) (OTCMKTS: NMDBF), an integrated drug development and wellness company, has had some exciting news cycles since we spoke with CEO Rob Tessarolo last month. We’re pleased to welcome him back to The Dales Report to discuss the formation of NeonMind company branded clinics, plus get an update on where the company’s at in their previous announced plans.
Here’s some highlights from the interview.
Things are progressing as expected with IND applications for obesity
Tessarolo says that there is no new specific information to communicate, but NeonMind is still on the same timelines. He expects that NeonMind will be in front of the FDA this year to get guidance and ultimately have an IND approved for psilocybin in obese patients.
With that in hand, the company expects to be enrolling patients in a proof of concept study in 2022. Tessarolo says that the vision of the research division remains, to be the first company in 5 years to bring an FDA-approved psychedelic modality to patients with obesity for chronic weight management.
NeonMind is now in the clinics business too
Tessarolo says that one of two questions he faced was whether NeonMind wants to be in the clinics business, delivering psychedelic modalities if and when they’re approved by regulators. He says that they determined that if you believe psychedelics are going to be successful, there will be a number of programs running through the FDA. With a number of treatments of any profile running, a need for a specialized setting is likely, because many are doses high enough to cause a psychedelic experience, and also because many will provide some sort of psychotherapy program. Tessarolo points at Biologix as another example of this exact business model, which he says is a 100+ billion dollar business.
NeonMind now has a medical services division, and they’re working to assemble programmatic activities and looking for sites across Canada to deliver care for mental health conditions today, sites that can be adapted to be delivery centers for psychedelic substances later.
Tessarolo expects that the first NeonMind clinic location will be announced before year end and built in the first half of 2022.
Tessarolo says NeonMind clinics won’t start with weight loss
The initial focus of the clinics, he says, will be mental health. Tessarolo adds that NeonMind believes that the mental health industry is going to benefit from psychedelics long term, and so part of the vision is to let local market needs and conditions drive the focuses of the clinics. Tessarolo wants the company to work with local providers to address gaps in mental health care locally.
Investors can anticipate these things in 2021/ 2022
Tessarolo reminds investors that NeonMind is focused on advancing the science of psilocybin for treatment of obesity, which is a novel indication in the space. And that by setting up mental health services, the company has been “derisked” a little bit, and now has another business that can be built as well, as the clinics will be able to deliver any psychedelic modalities, “no matter whose they are.”
Investors should watch for the announcement of the first medical clinic, that NeonMind will proceed towards being in front of the FDA for psychedelics in the obese patient, and that NeonMind will be enrolling patients in a human proof of concept study as early as Q1 2022 as well.