TDR’s Top 5 Psychedelic Developments For The Week Of November 27
Welcome to TDR’s review of the Top 5 Psychedelic Developments for the week of November 27. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies.
Advocates in Washington State say they’re looking forward to trying again to enact state-level psychedelics reform during the coming legislative session, especially after an effort earlier this year to broadly decriminalize psilocybin was watered down by lawmakers into a far more limited pilot program for mental health.
Efforts are currently underway in the cities of Olympia, Bellingham, Spokane and Tacoma as well as King and San Juan counties, according to Psychedelic Medicine Alliance WA (PMAW), a main backer of statewide reform efforts and the point organization for the King County campaign.
Hundreds of people have used psilocybin legally in Oregon since the first licensed center opened in Eugene in June. But only a minority appear to be from Oregon.
Though data about clients is protected by confidentiality rules, several magic mushroom entrepreneurs told the Capital Chronicle that most customers have traveled to Oregon from out of state to take the drug in a safe setting.
Widely Held Psychedelic Stocks Weekly Performance
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|Advisorshares Psychedelics ETF
|atai Life Sciences
3. Psychedelic Stocks Decline, Lag Biopharma Peers
The psychedelic sector fell for a second consecutive week, as reflected by the Advisorshares Psychedelics ETF (PSIL) ↓4.99%. The performance lagged peer biopharma indices such as the Nasdaq Junior Biotechnology Index ↑5.63% and Nasdaq Biotechnology Ishares ETF↑2.71%. The broad stock market indices NASDAQ 100 ↑0.06% and S&P 500 ↑0.78% were volatile despite a flat overall week.
Here’s how the Health Care (Biotechnology) sector performed:
In the news…
Algernon Pharmaceuticals has received a notice of intention to grant from the Chinese Patent Office for patent application No. 112654357 entitled “Compositions and Methods for Treating Non-Alcoholic Steatohepatitis” with NP-251 (Repirinast).
Arizona Psilocybin Research Advisory Council met for the first time on Tuesday to start the process of providing millions of dollars in grant funding to support research into the therapeutic potential of psychedelic mushrooms.
atai Life Sciences in Tampa next week to present data…
Australia: The use of psychedelic drugs to treat mental illness is allowed, but confusion remains.
BetterLife Pharma announced that, effective December 1, 2023, the expiry date of 6,386,298 outstanding share purchase warrants are extended to December 2, 2025.
Braxia Scientific announced the filing of its financial statements and management discussion and analysis for the three months and six months ended September 30, 2023.
Clearmind Medicine announced positive results from its pre-clinical trial led by Professor Joseph Tam from The Hebrew University of Jerusalem, earlier this week.
Core One Labs shared results of its first round of Stage 2 animal model studies, carried out in collaboration with the Universitat de Barcelona on behalf of the Company’s wholly owned subsidiary, Akome Biotechnologies Inc.
Cybin Inc. CEO Doug Drysdale speaks follwing release of full Phase 2 CYB003 dataset…
Gilgamesh Pharmaceuticals announced the successful completion of its Phase 1 Single Ascending Dose (SAD) trial of GM-2505.
Indiana’s legislature is encouraging lawmakers to authorize a psilocybin pilot program to research psychedelic-assisted therapy for mental health in the 2024 session.
Mindbloom announced the launch of its Mastermind Series – the first expert-led psychedelic therapy programs for overcoming heartbreak, burnout, and other mental health challenges.
Mydecine Innovations Group wishes to clarify certain statements made in the Company’s news release of January 13, 2022.
New Study shows that consuming tiny amounts of LSD or magic mushrooms could help ADHD sufferers with mindfulness.
Optimi Health announced the successful completion of its proprietary natural psilocybin extraction process under GMP.
Optimi Health announced the successful harvest of eight new natural Psilocybin genetics, strengthening its position as a pioneering force in the psychedelic research and formulation space.
PurMinds NeuroPharma announced that Dr. Amy Reichelt, Ph.D., the company’s Chief Innovation Officer, will be speaking at the Analytical Cannabis Educational Webinar December 14th at 9am PST/ 12PM EST/5PM GMT.
Red Light Holland has completed the process of filing its unaudited quarterly financial statements and management discussion & analysis for the three and six months ended September 30, 2023 and 2022.
Terran Biosciences in Tampa next week to present data.
Universal Ibogaine advised of the following update and revision to its prior news release which was issued on November 20, 2023.
University of California, Berkeley and Harvard University announced this month that the two institutions received funding to begin research into how psychedelics have influenced art, literature and society.
Vox: Why psychedelics produce some of the most meaningful experiences in people’s lives.
Psychedelic therapy clinic provider Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) announced fourth quarter and full year fiscal 2023 results Wednesday after market. The numbers show demonstrable growth on a year-over-year basis, plus reduced cash burn rate for the month of October down to previously elucidated targets.
Zooming out to the broader fiscal year 2023, Numinus reported achievements that underscored its overall growth and influence in the psychedelic therapy space. The company’s revenue for the entirety of fiscal 2023 amounted to $23.2 million—an year-over-year increase of 256.9%. A good portion of this increase is attributable to the company’s Novamind acquisition in June 2022, boosted by organic growth in key clinic segments.
Cybin Inc. (NYSE American:CYBN) (NEO:CYBN), one of the leading public psychedelic biotech drug developers, released full CYB003 Phase 2 trial results for Major Depressive Disorder (MDD). The deuterated psilocybin derivative achieved strong follow-up results, which reaffirmed interim data released on October 31. With efficacy and safety established in a small patient cohort, Cybin now prepares for a more expansive Phase 3 trial scheduled to commence next year.
The final Phase 2 topline efficacy data unveiled rapid and substantial improvements in depression symptoms, emphasizing an average 13.75-point improvement on MADRS at 3 weeks for the 12mg and 16mg cohorts combined. Furthermore, the incremental benefit of a newly-reported second dose was evident, showcasing a 5.8-point improvement on the MADRS total score at 6 weeks.