VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), a biotech firm specializing in psychedelic-derived therapeutics, has filed a patent application for a novel combination of ketamine and N-Acylethanolamines. This application, part of an ongoing collaboration with SciSparc Ltd. (NASDAQ:SPRC), aims to enhance treatments for addictions, weight loss, and mental health disorders.
The companies are researching therapies that combine SciSparc's Palmitoylethanolamide (PEA) with Clearmind's psychedelic molecule, 5-methoxy-2-aminoindan (MEAI). The partnership has resulted in thirteen patent filings with the U.S. Patent and Trademark Office and other jurisdictions globally.
The U.S. Food & Drug Administration (FDA) approved a ketamine derivative in 2019 as a nasal spray for adults with treatment-resistant depression and those with major depressive disorder exhibiting suicidal behavior. The treatment, which requires administration in certified medical facilities, is accompanied by a two-hour observation period to monitor for side effects.
Dr. Adi Zuloff-Shani, CEO of Clearmind, stated that the collaboration aims to reduce treatment doses while maintaining effectiveness and minimizing side effects. The goal is to offer safe and effective treatments that reduce the risk of abuse and dependence associated with ketamine.
Clearmind focuses on creating regulated medicines from psychedelic-based compounds and holds 29 granted patents within its intellectual property portfolio. The company's shares are traded on the Nasdaq and the Frankfurt Stock Exchange.
SciSparc, a clinical-stage pharmaceutical company, is engaged in developing cannabinoid-based treatments for central nervous system disorders, including Tourette Syndrome, Alzheimer's disease, autism, and status epilepticus.
The information in this article is based on a press release statement. It should be noted that patent applications are not guaranteed to result in issued patents and that forward-looking statements involve risks and uncertainties.
In other recent news, Clearmind Medicine Inc. has made significant advancements in the biotechnology sector. The company secured a new US patent for its MEAI-based binge behavior regulator program, adding to its robust intellectual property portfolio. Clearmind also submitted a patent application for a new generation of psychedelic compounds aimed at treating mental disorders, marking a key step in its collaboration with Yissum Research Development Company.
In collaboration with SciSparc Ltd., Clearmind released promising findings from a study on a potential treatment for obesity and metabolic syndrome, which combines SciSparc's Palmitoylethanolamide with Clearmind's psychoactive molecule MEAI. The two companies have also submitted a new patent application for this novel composition.
Clearmind has entered a strategic partnership with JS First Sdn. Bhd. to expand the reach of its novel MEAI-based non-alcoholic beverages into international markets. Additionally, the company received approval from the U.S. Food and Drug Administration to begin a Phase I/IIa clinical trial for its novel drug candidate CMND-100, designed to assess the treatment's safety, tolerability, and efficacy in individuals with alcohol use disorder. These recent developments highlight Clearmind's dedication to research and innovation in the field of biotechnology.
InvestingPro Insights
As Clearmind Medicine Inc. (NASDAQ:CMND) continues to innovate in the field of psychedelic-derived therapeutics, its financial health and market performance provide an essential backdrop to its scientific endeavors. According to InvestingPro data, Clearmind Medicine holds a modest market capitalization of 4.67 million USD, indicative of its micro-cap status in the biotech sector. The company's financial metrics reflect its developmental stage, with an adjusted P/E ratio over the last twelve months as of Q2 2024 at -0.64, suggesting that investors are not currently valuing the company based on earnings, which is not uncommon for early-stage biotech firms.
InvestingPro Tips highlight that Clearmind Medicine has more cash than debt on its balance sheet, which could provide some financial flexibility as it pursues its research and development goals. Furthermore, the company's liquid assets exceed its short-term obligations, indicating a level of financial resilience. However, it's noteworthy that the company has not been profitable over the last twelve months and that its stock price has seen significant declines over the past year, with a 1-year price total return as of the same period at -88.25%.
For investors interested in the long-term potential of Clearmind's therapeutic pipeline, these financial insights can be crucial. It's also worth noting that there are additional InvestingPro Tips available for Clearmind Medicine, which can provide deeper analysis for those considering an investment in this innovative biotech firm. To explore these further, one can visit InvestingPro's dedicated page for Clearmind Medicine at https://www.investing.com/pro/CMND.
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