TEL AVIV/VANCOUVER – Biotech firm Clearmind Medicine Inc. (NASDAQ:CMND), (FSE:CWY) has been granted divisional patent approval by the China National Intellectual Property Administration for its primary amine aminoindan compounds, including an innovative molecule aimed at treating binge behaviors.
The patent solidifies Clearmind's intellectual property (IP) rights in the psychedelic therapeutic space, with a portfolio that now boasts 27 granted patents and 24 pending applications across 15 families, including approvals in the US, Europe, China, and India.
Clearmind's CEO, Dr. Adi Zuloff-Shani, emphasized the significance of the patent, stating, "We are proud to receive once again recognition of our innovative treatment for binge behaviors...this approval is a major milestone and significantly expands our IP protection as a leader in psychedelic-derived therapeutics."
The company's research has focused on the molecule 5-methoxy-2-aminoindan (MEAI), which has shown promise in pre-clinical studies over the past two years for regulating binge behaviors and addictions. MEAI is designed to reduce the desire to consume alcoholic beverages and provide a euphoric experience similar to alcohol, without the associated risks. This could offer a new approach to treating Alcohol Use Disorder and binge drinking.
Clearmind aims to commercialize psychedelic-based compounds as regulated medicines, foods, or supplements. Its stock is traded on the Nasdaq and the Frankfurt Stock Exchange under the symbols CMND and CWY, respectively.
The information in this article is based on a press release statement.
InvestingPro Insights
As Clearmind Medicine Inc. (NASDAQ:CMND) continues to progress in the psychedelic therapeutic space with its recent patent approval in China, investors are keeping a close eye on the company's financial health and stock performance. According to InvestingPro, Clearmind Medicine holds more cash than debt on its balance sheet, which could be a positive sign for the company's financial stability. However, the firm is also quickly burning through cash, which raises concerns about its long-term financial sustainability.
Moreover, Clearmind's stock has experienced significant volatility, with the price taking a considerable hit over the last week, three months, and six months. Specifically, the one-week price total return as of this year's date is -11.56%, and the six-month price total return is a staggering -75.52%. This high level of price volatility is something potential investors should be aware of.
On the financial metrics front, the company's market capitalization stands at a modest 4.12 million USD, and it has a negative P/E ratio of -0.036, reflecting that the company is not currently profitable. The price/book ratio as of the last twelve months ending Q4 2023 is 4.19, which might suggest that the stock is valued higher than its net assets.
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