Psyched: MindMed And Compass Q1 Earnings, FDA Approves Therapists Taking MDMA, Wesana Health Goes Public
Compass Pathways (NASDAQ:CMPS) and
MindMed (NASDAQ:MNMD) remain the only two companies in psychedelics to reach a major U.S. stock exchange. Both companies presented net losses associated with R&D expenses, as entities in the space race towards gaining ground in a sector that still hasn’t reached early maturity or profitability.
Both companies presented strong cash positions to advance their research pipelines.
Compass, Pressing On Psilocybin: Compass highlighted the issuing of two new patents and a post-quarter equity financing round of $144 million.
Rise In Consumer Acceptance of Psychedelic Drug Therapies Is Quickly Increasing
Financialnewsmedia.com News Commentary
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PALM BEACH, Fla., Feb. 17, 2021 /PRNewswire/ Psychedelics are making their way out of the counterculture and back into the mainstream, with research and media interest in the mind-altering substances growing substantially. Some have even called psychedelics psychiatry s brave new world. The revitalization of psychedelics has occurred alongside a shift away from the research and development of traditional psychiatric medications by leading pharmaceutical companies. A report from Data Bridge Market Research reported that the global psychedelic drugs market is rising gradually with a healthy CAGR in the forecast period of 2019-2026. Growing prevalence of depression worldwide and increase in special designation from the regulatory authorities to the company to expedite the development process are the key factors for market g
Mind Cure Closes $18M Raise
Mind Cure Health Inc. (CSE:MCUR) recently announced the closing of a CA$23 Million ($18.1 million) offering.
The company issued approximately 38 million units, consisting of one share and one half of a share purchase warrant, at CA$0.60 per unit.
The proceeds will be used to finance product research and development, advance the company’s technological capabilities, marketing expenditures and product awareness, as well as for working capital.
So far, Mind Cure has raised almost CA$31 million ($24.4 million) to date. The company’s operations are divided between five spheres, which include:
A line of non-psychedelic supplements using functional mushroom formulations that are already available to consumers.