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VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), a micro-cap biotech company with a market capitalization of $4.53 million, has added Hadassah-University Medical Center in Jerusalem as a new clinical site for its ongoing Phase I/IIa trial of CMND-100, the company announced Friday. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt.
The trial is evaluating CMND-100, a MEAI-based oral drug candidate, for the treatment of Alcohol Use Disorder (AUD). The Hadassah site will be led by Prof. Yossi Karko, Director of the Center for Clinical Research. While the company is not yet profitable, it maintains a solid current ratio of 1.74, indicating sufficient liquidity to fund its operations.
This addition expands the trial’s reach, which already includes Yale School of Medicine’s Department of Psychiatry, Johns Hopkins University School of Medicine, Tel Aviv Sourasky Medical Center, and IMCA in Israel.
The first-in-human trial aims to assess safety, tolerability, and pharmacokinetics of CMND-100, while examining its potential to reduce alcohol cravings and consumption in AUD patients.
"This addition deepens the scientific strength of our trial," said Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine, in the press release.
Alcohol Use Disorder affects over 280 million people globally, with limited effective treatment options currently available.
Clearmind Medicine is a clinical-stage biotech company developing psychedelic-derived therapeutics. The company’s intellectual portfolio includes nineteen patent families with 31 granted patents. InvestingPro analysis indicates a FAIR overall financial health score, with additional insights available to subscribers, including 7 key ProTips and detailed financial metrics.
This information is based on a company press release statement.
In other recent news, Clearmind Medicine Inc. has enrolled its first patient in a Phase I/IIa clinical trial for CMND-100, an oral drug candidate aimed at treating Alcohol Use Disorder (AUD). The trial, which is being conducted at multiple sites including Yale School of Medicine and Johns Hopkins University, focuses on evaluating the safety, tolerability, and pharmacokinetic profile of the drug, along with its potential to reduce alcohol cravings and consumption. Additionally, Clearmind has expanded this trial to include Tel Aviv Sourasky Medical Center, with Dr. David Zeltser leading the research at this new location. In another development, Clearmind has engaged a consulting firm to help navigate regulatory frameworks for its psychedelic-based treatments, aiming to integrate these therapies into mainstream healthcare. The company has also filed an international patent application for a treatment targeting eating disorders, in collaboration with SciSparc Ltd. This proposed therapy combines 3-Methylmethcathinone (3-MMC) with Palmitoylethanolamide (PEA) to address the complex factors associated with conditions like anorexia and bulimia. Clearmind’s intellectual property portfolio currently includes 31 granted patents across 19 patent families. These developments reflect Clearmind’s ongoing efforts to advance its pipeline of novel psychedelic-derived therapeutics.
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