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VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), a micro-cap biotech firm with a market capitalization of $5.12 million specializing in psychedelic-derived therapeutics, has announced a partnership with Polyrizon Ltd. (NASDAQ:PLRZ) to develop an intranasal formulation for psychedelic-based treatments. According to InvestingPro data, the company’s stock has declined 13% year-to-date, though it maintains a favorable cash position with more debt than cash on its balance sheet. The collaboration, announced today, will focus on enhancing the bioavailability and therapeutic effect of Clearmind’s drug candidate, MEAI, alone or in combination with PEA.
The non-binding Letter of Intent (LOI) outlines the companies’ plans to conduct research and development to achieve a proof of concept for an intranasal formulation of MEAI and MEAI-PEA combinations. The initiative will explore the benefits of intranasal drug delivery, such as faster absorption, higher bioavailability, and improved patient compliance due to its non-invasive nature.
Dr. Adi Zuloff-Shani, CEO of Clearmind Medicine, expressed optimism about the collaboration’s potential to create more efficient and user-friendly treatment options. Clearmind will fund the research and development process, while Polyrizon will apply its proprietary intranasal drug delivery platform to the project. InvestingPro analysis shows the company maintains a "Fair" overall financial health score of 2.07, with particularly strong metrics in cash flow management.
The agreement also anticipates future negotiations for a definitive agreement, which would detail intellectual property rights, commercialization terms, and financial arrangements. Notably, Mr. Oz Adler and Mr. Assaf Itzhaik hold board positions at both Clearmind and Polyrizon.
Clearmind, currently listed on the Nasdaq and the Frankfurt Stock Exchange, is actively pursuing the development of regulated medicines, foods, or supplements from psychedelic compounds, with a portfolio that includes 31 granted patents.
Polyrizon, a biotech company in the development stage, is known for its innovative medical device hydrogels delivered as nasal sprays, which can provide a barrier against viruses and allergens in the nasal cavity.
This press release contains forward-looking statements regarding the potential outcomes of the collaboration and the anticipated benefits of intranasal administration for patient outcomes. These statements are based on current expectations and projections and are subject to the inherent risks and uncertainties associated with clinical research and drug development. Financial metrics from InvestingPro indicate the company faces profitability challenges, with a return on assets of -59.45% and negative EBITDA of $5.85 million in the last twelve months. Subscribers can access additional financial metrics, valuation analysis, and 6 exclusive ProTips for deeper insights into CMND’s investment potential.
The information in this article is based on a press release statement.
In other recent news, Clearmind Medicine Inc. has initiated a Phase I/IIa clinical trial to evaluate its novel treatment for Alcohol Use Disorder (AUD), CMND-100. This trial, conducted in collaboration with prominent institutions like the Yale School of Medicine and Johns Hopkins University, aims to assess the safety and efficacy of the treatment in reducing alcohol cravings and consumption. The company also received Institutional Review Board approval for this trial, marking a significant step in its FDA-regulated clinical program. Furthermore, Clearmind has secured a South Korean patent for a combination therapy targeting cocaine addiction, enhancing its intellectual property portfolio. This therapy, developed with SciSparc Ltd., involves MEAI and N-Acylethanolamines, demonstrating significant results in preclinical trials. Additionally, Clearmind has filed a European patent application for a therapy aimed at treating various forms of binge behavior, further expanding its patent holdings. The company’s strategic focus includes researching and potentially commercializing psychedelic-based compounds as regulated medicines.
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