Clearmind begins phase I/IIa trial for AUD treatment

VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), a biotech firm specializing in psychedelic-derived therapeutics with a market capitalization of $4.86 million, has launched a Phase I/IIa clinical trial to evaluate the safety and pharmacokinetic profile of CMND-100, its novel treatment for Alcohol Use Disorder (AUD). According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, positioning it well for this clinical development phase. The trial marks the first clinical application of the company’s proprietary drug platform.

The study, initiated at the IMCA in Israel under the direction of Prof. Mark Weiser of the Sheba Medical Center, will also involve the Yale School of Medicine and Johns Hopkins University School of Medicine in the United States. This clinical trial is designed to assess CMND-100’s safety, tolerability, and its potential to reduce alcohol cravings and consumption in individuals diagnosed with AUD. The company’s stock, trading at $1.14, has shown recent resilience with a 4.59% gain over the past week, though it remains down 17.39% year-to-date.

CMND-100 is based on MEAI, a psychoactive compound, and is developed to offer a new approach by acting on reward mechanisms associated with addictive behavior. This diverges from traditional treatment methods and aims to address the significant unmet medical need in treating alcoholism.

Alcohol Use Disorder remains a significant health concern globally, with the World Health Organization reporting around 400 million people suffering from the condition, leading to 2.6 million deaths annually. The prevalence is particularly high among young adults in the United States, with 15.1% of adults aged 18 to 25 meeting the criteria for AUD as per the 2023 National Survey on Drug Use and Health.

With a current ratio of 1.72 and an overall Financial Health score of "FAIR" according to InvestingPro analysis, Clearmind appears positioned for this crucial development phase. CEO Adi Zuloff-Shani, Ph.D., expressed optimism about the transition to a clinical stage pharmaceutical company and the potential of CMND-100 to translate positive preclinical results into human clinical trials. Subscribers to InvestingPro can access 5 additional ProTips and comprehensive financial metrics to better evaluate the company’s potential.

Clearmind Medicine Inc. holds a portfolio of 19 patent families and 31 granted patents. The company is listed on the Nasdaq and Frankfurt Stock Exchange and focuses on developing regulated medicines, foods, or supplements from psychedelic-based compounds. While currently showing negative earnings per share of -$1.29, the company’s intellectual property portfolio and strategic focus on the growing psychedelics market represent potential growth catalysts.

This article is based on a press release statement and includes no endorsement of claims. The forward-looking statements in the press release are subject to risks and uncertainties that could affect the company’s performance.

In other recent news, Clearmind Medicine Inc. has secured a patent from the Korean Intellectual Property Office for a novel therapy aimed at treating cocaine addiction. This therapy, which involves the use of MEAI in conjunction with N-Acylethanolamines, is part of Clearmind’s strategy to expand its intellectual property portfolio, which currently includes 19 patent families and 31 granted patents. Additionally, Clearmind has filed a European patent application for a combination therapy targeting various forms of binge behavior, including excessive alcohol consumption and other compulsive activities. This patent application is a result of Clearmind’s collaboration with SciSparc Ltd., focusing on psychedelic compounds and their integration with the N-Acylethanolamines family.

In another development, Clearmind has received Institutional Review Board approval for a Phase I/IIa clinical trial of its drug CMND-100, aimed at treating alcohol use disorder (AUD). The trial will be conducted at Yale School of Medicine’s Department of Psychiatry and will assess the safety, tolerability, and efficacy of CMND-100. Clearmind’s efforts in advancing this trial are part of its broader initiative to address AUD, a condition linked to 2.6 million annual deaths worldwide. These recent developments highlight Clearmind’s ongoing commitment to researching and potentially commercializing psychedelic-based compounds as regulated medicines.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.