Clearmind files patent for new psychedelic compounds

VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), (FSE:CWY0), a biotechnology firm specializing in the development of psychedelic-derived therapeutics, announced today its submission of a patent application for a new generation of psychedelic compounds aimed at treating mental disorders. This move, under the Patent Cooperation Treaty (PCT), marks a significant step in the company's collaboration with Yissum Research Development Company of the Hebrew University of Jerusalem.

The application encompasses "generation 3.0" psychedelic compounds, their preparation methods, and their use in mental disorder treatments, developed by Professor Dmitry Tsvelikhovsky. Clearmind's patent submission is a strategic part of its exclusive licensing agreement with Yissum, which, if approved, will protect the intellectual property rights globally. The PCT submission will enable Clearmind to enter the national phase, where it will seek patent protection in key markets, including the US, Europe, China, and India.

Dr. Adi Zuloff-Shani, Clearmind's CEO, expressed confidence in the therapeutic potential of psychedelic treatments and the company's role as an innovator in the field. The advanced molecules featured in this new generation of psychedelics could potentially enhance the quality of life for patients with mental disorders.

Yissum, the technology transfer company of the Hebrew University, boasts a history of transforming academic research into commercial solutions. It has registered over 11,680 patents, licensed more than 1,160 technologies, and spun out over 260 companies.

Clearmind, which is traded on Nasdaq and the Frankfurt Stock Exchange, is focused on researching and developing psychedelic-based compounds to address health issues such as alcohol use disorder. Its intellectual property portfolio currently includes nineteen patent families.

The company's strategy involves securing additional patents and remaining open to acquiring further intellectual property to strengthen its portfolio. This press release contains forward-looking statements, and Clearmind has indicated that there can be no assurance that the patent will be granted or, if granted, that it will be advantageous to the company. The information in this article is based on a press release statement.

In other recent news, SciSparc Ltd. and Clearmind Medicine Inc. have released promising findings from a study on a potential treatment for obesity and metabolic syndrome. The collaborative treatment combines SciSparc's Palmitoylethanolamide (PEA) with Clearmind's psychoactive molecule MEAI. The study, led by Prof. Joseph Tam of the Hebrew University of Jerusalem, reported significant weight loss in mice, improved glucose metabolism, and increased energy expenditure and fat oxidation.

In addition to this, SciSparc and Clearmind have submitted a new patent application for a novel composition aimed at treating metabolic syndrome and obesity. This is a product of their ongoing collaboration which has resulted in twelve other patent applications. Clearmind has also secured exclusive global rights to develop and commercialize innovative compounds for treating post-traumatic stress disorder (PTSD) and other mental health conditions, in an agreement with Yissum Research Development Company of the Hebrew University of Jerusalem.

Furthermore, Clearmind has made significant progress in its MEAI-based alcohol substitute beverage program and secured patents for this alcohol substitute in the United States, India, and Europe. The company has also submitted a patent application for the use of a compound in the prevention and treatment of eating disorders.

In other developments, Clearmind has entered a strategic partnership with JS First Sdn. Bhd. to expand the reach of its novel MEAI-based non-alcoholic beverages into international markets. Meanwhile, Clearmind Medicine Inc. has received approval from the U.S. Food and Drug Administration (FDA) to begin a Phase I/IIa clinical trial for its novel drug candidate CMND-100 in the United States. The trial is designed to assess the treatment's safety, tolerability, and efficacy in individuals with alcohol use disorder (AUD).

InvestingPro Insights

As Clearmind Medicine Inc. (NASDAQ:CMND) continues to innovate in the realm of psychedelic-derived therapeutics, the company's financial health and stock performance provide critical context for investors. According to InvestingPro data, Clearmind has a market capitalization of 3.77 million USD, reflecting the size of the company in the biotechnology industry. Despite the challenges faced, one notable strength is that Clearmind holds more cash than debt on its balance sheet, which can provide some financial flexibility in its research and development efforts.

Nevertheless, Clearmind's stock has faced significant headwinds, with a 1-month price total return of -37.7%, and an even steeper 1-year price total return of -91.91%. This suggests that while the company may be progressing in its scientific endeavors, investor confidence has been shaken, potentially due to the company's weak gross profit margins and lack of profitability over the last twelve months. These metrics are particularly important for potential investors to consider, as they reflect both recent and longer-term performance challenges.

For those looking to delve deeper into Clearmind's financials and stock performance, InvestingPro offers additional insights. There are 9 more InvestingPro Tips available for CMND, which can be accessed for more in-depth analysis. Moreover, the InvestingPro Fair Value metric places the stock at a fair value of 1.42 USD, suggesting that the current price of 1.14 USD may present an opportunity for investors who believe in the company's long-term potential despite recent setbacks.

Investors interested in the intricacies of Clearmind's financials and future outlook may find the additional tips and real-time metrics on InvestingPro invaluable. The current data reflects the dynamic and often volatile nature of investing in the biotechnology sector, where scientific breakthroughs and financial realities intersect.

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