China smartphone shipments slumped in June on inventory overhang: Jefferies
VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), a biotech firm specializing in the development of psychedelic-derived therapeutics with a current market capitalization of $4.72 million, has launched a Phase I/IIa clinical trial for its drug candidate CMND-100, aimed at treating Alcohol Use Disorder (AUD). According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, though its stock has declined 33% year-to-date. The trial commenced at the Johns Hopkins University School of Medicine and will extend to additional sites, including Yale School of Medicine and IMCA Center in Israel. With a current ratio of 1.72, InvestingPro analysis suggests the company has adequate liquidity to support its clinical development programs. Subscribers to InvestingPro can access 8 additional key financial insights about CMND’s operational efficiency and market performance.
The study, led by Dr. Jennifer Ellis and co-investigator Professor Eric Strain, will assess the safety, tolerability, and pharmacokinetic profile of CMND-100 in patients diagnosed with AUD. It will also explore the drug’s potential to reduce alcohol cravings and consumption. CMND-100 is based on Clearmind’s proprietary MEAI-based oral drug platform, offering a fresh approach by targeting reward mechanisms linked to addictive behavior.
AUD is a significant public health issue, with the World Health Organization reporting around 400 million people globally suffering from the disorder, leading to 2.6 million deaths annually. In the U.S., the prevalence among young adults is notably high, with 15.1% of those aged 18 to 25 meeting the criteria for past-year AUD, according to the 2023 National Survey on Drug Use and Health.
The trial’s initiation at reputable institutions like Johns Hopkins signifies the growing interest in CMND-100’s potential as an innovative treatment for AUD. Dr. Adi Zuloff-Shani, CEO of Clearmind, expressed the company’s aim towards FDA approval and the importance of such clinical sites in evaluating the drug’s clinical promise.
The recent advisory by US Surgeon General Dr. Vivek Murthy highlighting the cancer risks associated with alcohol consumption underscores the urgency for new treatments. Current methods for addressing AUD are often limited and ineffective.
Clearmind Medicine Inc. continues to focus on developing psychedelic-based compounds for various health problems, including addictions, weight loss, and mental health disorders like depression and anxiety. The company’s portfolio includes 19 patent families and 31 granted patents, with shares traded on Nasdaq and the Frankfurt Stock Exchange. Notably, the stock shows a beta of -1.36, indicating it often moves counter to broader market trends. InvestingPro subscribers can access detailed financial health scores and valuation metrics to better understand the company’s investment potential.
This article is based on a press release statement and provides an overview of Clearmind Medicine Inc.’s ongoing efforts to develop new therapeutic options for AUD.
In other recent news, Clearmind Medicine Inc. announced several key developments in its ongoing efforts to advance psychedelic-derived therapeutics. The company has launched its Phase I/IIa clinical trial to evaluate the safety and pharmacokinetic profile of CMND-100, a treatment for Alcohol Use Disorder (AUD), with trials taking place in the U.S. and Israel. Additionally, Clearmind Medicine has introduced an Electronic Data Capture (EDC) system to support its clinical trials, enhancing data management and compliance. In a significant step, Clearmind’s drug candidate, CMND-100, has arrived in the United States, aligning with the company’s schedule to begin first-in-human trials.
Clearmind Medicine also announced a partnership with Polyrizon Ltd. to develop an intranasal formulation for its psychedelic-based treatments, aiming to improve bioavailability and patient compliance. Furthermore, the company has filed a patent application in collaboration with Yissum Research Development Company for new psychedelic compounds targeting mental health disorders. Clearmind maintains a robust intellectual property portfolio with 19 patent families and 31 granted patents, reflecting its commitment to developing regulated medicines. These developments underscore Clearmind’s strategic efforts to expand its therapeutic offerings and intellectual property in the field of psychedelic-based treatments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.