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VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), a biotech company specializing in the development of psychedelic-derived therapeutics, has announced the publication of an international patent application in collaboration with Yissum Research Development Company of the Hebrew University of Jerusalem. This application pertains to novel compounds aimed at treating mental health disorders and addiction. With a market capitalization of approximately $5 million and maintaining more cash than debt on its balance sheet according to InvestingPro data, the company shows financial discipline despite challenging market conditions.
The patent is a component of Clearmind's exclusive global licensing agreement with Yissum to develop and commercialize products derived from these newly synthesized psychedelic compounds. The objective of this collaboration is to enhance the treatment options available for challenging mental health and addiction disorders that are currently underserved. While the company maintains a healthy current ratio of 1.72, InvestingPro analysis indicates the company is not yet profitable, with negative EBITDA of $5.85 million in the last twelve months.
Dr. Adi Zuloff-Shani, CEO of Clearmind, stated that the publication underscores the promise of their partnership with Yissum in pioneering advanced psychedelic-based therapeutics. The innovative "3.0 compounds" they have developed are intended to surpass the capabilities of traditional psychedelics, offering scalable and effective solutions.
Clearmind's primary focus is on researching and potentially commercializing psychedelic-based compounds as regulated medicines, foods, or supplements, particularly for conditions like alcohol use disorder. The company boasts an intellectual portfolio that includes nineteen patent families and 31 granted patents, with plans to pursue additional patents and strategically expand its intellectual property.
The company's shares are traded on the Nasdaq and the Frankfurt Stock Exchange under the symbols CMND and CWY0, respectively. The stock, currently trading at $0.97, has experienced significant pressure, declining about 30% year-to-date. According to InvestingPro, which offers 6 additional investment tips for CMND, the stock tends to move in the opposite direction of the market with a beta of -1.36.
The press release also contains forward-looking statements regarding the potential impact of the collaboration with Yissum and the advancement of new therapeutics. These statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ. The company's overall financial health score from InvestingPro stands at 2.04, rated as 'FAIR', suggesting moderate financial stability despite current challenges. Unlock comprehensive financial analysis and real-time alerts with an InvestingPro subscription.
Investors are cautioned that there is no assurance that the pending patent application will result in a granted patent, or if granted, whether it will be advantageous to the company. Clearmind has stated that it does not assume any obligation to update forward-looking statements unless required by securities laws.
This report is based on a press release statement and provides an overview of Clearmind Medicine Inc.'s recent patent application publication and its implications for the company's research and development trajectory.
In other recent news, Clearmind Medicine Inc. has launched a Phase I/IIa clinical trial to evaluate its CMND-100 treatment for Alcohol Use Disorder (AUD). This trial, conducted in collaboration with Yale School of Medicine and Johns Hopkins University, aims to assess the safety and efficacy of the drug, which has also arrived in the U.S. for these trials. Additionally, Clearmind has announced a partnership with Polyrizon Ltd. to develop an intranasal formulation of its drug candidate MEAI, enhancing its bioavailability and therapeutic effects. The company has also secured a patent in South Korea for a therapy targeting cocaine addiction, involving MEAI and N-Acylethanolamines. Clearmind continues to expand its intellectual property portfolio, which includes 19 patent families and 31 granted patents.
Furthermore, Clearmind has launched an Electronic Data Capture system to support its clinical trials, ensuring secure and compliant data collection. The company’s recent developments reflect its commitment to pioneering treatments for addiction-related disorders. These advancements come amid a growing acceptance of psychedelic therapies in the medical community. Clearmind Medicine remains focused on developing regulated medicines, foods, or supplements derived from psychedelic compounds.
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