Clearmind secures South Korean patent for addiction therapy

VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), a micro-cap biotech firm with a market value of $4.52 million specializing in the development of psychedelic-derived therapeutics, has secured a patent from the Korean Intellectual Property Office for a novel combination therapy aimed at treating cocaine addiction. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, despite challenging market conditions. The therapy involves the use of MEAI, a proprietary treatment, in conjunction with N-Acylethanolamines.

This recent development is built upon preclinical trial results spearheaded by Professor Gal Yadid at the Gonda Multidisciplinary Brain Research Center, Bar-Ilan University, Israel. The studies indicated that animals treated with MEAI showed a significant decrease in cocaine-induced cravings. Subsequent research demonstrated that MEAI’s effect on drug-seeking behavior did not extend to natural rewards, such as sucrose, in rats. This suggests a targeted approach to drug-related compulsions without disrupting the general reward system.

Clearmind’s collaboration with SciSparc Ltd. (NASDAQ:SPRC), a company that focuses on central nervous system disorders, aims to combine MEAI with SciSparc’s PEA for further development.

The patent is part of Clearmind’s broader strategy to expand its intellectual property portfolio, which currently includes 19 patent families and 31 granted patents. The company’s goal is to research and potentially commercialize psychedelic-based compounds as regulated medicines, foods, or supplements.

Clearmind’s shares are traded on the Nasdaq and the Frankfurt Stock Exchange under the symbols CMND and CWY0, respectively. The stock, currently trading at $1.06, has experienced significant pressure, declining 23.19% year-to-date. InvestingPro analysis reveals 8 additional key insights about CMND’s performance and outlook, available to subscribers.

With the company’s next earnings report scheduled for March 19, 2025, investors are closely monitoring developments. This announcement contains forward-looking statements regarding the potential of the patented therapy and Clearmind’s ongoing efforts to secure additional patents. For comprehensive analysis and Fair Value estimates of CMND and similar biotech companies, InvestingPro subscribers gain access to detailed financial metrics and expert insights. However, the company cautions that the outcomes of pending patent applications cannot be guaranteed, and the issuance of patents may not necessarily be advantageous to the company’s objectives.

The information provided is based on a press release statement from Clearmind Medicine Inc.

In other recent news, Clearmind Medicine Inc. has filed a European patent application for a new combination therapy targeting binge behaviors. This therapy, developed in collaboration with SciSparc Ltd., involves the use of MEAI and N-Acylethanolamines, including Palmitoylethanolamide (PEA). The patent application signifies a significant step in Clearmind’s efforts to build a robust intellectual property portfolio in the realm of psychedelic therapies. Additionally, Clearmind has received Institutional Review Board (IRB) approval for a Phase I/IIa clinical trial of its drug CMND-100, designed to treat alcohol use disorder (AUD). This trial will take place at Yale School of Medicine’s Department of Psychiatry and aims to evaluate the safety and efficacy of CMND-100. The company is progressing in its FDA-regulated clinical program, emphasizing the urgency of addressing AUD, which contributes to millions of deaths annually. Clearmind holds a portfolio of nineteen patent families, with 31 granted patents, as it advances its psychedelic-based compounds for potential commercialization.

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