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TEL AVIV - SciSparc Ltd. (NASDAQ:SPRC) and Clearmind Medicine Inc. (NASDAQ:CMND), a micro-cap pharmaceutical company with a market value of $5.24 million, announced Monday that their collaboration has resulted in a U.S. patent application publication for a combination therapy targeting binge behavior disorders. Despite its stock declining 30% year-to-date, Clearmind maintains a strong balance sheet with more cash than debt.
The patent application covers a therapy combining MEAI (5-methoxy-2-aminoindane) with N-Acylethanolamines, such as Palmitoylethanolamide (PEA), aimed at addressing various binge behaviors including excessive alcohol consumption, eating disorders, tobacco use, compulsive shopping, and problematic sexual conduct. Want deeper insights into CMND’s financial health and growth potential? InvestingPro subscribers have access to over 30 additional financial metrics and exclusive analysis.
According to the press release statement, the therapy combines MEAI’s properties to potentially reduce impulsivity and reward-seeking behaviors with PEA’s anti-inflammatory and neuroprotective effects.
The companies report that preclinical data supports the potential efficacy of the therapy in mitigating binge episodes while preserving natural reward pathways.
This patent application is part of the ongoing collaboration between SciSparc, a clinical-stage pharmaceutical company focused on central nervous system disorders and rare diseases, and Clearmind Medicine, which specializes in psychedelic-derived therapeutics.
The collaboration specifically focuses on PEA-MEAI combinations for conditions including alcohol use disorder, cocaine addiction, obesity, and depression.
SciSparc currently maintains a portfolio of drug development programs based on THC and non-psychoactive cannabidiol, while Clearmind’s intellectual portfolio consists of 19 patent families including 31 granted patents, according to the companies. Trading at $0.96 per share, Clearmind currently receives a FAIR rating on InvestingPro’s Financial Health Score system, though the company is not yet profitable in the last twelve months.
In other recent news, Clearmind Medicine Inc. has made significant strides in its clinical and financial endeavors. The company has secured up to $10 million in convertible notes through agreements with institutional investors, marking a substantial financial development. Initial notes valued at $555,556 were issued for a purchase price of $500,000, with additional notes to follow after registration with the Securities and Exchange Commission. In its clinical efforts, Clearmind has advanced its Alcohol Use Disorder treatment by completing a site initiation at Tel Aviv Sourasky Medical Center for its Phase I/IIa trial. This trial is also being conducted at Yale School of Medicine and Johns Hopkins University in the United States. In another development, the company held its first Annual Scientific Advisory Board meeting to discuss its lead candidate, 5-Methoxy-2-aminoindane (MEAI), focusing on its pharmacological profile and safety data. Additionally, Clearmind announced a patent application for a combination therapy targeting metabolic syndrome and obesity, in collaboration with SciSparc Ltd. These recent developments highlight Clearmind’s ongoing efforts in both clinical trials and strategic financial planning.
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