Clearmind Medicine Inc. (NASDAQ: $CMND), a biotech company, is developing novel psychedelic-based therapies to treat alcohol use disorder (AUD), like binge drinking where current treatment options are limited.
On Wednesday, January 10, 2024, Clearmind announced the completion of a productive Type A meeting with the U.S. Food and Drug Administration (FDA) to discuss its planned clinical trial of CMND-100. The drug CMND-100 is Clearmind’s proprietary MEAI-based compound for treating AUD using its new psychedelic-based therapy approach.
Clearmind’s CEO, Dr. Adi Zuloff-Shani, said, “We’re pleased to report we recently met with the FDA to align on the content of our IND resubmission for CMND-100,”
He added that this productive meeting brings us closer to potentially offering new hope to the millions suffering from AUD by pioneering an innovative psychedelic-based treatment to address the challenges of current options.
MEAI: A Promising Component of CMND-100 for Alcohol Addiction
The active ingredient in Clearmind Medicine’s experimental compound CMND-100 is MEAI (5-methoxy-2-aminoindane). Studies show that MEAI reduces alcohol cravings while producing an alcohol-like euphoric effect.
MEAI interacts with serotonin receptors 5-HT1a, 5-HT2a, and 5-HT2b, which regulate alcohol intake, reward, preference, and dependence. It binds to alpha-2 adrenergic receptors and dopamine, norepinephrine, and serotonin transporters. These are thought to mediate alcohol consumption and addiction.
Clearmind believes its therapy can help solve the $250 billion annual economic burden of AUDs in the U.S. alone. Beyond improving lives, Clearmind’s treatment may reduce AUD costs globally and address binge drinking.
Clearmind Drives Innovation in Psychedelic Therapy with New Patents and Partnership
In early 2023, Clearmind Medicine filed six new provisional patent applications with the U.S. Patent and Trademark Office for unique psychedelic-based compound combinations.
These patent filings support Clearmind’s commitment to provide safer, more effective psychedelic therapies than current options. They aim to expand treatment options for mental health disorders requiring transformative medicines. The applications focus on developing synergistic, productive, safe psychedelic treatments while reducing costs.
Clearmind also recently partnered with SciSparc to upgrade a wide range of psychedelic-based therapies. This collaboration utilizes both companies’ expertise to advance psychedelic treatment innovation.
Clearmind has a robust intellectual property footprint in the psychedelic space. Its portfolio includes 51 granted and pending patents across 15 families. Twenty-six patents are granted in jurisdictions like the U.S., Europe, China, and India. Twenty-five more patent applications are pending globally.
Clearmind’s Stock Explodes As Much As +72.95% Today
CMND exploded to $3.58 per share today, representing a move 72.95% higher than Tuesday’s $2.07 close. The market capitalization is currently $5.06 million at the current share price of $3.02. The jump follows Clearmind’s productive FDA meeting and continued IP developments to expand psychedelic therapy options.
Final Thoughts
In a nutshell, using psychedelic drugs to treat mental problems is an increasing trend. In recent years, researchers have been exploring psychedelic therapies. Clearmind is one of many startups investigating psychedelics’ therapeutic promise. While still early, investor interest reflects growing optimism about psychedelics in mental healthcare.
More studies are required to demonstrate safety and efficacy fully. However, if positive results continue, psychedelic-assisted treatments could provide new hope for patients with addictions, anxiety, depression, and more.
Disclaimer: This website provides information about cryptocurrency and stock market investments. This website does not provide investment advice and should not be used as a replacement for investment advice from a qualified professional. This website is for educational and informational purposes only. The owner of this website is not a registered investment advisor and does not offer investment advice. You, the reader / viewer, bear responsibility for your own investment decisions and should seek the advice of a qualified securities professional before making any investment.
