Psychedelic treatments could revolutionize the way millions are treated for mental health issues. So far, according to Vice, “The use of psychedelic drugs as an underground self-treatment for mental health conditions is on the rise, according to the world’s largest drug survey, with thousands of people turning to substances like LSD, MDMA, psilocybin and ketamine to treat psychiatric illnesses and emotional distress.”
“Of the 110,000 worldwide respondents to the 2020 Global Drug Survey, 6,500 (just under six percent) reported using recreational drugs as a DIY mental health treatment,” they added.
Helping, according to The Deep Dive, “Canaccord Genuity released a primer into five psychedelic companies that they “believe could mature into leaders within their respective fields, some as soon as this year,” adding that some companies have “raised over $800 million, and between them 100 – 150 clinical trials which use psychedelic compounds are commencing.” Some of the companies the firm mentioned include Psyched Wellness Ltd. (CSE:PSYC)(OTC:PSYCF), Mindset Pharma Inc. (CSE:MSET)(OTC:MSSTF), Mydecine Innovations Group (CSE:MYCO)(OTC:MYCOF), Numinus Wellness Inc. (TSXV:NUMI)(OTC:LKYSF), and Tryp Therapeutics Inc. (CSE: TRYP).
Psyched Wellness Just Submitted Patent Application for Amanita muscaria extract AME-1
Psyched Wellness Ltd. (CSE:PSYC)(OTC:PSYCF), for example, just announced the company has submitted a provisional patent application with the United States Patent and Trademark office, to cover the Company’s unique extraction processes for its proprietary Amanita muscaria extract AME-1.
The application was submitted on March 12, 2021 as App. No. 63/160,721, and discloses and claims muscimol extraction from Amanita mushrooms, and more particularly, enhanced muscimol extraction processes from Amanita muscaria, including by distillation and refluxing and/or pressing, resulting in a liquid or powder extract useful for preparations for human health.
“We have invested a lot of resources to develop AME-1 using a unique extraction protocol that we have developed,” said David Shisel COO of Psyched Wellness. “We believe that AME-1 has great potential and will be the foundation for many future products.”
Jeff Stevens, CEO of Psyched Wellness said, “Filing this provisional patent is key milestone for PSYC and our shareholders. We recognize the patent frenzy that is taking place in the sector and although we are the only company (we are aware of) studying Amanita Muscaria and, specifically, Muscimol, it is critical to protect our work and our shareholders from others infringing on our intellectual property. I see this as the first of many provisional patents to come.”
Other related developments from around the markets include:
Mindset Pharma Inc. (CSE:MSET)(OTC:MSSTF), a drug discovery and development company focused on developing next generation psilocybin-inspired medicines and related technologies, is pleased to announce that it has received confirmation of eligibility from The Depository Trust Company for electronic settlement and transfer of its common shares in the United States. The Company's common shares are currently listed and posted for trading on the OTCQB® Venture Market under the symbol "MSSTF" and will continue to trade on the Canadian Securities Exchange under the symbol "MSET" as well as on the Frankfurt Stock Exchange under the symbol "9DF".
Mydecine Innovations Group (CSE:MYCO)(OTC:MYCOF) announced that it has entered into an arrangement agreement dated March 10, 2020 with a newly-incorporated wholly-owned subsidiary. Under the Arrangement Agreement, Mydecine will transfer its [U.S.] Cannabis Assets (defined below) to SpinCo in accordance with a plan of arrangement pursuant to the Business Corporations Act (British Columbia) (the “Arrangement”), in consideration for approximately 10,000,000 common shares of Spinco. The Spinco Shares will then be distributed to Mydecine’s shareholders on a pro rata basis. Upon completion of the Arrangement, Mydecine’s shareholders will own shares in two reporting issuers.
Numinus Wellness Inc. (TSXV:NUMI)(OTC:LKYSF), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies, is pleased to announce that it has entered into a revised agreement with Eight Capital and Canaccord Genuity Corp. The Underwriters have now agreed to purchase, on a bought deal basis pursuant to the filing of a prospectus supplement to the Company’s short form base shelf prospectus dated March 12, 2021, an aggregate of 28,000,000 units at a price of $1.25 per Unit for aggregate gross proceeds to the Company of $35 million.
Tryp Therapeutics Inc. (CSE: TRYP), a pharmaceutical company focused on identifying and developing clinical-stage compounds for diseases with high unmet medical needs, announced that it has submitted its application for a listing to the OTCQB Venture Market. The Financial Industry Regulatory Authority or FINRA has accepted the Company's Form 211, which qualifies the Company's shares to trade in the United States on the OTC Pink Market under the symbol "TRYPF". The Company has also applied to the Depository Trust Company for DTC eligibility, which would greatly simplify the process of trading the Company's common shares.
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