PsyIndex Weekly Update January 11, 2021 – January 15, 2021
The PsyIndex rose 0.53% last week following a steep decline over the past few weeks. However, investor demand for psychedelics companies remains strong as evidenced by two newly announced capital raises by Cybin and Mydecine last week for C$20 million and C$10 million, respectively.
Note: We will no longer be covering all psychedelic news for the prior week in this section due to the growing volume of news. Instead, we will be highlighting the most popular and significant stories each week and providing a link to more.
COMPASS Pathways plc (NASDAQ: CMPS) announced its first Centre of Excellence in collaboration with The Sheppard Pratt Institute for Advanced Diagnostics and Therapeutics in Maryland. Press Release
Silo Pharma Inc. (OTCQB: SILO) entered into an agreement to license technology covered by provisional patent applications in exchange for $1 million in upfront cash and equity. Press Release
Cybin Inc. (NEO: CYBN) announced a C$20 million bought deal offering with Canaccord Genuity Corp. Press Release
Mydecine Innovations Group (CSE: MYCO) announced a C$10 million bought deal offering of units with Canaccord Genuity Corp. Press Release
Optimi Health Corp. announced that it received a Health Canada psychedelic research exemption and filed its preliminary prospectus for an initial public offering of units. Press Release
Entheon Biomedical Corp. (CSE: ENBI) announced the completion of its acquisition of HaluGen Life Sciences Inc. Press Release
Mind Cure Health Inc. (CSE: MCUR) announced a non-binding LOI for strategic investment and commercial cooperation with ATMA Journey Centers Inc., a commercial treatment center. Press Release
MindMed (NEO: MMED) announced that it will begin a randomized, placebo-controlled study evaluating low doses of LSD on cognitive performance, sleep quality and other markers. Press Release
MagicMed Industries (CSE: MGIC – reserved) is well positioned to participate in the multibillion-dollar brain and mental health markets by creating a patent protected library of drug candidates called the Psybrary™. The Psybrary™ is based on known psychedelic molecules like psilocybin and DMT, but the molecules have been chemically modified to create improved drug candidates. MagicMed can screen their large library of creations to find new drug candidates that are best suited for the treatment of a particular disease.
Industry Developments
Psychedelic schools for ‘Shamans’ are popping up like mushrooms. via Bloomberg
Sommerville will become first Mass. community to move to decriminalize psychedelics. via CommonHealth
What will psychedelics look like in 2021? Experts weigh in. via Benzinga
