Whereas the numbers on the spreadsheets of psychedelics firms are nonetheless to be taken with a grain of salt, provided that that is an rising biotechnology business nonetheless within the drug growth stage, there are encouraging indicators that maybe 2022 could possibly be the start of a rebound.
Among the monetary downbeat information from 2021 is greater than offset by acquisitions and partnerships information which have or will quickly give the psychedelics business the kind of monetary firepower that has been predicted for years. For instance, the January acquisition of Eleusis, a clinical-stage life science firm, by Silver Spike Acquisition Company, created a mixed firm enterprise worth of roughly $446 million.
Listed below are the outcomes of economic stories from the fiscal yr 2021 for 3 chosen psychedelics firms, every with a notice about what the corporate has accomplished or is doing to advance its standing and provides it some actual monetary muscle going ahead.
– Enveric Biosciences Inc. (NASDAQ: ENVB), is a neuroscience firm creating next-generation psychedelic-inspired psychological well being medicines, based mostly in Naples, Florida.
Enveric made a few strategic strikes in 2021 to construct on its foundational aspirations, together with being added to the brand new AdvisorShare Psychedelics ETF buying and selling on the NYSE Arca trade; and submitting and publishing 4 patent purposes for psychedelic-inspired drug candidates with the World Mental Property Group (WIPO). The 4 patent purposes are targeted on the tryptamine household of novel molecules. The corporate’s web loss for the yr was $48.8 million, $40 million greater than in 2020, nevertheless it reported it nonetheless had $17.4 million in money with working capital of $15.3 million and had raised $10 million through the yr that it expects to make use of to advance its new drug supply platform and help with managing its rising IP portfolio.
Excellent news for 2022: The corporate additionally introduced a collaboration with the College of Calgary on a medical trial for cancer-related misery, anticipated to launch in 2023. And in September, Enveric accomplished the acquisition of MagicMed Industries Inc., a privately-held biotechnology firm targeted on making a library of novel by-product psychedelic molecules akin to psilocybin, N, N-dimethyltryptamine (DMT), and different molecular derivatives with purposes throughout a number of indications, in an all-stock transaction. With this acquisition, Enveric intends to develop right into a next-generation neuroscience drug discovery platform of novel psychedelics that addresses the massive unmet psychological well being challenges associated to the central nervous system.
– Filament Well being Corp. (OTCQB: FLHLF) (NEO: FH) (FSE: 7QS), is a clinical-stage pure psychedelic drug growth firm based mostly in Vancouver, BC, Canada.
Filament Well being is using excessive with money and money equivalents of $4.6 million and dealing capital of $5 million as of the top of 2021. The Canadian firm spent simply $5.4 million on working bills final yr.
Excellent news for 2022: Filament’s superpower was in leveraging its inventory in 2021: issued 99,844 frequent shares to a service supplier in trade for the discount of $39,938 in money owed owing; issued 1,650,000 choices to buy frequent shares to 6 events; and issued 226,000 restricted share unit awards, underneath which the holders have the precise to obtain an combination of 226,000 frequent shares.
– Mydecine Improvements Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA), is a biotechnology firm creating progressive first- and second-generation novel therapeutics for the remedy of psychological well being and habit based mostly in Vancouver, BC, Canada.
Mydecine seems to be regrouping after a discontinued operation price them $5.3 million in 2021, which contributed to a web lack of $28.9 million for the yr. For the 2 years ending December 2021, the corporate has skilled a mixed web lack of simply over $55.8 million. The Canadian firm stories that it had $1.5 million in money and money equivalents as of the top of 2021, has secured extra funding and is transferring ahead with medical trials and tasks to develop its IP portfolio.
Excellent news for 2022: Mydecine progressed to a Part 2b smoking cessation examine following a constructive assembly with the Meals and Drug Administration (FDA) to evaluate the corporate’s Investigational New Drug (IND) software. In Q2 2022, the corporate plans to file an IND and breakthrough standing software and can start affected person recruitment upon receipt of FDA approval. The multi-site examine’s lead investigator might be Johns Hopkins College. The corporate additionally signed a five-year Grasp Collaboration Analysis Settlement with Johns Hopkins College College of Drugs, demonstrating the corporate’s dedication to advancing psychedelic drugs by exploring a number of molecules and medicines for varied indications.
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