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Psychedelic Business and Investment News: July 26-30

Truffle Report has compiled a roundup of major psychedelic business and investment news from July 26-30, making it easier for you to access these insights in one place.

atai Life Sciences

On July 28, atai Life Sciences announced the launch of InnarisBio Inc. to develop a novel sol-gel intranasal drug delivery technology to improve treatments for mental health disorders.

The company aims to commercialize the sol-gel intranasal drug delivery platform technology developed in the laboratory of UQ researcher Dr. Harendra (Harry) Parekh at the School of Pharmacy in the Faculty of Health and Behavioural Sciences. The platform technology, which also includes a patent filing, was licensed to InnarisBio by UniQuest.

COMPASS Pathways

On July 29, COMPASS Pathways plc announced that it has appointed eminent psychiatrist, Professor Guy Goodwin FMedSci, as Chief Medical Officer.

Guy Goodwin is Emeritus Professor of Psychiatry at The University of Oxford. He was formerly WA Handley Chair of Psychiatry and Head of the University’s Department of Psychiatry. His research interests have long been in the treatment of mood disorder and the application of neuroscience and technology in understanding its neurobiology, with a focus on developing new treatments.


On July 28, MindMed announced the start of a Phase 1 clinical trial to assess the safety, pharmacokinetics and pharmacodynamics of DMT, a naturally occurring psychedelic substance and an active ingredient in ayahuasca. The outcome of this Phase 1 clinical trial is expected to facilitate potential future Phase 2 clinical trials of DMT in patients. The clinical trial is being conducted as an investigator-initiated study by Dr. Matthias Liechti as part of MindMed’s ongoing collaboration with the UHB Liechti Lab. The Phase 1 clinical trial has received all necessary regulatory approvals in Switzerland and subject enrollment has been initiated.

MindMed is exploring DMT as a potential drug candidate given its potential advantages as a short-acting psychedelic. MindMed plans to study an intravenous administration method [during its Phase 1 clinical trial] that would induce a stable and prolonged DMT experience. The intravenous administration method may also allow greater control of the patient experience by enabling an acute termination of the psychoactive effects of DMT. DMT administration has a rapid onset and offset compared to the longer-acting psychedelic substances like psilocybin and LSD.

Cybin Inc.

On July 28, Cybin Inc. announced that it has received approval for the listing of its common shares on the NYSE American LLC stock exchange. Cybin expects its common shares will open for trading on the NYSE American on or about August 5, 2021, under the symbol “CYBN”.

Doug Drysdale, Cybin’s CEO, added, “We are all delighted to receive this approval from the NYSE American and are thankful to our wonderful team and loyal investor base who have followed us on this journey, so far. As the first psychedelic biotech company that will now trade on this esteemed exchange in the US, we will commit resources to reach the broadest investor audience with our mission and will continue to accelerate our efforts to position Cybin as a leader in the sector.”

On July 28, Cybin Inc. announced the pricing of its previously announced overnight marketed offering of an aggregate of 8,824,000 common shares in the capital of the company at a price of $3.40 per Share for total gross proceeds of $30,001,600.

Join bookrunners Cantor Fitzgerald Canada Corporation and Canaccord Genuity Corp. co-led the syndicate of underwriters for the offering, which included H.C. Wainwright & Co., LLC, Roth Canada, ULC, and Stifel Nicolaus Canada Inc.

The offering is expected to close on or about August 3, 2021, or such other date as the underwriters and the company may agree, and completion of the offering will be subject to market and other customary conditions, including approval of the Neo Exchange Inc.

Field Trip Health

On July 27, Field Trip Health Ltd. announced that it has received final approval from The NASDAQ Stock Market LLC to list its common shares on the NASDAQ Global Select Market. Shares began trading at market open on Thursday, July 29, 2021 with the ticker symbol FTRP.

Hannan Fleiman, Field Trip’s President, said “Listing on the Nasdaq Global Select Market, NASDAQ’s top tier, is a mark of achievement and stature for listed companies who must meet the highest financial and liquidity qualifications for inclusion. We are proud of the rapid progress we have made in a relatively short period of time and this accomplishment is a testament to the efforts of our employees and partners. We look forward to building value for our shareholders as we enter the next stage of our growth.”

Havn Life Sciences

On July 27, Havn Life Sciences Inc. announced a new agreement with P.A. Benjamin Manufacturing Company, a pharmaceutical manufacturing company based in Kingston, Jamaica.

Numinus Wellness

On July 29, Numinus Wellness Inc. announced its fiscal third quarter results ended May 31, 2021.

In the third quarter, Numinus maintained a healthy cash position, achieved key milestones in its lab and proprietary portfolio, expanded the clinic network, and continued to advance its basic and clinical research.

Entheon Biomedical

On July 30, Entheon Biomedical Corp. announced that it had completed its acquisition of Lobo Genetics Inc., a personalized genetics company with a direct-to-consumer platform currently being used in both the psychedelics and cannabis spaces to provide personalized insights into an individual’s response to hallucinogenic and psychoactive drugs.

Awakn Life Sciences

On July 26, Awakn Life Sciences announced approval from the Financial Regulatory Authority for its shares to commence trading on the OTC Market in the United States under the symbol “AWKNF” effective that day. Awakn continues to trade on the NEO Exchange under its existing symbol “AWKN”.

Tryp Therapeutics

On July 26, Tryp Therapeutics announced the appointment of Robin Carhart-Harris, Ph.D. as Chairman of its Scientific Advisory Board (“SAB”) and Daniel Clauw, M.D. as a new member of the SAB.

Dr. Carhart-Harris initially joined Tryp’s SAB in February 2021 and has since been instrumental in advising the Company through the development of its Psilocybin-for-Neuropsychiatric Disorders program. He currently serves as Director of the Neuroscape Psychedelic Division at the University of California, San Francisco as well as being the Founder and Head of the Centre for Psychedelic Research, Division of Brain Sciences, at Imperial College London. Dr. Carhart-Harris has published over 100 papers in peer-reviewed scientific journals and is one of the most cited researchers in the medical application of psychedelic compounds.

Psyched Wellness

On July 26, Psyched Wellness Ltd. announced its entry into a service agreement with CannaLabs, a Canadian, London-based laboratory services company, licensed by Health Canada.

According to the agreement, Psyched Wellness will use the services of CannaLabs to perform stability tests on the company’s AME-1. The stability tests will help Psyched to determine the expiration dates and storage conditions for the final product – AME-1.

In addition, CannaLabs will develop for Psyched a new testing method for the raw material to help the Company differentiate between other species and toxins, thus creating a safe and scientific protocol for acceptable raw material.

Mind Cure Health

On July 27, Mind Cure Health Inc. announced that it has launched the second stage of manufacturing pharmaceutical grade ibogaine to be used in clinical research. During this stage, the Company will be assessing the quality of the synthetic ibogaine when produced at scale to determine the timing and cost for commercial-scale manufacturing.

As first announced on July 13, 2021, MINDCURE has also filed patent applications for two routes of chemical synthesis of ibogaine. Both routes may provide advantages of improved isomeric purity, increased chiral purity, and more easily isolated intermediate compounds. These two routes are currently under assessment to determine which will be the preferred method for further development.

Red Light Holland

On July 30, Red Light Holland Corp.  announced that its financial results for the year ended March 31, 2021 have been filed on SEDAR. Separately, RLH has entered into a definitive agreement as part of completing its previously announced acquisition of Mera Life Sciences.

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