Truffle Report has compiled a roundup of major psychedelic business news stories from the week of February 7-11, making it easier for you to access these insights in one place.
Psychedelic Business News: Ark Invest ETF Buys atai Stock
Ark Genomic Revolution, an ETF overseen by Cathie Wood-owned investment management firm Ark Invest, has taken an initial position in atai Life Sciences.
ARKG’s initial purchase of 83,278 shares of ATAI was worth roughly $450,000 USD at the time of the transaction, making it the 53rd and smallest of the fund’s holdings. The fund is among the best known in the biotech sector, with total gains of 39 percent over the last three years, despite being down 34 percent over the previous year, Benzinga reports.
Cybin Receives Patent for Deuterated DMT Compound
Cybin Inc. announced on Wednesday that the United States Patent and Trademark Office has granted its patent application on CYB004, a proprietary DMT compound intended for the treatment of anxiety disorders. The allowed claims also cover a range of deuterated forms DMT and 5-MeO-DMT, and are set to expire in 2041, barring extensions.
“From the outset, Cybin has focused on creating differentiated compounds that harness the potential efficacy of classical psychedelics, while addressing the known limitations necessary for these molecules to become approvable therapeutics. We are extremely pleased to receive a composition of matter patent for CYB004, adding strong protection for our growing intellectual property portfolio of psychedelic-based compounds, supporting and protecting the investments that we are making in our CYB004 program” said Doug Drysdale, Chief Executive Officer of Cybin. “This patent is both rewarding and timely as we prepare to initiate a pilot study for CYB004 in the third quarter of 2022 and work tirelessly to develop an important and alternative treatment option for the millions of people suffering from anxiety disorders.”
Havn Life & Mycrodose Therapeutics Sign Supply Agreement
Psychedelic mushroom grower and extractor Havn Life Sciences announced on Thursday that it has entered into an exclusive U.S. distribution agreement with California drug developer Mycrodose Therapeutics. GMP psilocybin will be shipped from Havn Life’s facility in Jamaica under Mycrodose’s DEA import authorization.
“Our company’s proven ability to navigate the meticulous details required for approval by the DEA and FDA for these very difficult licenses has directly contributed to Mycrodose’s ability to lead the U.S.-Pharmaceutical sector working with these highly controlled-substances here in the United States,” says Chad Conner, Chief Executive Officer of Mycrodose Therapeutics. “This distribution partnership with HAVN Life increases access and the ease of obtaining GMP psilocybin for any U.S.-based research institution, university, or private biotech company working with this Schedule I compound. Mycrodose is dedicated to advancing research within this sector and this is one of many ways that we are helping,” he adds.
Psychedelic Business News: PharmAla to Supply MDMA to Global Wellness Strategies
Global Wellness Strategies announced on Thursday that it has entered into a supply agreement with MDMA producer PharmAla Biotech. PharmAla will supply GMP MDMA to Global Wellness’ Shanti Therapeutics for a clinical trial on pain tolerance thresholds in healthy volunteers.
“I’m thrilled that, as the first company to develop a full GMP MDMA value chain in North America, we can now help enable other companies such as Global Wellness Strategies,” said Nick Kadysh, founding CEO, PharmAla Biotech. “Alleviating the backlog of clinical-grade MDMA for research will accelerate the entire Psychedelics category, and help bring MDMA into the mainstream. Over the coming months we will be working diligently to fulfill Global Wellness Strategies’ needs, and support them as they move their research forward.”