MindMed (MMED.NEO) announced Thursday it’s adding DMT (N,N-dimethyltryptamine), the active ingredient in Ayahuasca, to its research target list, working with the University Hospital of Basel to run phase 1 clinical trials.
DMT is a naturally occurring psychedelic substance and is the active ingredient used in ayahuasca ceremonies by indigenous Amazonian shamanic practitioners. DMT causes a rapid onset and offset of action compared with similar psychedelic substances such as psilocybin or LSD (lysergic acid diethylamide). When administered as an ayahuasca brew, natural substances are mixed with DMT to prolong its experiential effects and slow the metabolism in the human body.
MMED co-boss J.R. Rahn:
“There is a growing trend in Western society to use ayahuasca and DMT to facilitate a healing process for one’s mind. However, there is very limited safety data and clinical trials evaluating DMT as a potential medicine so we are going to double down on understanding the therapeutic opportunity and more effective ways to administer DMT in a controlled setting to achieve this healing process.”
MindMed, which opened strongly on the public markets but has seen an ongoing stock slump recently, is primarily focused, at least officially, on addressing the opioid crisis “by developing a non-hallucinogenic version of the psychedelic ibogaine.”
In addition, the company has established a microdosing division to conduct clinical trials of LSD microdosing for adult ADHD.
Last week, MMED announced it was running phase 2 trials on LSD for the treatment of cluster headaches. Two weeks prior, it announced it was adding MDMA to its target list, and closed a $13 million raise at $0.53 per share.
The market hasn’t enjoyed those news pieces as much as the company would have hoped, with the stock now sitting well below the raise price at $0.40.
Not helping things is the fact the stock sits on the largely ignored NEO exchange.
Also on the DMT train this week is Yield Growth Corp’s NeonMind subsidiary, which has filed a provisional patent covering the use of the substance to treat compulsive eating disorder.
It currently has no approved medical use, though DMT-containing plants are commonly used in indigenous Amazonian shamanic practice, and are sometimes found in the drink ayahuasca. DMT is found naturally in several plants including mimosa tenuiflora, diplopterys cabrerana and psychotria viridis. It is structurally similar to psilocin and its precursor psilocybin, a chemical found in magic mushrooms.
“DMT is a very interesting molecule that acts on the same type of serotonin receptors which are known to regulate appetite,” said Dr. William Panenka, chair of the NeonMind scientific advisory board. “As part of our overall patent strategy, we are establishing defensible intellectual property around multiple compounds that act on these receptors and intend to follow this with rigorous clinical trial work to establish efficacy.”
A week prior, Yield file patents related to using LSD and LSA for weight loss, while the parent company continues to roll out new products in the CBD space.
— Chris Parry
FULL DISCLOSURE: MindMed is not a client company and we hold no stake at the time of writing. Yield Growth has been a client of our parent company at several points over the last 18 months.