Canadian psychedelics firm MindBio Therapeutics Corp. (CSE: MBIO) on Friday released durability results from its Phase 2A trial for its patented take-home microdose version of lysergic acid diethylamide (LSD), designed to treat depression with “sub-hallucinogenic” doses. The trial found the drug “is a safe and effective drug for treating depression with a psychedelic medicine to patients out in the community.”
The second trial bolstered findings from an earlier one, the company said in a press release, which bodes well for the commercial debut of the drug for depression patients. The company’s model is that its acid, formally called MB22001, in the take-home version can be a much more cost-effective psychedelic treatment than other psychedelic treatments that require lengthy clinic visits.
“We are delighted to discover that MB22001 has shown a sustained antidepressant response one month after cessation of treatment,” MindBio CEO Justin Hanka said in a statement. “This is … further supportive that we have developed a groundbreaking potential new treatment for depression. This data is another small step towards commercialization.”
MindBio has two more trials underway for depression and cancer patients which are slated to continue into next year and had a third “phase 2B” trial for premenstrual syndrome treatment and premenstrual dysphoric disorder “approved for take-home dosing.”
The news appears to be another solid step forward for MindBio, which has not yet brought any psychedelic treatments to market and is relying in part on providing “R&D tax incentive income” for corporate income.
In May, MindBio reported a net loss of $162,188 for the nine-month period that ended March 31, but a $65,704 net income for the most recent quarter, according to securities filings. In the same nine months, MindBio reported $433,227 in revenue. As of the end of March, MindBio had $312,113 in total assets, including $245,310 in cash, but $1.5 million in total liabilities.
“At this stage, there is no revenue streams in place,” MindBio reported.
The company has, however, signed a deal with Massachusetts-based psychedelic firm Enveric to license some of its intellectual property.