The Clearmind Medicine Inc (NASDAQ: CMND) stock price rallied 64.8% despite the lack of announcements today as investors digested the company’s previous news, including hiring an experienced Contract Research Organisation (CRO) to run its first-in-human clinical trial.
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The company hired the CRO on April 20, 2023, to help it with the regulatory approval process, site selection, recruitment of participants, initiation, data management and clinical monitoring. The clinical trial is pivotal since it is the company’s first such trial and will help it transition into a clinical development firm.
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Clearmind also recently expanded its intellectual property (IP) portfolio after filing for a US patent to protect its unique combination of MEAI and SciSparc's Palmitoylethanolamide (PEA) for the treatment of depression.
The patent application marks another crucial step for the biotech company that prides itself on discovering and developing novel psychedelic-derived therapeutics to solve major under-treated health problems.
Clearmind Medicine also filed a provisional patent application with the United States Patent and Trademark Office (USPTO) as part of its current collaboration with SciSparc Ltd. (Nasdaq: SPRC) (“SciSparc”), a speciality clinical-stage pharmaceutical company focusing on the development of therapies to treat central nervous system disorders.
The patent applications all tie into the company’s desire to protect MEAI as a binge behaviour regulator and an alcoholic beverage substitute, among other roles. The company has filed patent applications for combining Clearmind's MEAI with SciSparc's PEA compound for treating alcohol use disorder, cocaine addiction, and obesity and its related metabolic disorders.
Earlier this month, on April 6, 2023, Cearmind closed a US$3.5 million public offer of common stock to fund its activities, including the upcoming clinical trial and other corporate functions.
Dr Adi Zuloff-Shani, Clearmind Medicine’s CEO, said: “We are thrilled to continue moving forwards towards our first-in-human clinical trial. We are entering an advanced stage according to timelines, bringing us closer to being able to treat alcoholism, a common problem that affects both young people and adults.”
*This is not investment advice.
The Clearmind Medicine (CMND) stock price.
The Clearmind Medicine (CMND) stock price soared 64.84% to trade at $0.8598, from Tuesday’s closing price of $0.55.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.