- Mind Medicine (NEO:MMED) has begun enrolment for studies into the company’s opioid addiction drug candidate
- The company has scheduled Phase II trials to start late this year
- Mind Medicine has not been greatly impacted by the COVID-19 crisis, but is monitoring the situation as it develops
- The company expects that the ongoing pandemic will increase demand for MindMed medicines and technologies
- Mind Medicine (MMED) is up 38.33 per cent, and is currently trading at C$0.42 per share
Pharmaceutical company, Mind Medicine (NEO:MMED) has begun enrolment for human safety studies of drug candidate, 18-MC.
18-MC is the company’s orally-active drug candidate for treating disorders associated with opioid use. The substance is a non-hallucinogenic molecule, based on the psychedelic ibogaine.
In an extensive regime of non-clinical testing, 18-MC has shown the potential to help reduce various addictions.
The company has scheduled Phase II drug trials with opioid use disorder patients, which should start late in 2020.
Mind Medicine’s Chief Operating Officer, Carol Nast, praised the company’s clinical and technical operations team.
“They have worked diligently to ensure everything is on schedule to further build the safety data package around 18-MC, ahead of our studies in opioid use disorder patients,” she said.
In spite of COVID-19’s significant impacts on people, industries, and economies everywhere, Mind Medicine remains relatively unscathed. This may be the result of the company’s globally distributed network, and strong business continuity plan.
Mind Medicine’s co-founder and co-CEO, JR Rahn, described how the company has managed to avoid the disruptions caused by COVID-19.
“Due to the global nature of drug development, we have built our company to function in a geographically distributed manner every day on Zoom. Because of this, our work has continued uninterrupted, and will pay dividends to our efficiency in the months ahead,” he said.
Mind Medicine is closely monitoring the viral situation as it develops and has taken precautions to protect patients and employees.
As fears about the virus and self-isolation impact people’s mental health, issues like addiction may spike in the near future. As such, the company expects that the pandemic will create an increase in demand for MindMed’s medicines and technological products.
Mind Medicine (MMED) is up 38.33 per cent, and trading at $0.42 per share, as of 1:11pm EST.
