Psyched: LSD, Psilocybin As Breakthrough Therapies, $14M Fed Grant For Ibogaine, Indiana's Research And More
Portfolio Pulse from Lara Goldstein
Cybin Inc. received FDA Breakthrough Therapy designation for its psilocybin therapy for Major Depressive Disorder, alongside positive clinical data and a $150M private placement. MindMed also received the designation for its LSD-derived treatment for Generalized Anxiety Disorder, with expected proceeds of $175M from share offerings. Gilgamesh Pharmaceuticals was awarded a $14M grant for ibogaine analog research. Psyence Biomedical, Red Light Holland, and Clearmind Medicine were mentioned for their developments in psychedelics. The article also covered stock performances of several psychedelics companies.
March 20, 2024 | 6:49 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Cybin Inc. received FDA Breakthrough Therapy designation for its psilocybin therapy for Major Depressive Disorder and announced a $150M private placement.
The FDA's Breakthrough Therapy designation is a significant positive development, likely to enhance investor confidence and attract further investment, leading to a potential short-term uptick in CYBN's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
MindMed received FDA Breakthrough Therapy designation for its LSD-derived treatment for Generalized Anxiety Disorder and announced expected proceeds of $175M from share offerings.
Receiving the FDA Breakthrough Therapy designation positions MindMed favorably in the market, potentially increasing its stock value in the short term due to heightened investor interest and the significant expected proceeds from share offerings.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
NEUTRAL IMPACT
Compass Pathways was mentioned for its psilocybin therapy targeting Treatment-Resistant Depression.
While the mention of Compass Pathways' therapy is positive, it is part of a broader discussion on psychedelics receiving FDA Breakthrough Therapy designation, thus having a neutral short-term impact on its stock.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 50
NEUTRAL IMPACT
AdvisorShares Psychedelics ETF (PSIL) showed varied performance, opening at $1.50 and closing at $1.53 in the reported week.
The performance of PSIL reflects the broader market trends in the psychedelics sector. The slight increase in its closing price indicates a neutral short-term impact, as market reactions to news in the psychedelics space can be varied.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80