MindMed stock fell Thursday after the psychedelic drug developer said a Swiss ethics committee cleared the company to begin a study on the effects of the hallucinogen mescaline.
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The study, set to start this month, adds to the research MindMed (MNMD) is conducting on other psychedelic drugs. It will take place at the University Hospital Basel Liechti Lab in Basel, Switzerland, MindMed said.
The phase 1 study will look at different doses of mescaline and the role that a serotonin receptor — the 5-HT2A receptor — plays in altering a person’s consciousness when they ingest mescaline.
That receptor is believed to play a role in the consciousness-altering effects of LSD and the hallucinogenic compound found in psilocybin mushrooms, commonly known as magic mushrooms.
Sixteen volunteers — eight males, eight females — will participate in the study, Dr. Miri Halperin Wernli, executive president at MindMed, said in a brief interview. Each one of them will go to six sessions, with 14 days between the sessions.
She said MindMed hasn’t opened an Investigational New Drug application with the FDA. The FDA defines an IND as a request for authorization to administer an investigational drug to people.
“Once we complete the study, we are either deciding to open the IND, or we can do our next study in Switzerland and go with the European regulations,” she said.
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LSD, Mescaline Comparisons
Mescaline has long been used for its hallucinogenic effects. But MindMed, in a release, said “modern regulated studies using validated psychometric tools and directly comparing different doses of mescaline including placebo are missing.”
The study, it said, will serve as a basis for further research on mescaline’s therapeutic potential.
“Compared with LSD and psilocybin, relatively high doses of 300-800 mg mescaline are needed to produce a prototypical hallucinogenic experience,” MindMed said. “Whether there are differences in the effects of mescaline compared with those of LSD or psilocybin will also be determined in additional studies.”
MindMed Stock
MindMed stock jumped 10.5% to 3.80 on the stock market today. Its shares listed on the Nasdaq Capital Market last month. MindMed stock has a weak 16 Composite Rating and an EPS Rating of 26. The company is still losing money as it invests in research.
Compass Pathways (CMPS), another psychedelic drug developer, rose 3.35%.
MindMed is also looking at the impacts of LSD on anxiety and ADHD. The company hopes its drug compound 18-MC, a derivative of ibogaine, can help battle addiction.
Meanwhile, Atai Life Sciences, which supports psychedelic drug developers seeking new ways to treat mental illness, is looking to raise $100 million in an initial public offering.
Atai would trade on the Nasdaq Global Market under the ticker symbol “ATAI.”
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