NeonMind Biosciences, Inc., (CSE: NEON) (OTCQB: NMDBF) is Canada-based integrated drug development, and wellness company focused on the potential therapeutic uses of psilocybin for treating obesity and weight management conditions.
About The Company
NeonMind is an early-stage company engaged in developing clinical treatments and wellness products to address obesity and weight management conditions and promote health and wellness.
Through drug initiatives, NeonMind plans to address the huge market demand for weight management and anti-obesity options:
–1.9 billion people are overweight, while 650 million are obese.
-Estimated $245 billion by 2022 on products and services in the global market for weight management.
–31% CAGR in the global anti-obesity drug market
-7% CAGR in the global weight management market
Obesity may account for approximately 37% of global burden disease in adults and children, like type 2 diabetes, heart disease, stroke, and cancer.
NeonMind has three divisions positioning in these markets:
The pharmaceutical division is engaged in the drug development of psychedelic compounds. The company has two drug development candidates exploring psilocybin as an innovative treatment approach to treatment approach targeting obesity and support weight loss.
The first drug candidate employs psilocybin as an agonist (substance) to the serotonin receptor
5 HT2A, which is involved in the hallucinogenic effect of psychedelics.
The second drug candidate, also employing psilocybin as an agonist to the serotonin 5HT2C receptor, is involved in appetite control.
The company has extensive research data and supportive literature on Psilocybin, moving towards a “regulated medicinal product” with plans towards commercialization.
The consumer products division has a focus on non-psychoactive functional mushroom-infused products. The company sells four NeonMind branded brewed and instant coffee products infused with non-psychoactive functional mushrooms in Canada through their direct-to-consumer e-commerce platform. The company plans to expand distribution through a retail chain outreach strategy in the US. Chk yahoo Life potential of infused coffees They plan to launch supplements in the US in June 2021.
Mushrooms have long been used in Chinese medicine. More recently, newer research shows mushrooms are the highest dietary source of essential antioxidants that can help protect the body against damage that contributes to age-related diseases.
The medical services division will offer drug-enhanced psychotherapy services and other mental health treatments in the planning stage. The plan is to assemble experts and launch healthcare clinics in Canada to offer various treatments for mental health, including psychedelic enhanced therapy.
What’s Next For NeonMind Bioscience?
As revenue generation is minimal(about $8,000 revenues in the latest quarter) at this time, developments for NeonMind Bioscience are crucial. Here are some milestones to look for:
Engagement of Certara, an expert integrated drug development organization, provides strategic support for investigating NeonMind’s psilocybin-based drug candidates. Work towards and finalize drug development program.
Expect full results of preclinical trials at the University of British Columbia to evaluate Psilocybin 2Q2021.
- Completion of Psilocybin preclinical trials 3Q2021
- Commence Phase 2 human clinical trial 2Q 2022
- Dietary supplement launch in the US 3Q 2021
- Natural Health Products launch in Canada 3Q2021
- Pre-investigational new drug application meeting with the FDA 3-4Q2021
- Launch the provision of medical services for mental health 4Q2021
NeonMind Bioscience Stock
The company completed an oversubscribed initial public offering on December 30, 2020, at $0.10 per share, raising $4.6 million. Its high/low trading range is $0.40 and $0.12. Its market capitalization is $14.4 million. The average daily trading volume is 70,246.6.
On January 18, 2021, the company’s common shares were listed on the Frankfurt Exchange. On May 28, 2021, the shares commenced trading on the OTCQB, or The Venture Market.
Disclosure: Your Money Geek has been paid $500 by a third party to provide this article coverage on 06/10/2021 for NeonMind Biosciences, Inc., (CSE: NEON) (OTCQB: NMDBF).