MMED Phase 1 FDA Bought these shares back on October 26th based on a recommendation from the Outsiders Club at $1.29, at one point I was triple my investment. I keep adding shares as I believe the SP will go much higher, SP weakness right now is due to consolidation / profit taking. Just came across the following, thought it was worth sharing.
ATLANTA, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Santa Claus came early this year as shares in psychedelic companies like Mind Medicine (MindMed) Inc. (OTCQB: MMEDF), Ehave, Inc. (OTC Pink: EHVVF), Compass Pathways (NASDAQ: CMPS), and HAVN Life Sciences (OTC Pink: HAVLF) gave investors double and triple digit percentage returns over the past few months. In our opinion, the longer-term trend still remains higher and it looks like shares of the leading psychedelic stocks are consolidating at this point in time after having had a very nice move. Additionally, many money managers are the most bullish on the market that they have been in some time. One of the main factors driving bullish sentiment in the intermediate term is the Covid-19 vaccines, which could allow the world to return to normal in 2021. As far as psychedelic stocks are concerned, most U.S. large-cap and technology stocks have growth targets priced into valuations that leave little room for shortfalls. U.S. small cap stocks, which include the leading psychedelic plays, could have more upside than large cap stocks.
If we look at the chart pattern on any of the leading psychedelic stocks, we should see a nice series of higher highs and higher lows. The reason for this increased interest in psychedelics is improved mental health. More than 264 million people worldwide suffer from depression and mental health disorders are on the rise in every country in the world. Mental health is something every one of us should be talking about. Since serotonin and norepinephrine reuptake inhibitors came to market in the 1980s and 1990s, we have not seen a lot of life changing new pharmacological therapies for mood disorders, until the FDA approved esketamine in March 2019. Esketamine is related to the drug ketamine. Johnson & Johnson developed the ketamine derivative and sell it as a nasal spray called Spravato. Esketamine targets treatment-resistant depression, a form of depression that doesn't get better even after the patient has tried at least two antidepressant therapies. Most important, esketamine represents the first psychedelic treatment approved by the FDA for a psychiatric condition.
MindMed (OTCQB: MMEDF) recently announced the successful completion of a pre-IND (Investigational New Drug) meeting with the U.S. Food and Drug Administration (FDA) regarding the development of lysergic acid diethylamide (LSD) assisted therapy for an anxiety disorder. MindMed said in a press release the successful completion of this engagement with the FDA was an important milestone for the company and provides regulatory clarity and confidence as MindMed advances its lead clinical development program in the U.S. MindMed intends to open the IND with the FDA in August 2021, with a Phase 2b clinical trial evaluating experiential doses of LSD in an anxiety disorder.
In the same press release MindMed said preliminary data has been analyzed for its addiction treatment program evaluating the ibogaine derivative 18-MC, which the company named Project Layla. The preliminary data from the Phase 1 Multiple Ascending Dose (MAD) and Single Ascending Dose (SAD) study has shown that the drug is safe and well tolerated at the doses tested to date, and no Serious Adverse Events (SAEs) have been reported. The press release also said that based on the excellent safety profile observed to date, MindMed's clinical team and 18-MC's Medical Director, Dr. Judy Ashworth, have decided to continue dose escalation in the study to gather higher dosing data. Once that additional data has been reviewed, MindMed will directly thereafter initiate the Phase 2a proof of concept study. A meeting with the FDA has been confirmed to continue discussions regarding the 18-MC clinical development plan. www.mindmed.co