MindBio Therapeutics Releases Positive Results from Phase 2A LSD Microdose Trial

LOS ANGELES- Canadian psychedelics firm MindBio Therapeutics Corp. on Friday released durability results from its Phase 2A trial for its patented take-home microdose version of lysergic acid diethylamide (LSD), designed to treat depression with “sub-hallucinogenic” doses. The trial found the drug “is a safe and effective drug for treating depression with a psychedelic medicine to patients out in the community.”

The second trial reinforced findings from an earlier one, the company said in a press release, supporting the potential for the commercial debut of the drug for depression patients. The company’s model posits that its product, formally called MB22001, in the take-home version can be a more cost-effective psychedelic treatment compared to other treatments requiring lengthy clinic visits.

“We are delighted to discover that MB22001 has shown a sustained antidepressant response one month after cessation of treatment,” MindBio CEO Justin Hanka said in a statement. “This is further supportive that we have developed a groundbreaking potential new treatment for depression. This data is another small step towards commercialization.”

MindBio has two more trials underway for depression and cancer patients, which are scheduled to continue into next year. Additionally, a third “phase 2B” trial for premenstrual syndrome treatment and premenstrual dysphoric disorder has been “approved for take-home dosing.”

The news marks another step forward for MindBio, which has yet to bring any psychedelic treatments to market and is partially relying on providing “R&D tax incentive income” for corporate revenue.

In May, MindBio reported a net loss of $162,188 for the nine-month period ending March 31, but a $65,704 net income for the most recent quarter, according to securities filings. Over the same nine months, MindBio reported $433,227 in revenue. As of the end of March, MindBio had $312,113 in total assets, including $245,310 in cash, but $1.5 million in total liabilities.