Mind Medicine Inc. (NEO: MMED), more commonly known as MindMed, has recently concluded the phase 1 clinical trial for its drug candidate 18-MC. The company’s proprietary molecule, a non-hallucinogenic derivative of psychedelic ibogaine, is being developed as treatment for opioid use disorder.
“While ibogaine has been used and studied as a treatment for opioid addiction, its efficacy, while promising, has been overshadowed by significant safety concerns,” said CEO Robert Barrow. “Our proprietary molecule, 18-MC, has indicated an encouraging safety profile and preclinical efficacy data.”
The phase 1 trial was conducted in a clinical research site in Perth, Australia where healthy subjects were administered with the drug candidate to determine “[its] safety, tolerability, pharmacokinetics, and effects on cognitive activity.”
The biotech firm expects the topline results of the trial to be released in early 2022.
Mind Medicine Inc. last traded at $1.74 on the NEO.
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