News You Might Have Missed: July 10th, 2023

Welcome to the News You Might Have Missed, a weekly roundup of psychedelic medicine news to help you catch up and stay informed

COMPASS Pathways Secures $50 Million in Capital

Compass Pathways has increased its access to capital, entering into a term loan agreement with Hercules Capital for up to $50 million.

Kabir Nath, COMPASS Pathways Chief Executive Officer said, “COMPASS is pleased to partner with Hercules for this source of non-dilutive financing to support our COMP360 phase 3 program in treatment-resistant depression, with initial data expected in the summer of 2024. Together with proceeds from our ATM facility reported in May, this facility further strengthens our balance sheet and lengthens our cash runway. Most importantly, this supports our plans to deliver new options to patients suffering with treatment-resistant depression as soon as possible.”

Small Pharma Announces SPL028 R&D Strategy Update

Small Pharma announces research and development strategy update, aimed at expediting its clinical program of SPL028, the company’s novel deuterated N, N-dimethyltryptamine (“DMT”).

• Preliminary findings from ongoing Phase I trial of second-generation DMT asset SPL028 indicate the potential for a unique therapeutic profile
• Proof-of-concept data from Company’s native DMT program, SPL026, offers potential for an expedited route to an international, multi-site Phase II study with SPL028 in 2024
• Implementation of ongoing operational efficiencies including a reduction in headcount of approximately one-third

American Medical Association Releases Language of First New Current Procedural Terminology Code for Psychedelic Therapies

Kabir Nath, Chief Executive Officer of COMPASS Pathways: “This new CPT III code will help ensure broad and equitable access to psychedelic therapies, if approved, for people who urgently need new options to treat their mental health conditions. The language released by the American Medical Association shows that the CPT code will facilitate accurate tracking of the work required to support effective, regulated and reimbursed delivery of these new potential treatments.”

PSYLO ANNOUNCES SPONSORED RESEARCH AGREEMENT WITH DAIICHI SANKYO TO DEVELOP NON-HALLUCINOGENIC PSYCHIATRIC THERAPIES

Biotech start-up, Psylo, announced that it has entered into a Sponsored Research Agreement with global Japanese pharmaceutical company, Daiichi Sankyo (DSNKY), to support the advancement of psychiatric medicines for patients struggling with chronic mental illness.

Psylo will establish an office at the B+labs incubation space in Philadelphia, providing the company with access to cutting-edge research and development resources.

“We are thrilled to receive support from Daiichi Sankyo in our mission to develop new and effective treatments for chronic mental illness,” said Josh Ismin, CEO of Psylo. “This sponsorship represents a step forward in our efforts to harness the therapeutic potential of compounds to address mental health challenges.”

Want to catch up on more industry news? Check out a previous edition of the News You Might Have Missed

The post News You Might Have Missed: July 10th, 2023 appeared first on Microdose.

Read More