TORONTO, Ontario – November 15, 2019 – Novamind Ventures Inc. (”Novamind”) is pleased to announce that it has closed its seed financing round (the “Seed Round”) with a total investment of CAN$907,500. The Seed Round was led by Novamind’s founders and included participation from a limited group of investors.
Novamind is an investment and operating company focused on building the infrastructure required to facilitate safe, legal psychedelic experiences at the world’s leading psychedelic clinics and retreats.
MDMA and psilocybin, targeted as treatments for PTSD and depression respectively, are in late-stage clinical trials approved by the U.S. Food and Drug Administration (“FDA”) and are demonstrating encouraging results showing successful outcomes for patients with treatment-resistant conditions.
Based on the expected success of the FDA clinical trials for psychedelic medicines, Novamind anticipates a regulated psychedelics industry that will require specialized infrastructure to facilitate patient treatment. Novamind invests in the infrastructure, protocols, and people that are required for a regulated psychedelics industry.
In 2017, the FDA granted a Breakthrough Therapy Designation for MDMA-assisted psychotherapy for the treatment of PTSD, with the associated clinical trial now in Phase III. In 2018 and 2019, the FDA also granted a Breakthrough Therapy Designations to psilocybin-assisted psychotherapy for treatment-resistant depression and major depressive disorder, with the associated clinical trials in Phase IIB and Phase II, respectively. Breakthrough Therapy Designations are intended to expedite the development and review of drugs for serious or life-threatening conditions.
Early-stage clinical research suggests that psychedelics may help treat other indications including opioid use disorder, eating disorders, nicotine use disorder and anxiety. Pending the successful outcome of these clinical trials, it is expected that regulators will require that MDMA and psilocybin treatments are administered by trained practitioners adhering to strict risk evaluation and mitigation strategies (REMS).
Until such time that the FDA approves psychedelic medicines, Novamind will invest and operate exclusively in those jurisdictions with established legal regulations for the use of psychedelics. At this time Novamind is conducting advanced due diligence on a pipeline of investment opportunities with a focus on psilocybin retreats in the Netherlands and ketamine-assisted psychotherapy clinics in the United States. Psilocybin truffles are considered legal in the Netherlands due to their omission from the Dutch Opium Act (Opiumwet) and ketamine is commonly prescribed off-label for conditions including treatment-resistant depression.
There is significant clinical data supporting the efficacy of psilocybin and ketamine-assisted psychotherapy for treatment-resistant conditions. Novamind will invest in the infrastructure that will provide the public with access to these treatments, fostering a new standard of care.
Novamind invests in the infrastructure that drives the world’s leading psychedelic clinics and retreats. We seek to accelerate research and innovation in psychedelic medicine by investing in the people, science and technology required for a regulated psychedelics industry. Novamind is building a new standard of mental healthcare. For more information visit www.novamind.ca.
Yaron Conforti, CEO
T: +1 (647) 953 9512