Mind Medicine (MindMed) Inc (NEO:MMED) (OTCQB:MMEDF) said it had appointed a world-leading psychedelics researcher as principal investigator for the first ever Phase 2a proof-of-concept clinical trial assessing lysergic acid diethylamide (LSD) to treat attention deficit hyperactivity disorder (ADHD) in adults.
It comes as the New York-based neuro-pharmaceutical firm's microdosing division, which is assessing consuming very low, sub-hallucinogenic doses of psychedelic substances, is expanding its slate of research and clinical trials.
It has now added the University Hospital Basel in Basel, Switzerland as a further trial site and leading researcher Dr Matthias Liechti as the principal investigator there, the company said in a statement.
"The genesis of MindMed came as I was hearing anecdotal evidence from friends in Silicon Valley that microdosing was helping them to get off stimulant based ADHD medications and with other medical ailments," the company's co-founder and co-CEO JR Rahn said in a statement.
"I started exploring and talking with leading scientists around the world and discovered that what is happening in the shadows should be brought to light, understood by the medical community and be available in a safe, regulated way, to everyone," he added.
"MindMed is focused on becoming the global leader in microdosing to help millions who suffer from illnesses like ADHD. We are quickly amassing a strong group of preeminent clinical researchers and scientific minds to focus on this important and innovative work."
MindMed is specifically interested in the adult segment for ADHD as it makes up more than 46.5% of the total ADHD medication market in the United States, the company noted.
The total US market for ADHD medications is currently valued at $12.9 billion a year and of the estimated 10 million American adults that have ADHD, it is projected that only 10.9% actually seek and receive treatment.
MindMed has previously inked a clinical trial agreement with Maastricht University, which is a leader in microdosing research based in the Netherlands, as part of the same Phase 2a clinical trial.
The world's top psychedelics microdosing clinical researcher Maastricht University Associate Professor Dr. Kim Kuypers will also serve as a Principal Investigator for the trial which is scheduled to begin both in the Netherlands and Switzerland by the end of this year.
MindMed is making a run at curbing opioid abuse, based on 18-MC, a proprietary non-hallucinogenic molecule derivative of psychedelic ibogaine. Ibogaine comes from iboga, a West African plant whose yellowish root bark induces powerful psychedelic experiences.
In addition, the company has established a microdosing division to conduct clinical trials of LSD microdosing for adult ADHD. The company has also added MDMA to its R&D pipeline in order to explore MDMA's potential to treat mental health disorders.
Shares nudged up 2% to C$0.5100 each.
Contact the author at firstname.lastname@example.org