Mind Medicine (MindMed) Inc. (OTCQB:MMEDF) said it has concluded dosing in a Phase 1 Single Ascending Dose (SAD) study of its 18-MC molecule which was well tolerated in humans and will help advance planning for a Phase 2a clinical trial in opioid addiction.
Furthermore, the leading psychedelic pharmaceutical company added, the study has not incurred any delays due to the coronavirus (COVID-19) pandemic and the Multiple Ascending Dose (MAD) study is on track according to the original development timeline.
READ: MindMed building diverse pipeline and leadership position in psychedelic inspired medicines industry
The group noted that 18-MC is a non-hallucinogenic molecule based on the psychedelic substance ibogaine. The study tested doses ranging from 4mg to 16mg twice a day and all participants were evaluated for pharmacokinetics and safety.
MindMed's addiction treatment unit is currently focused on developing novel medicines inspired by psychedelics for addiction to address the growing opioid crisis in both Canada and the United States. The US opioid crisis is estimated to cost the US economy over $500 billion annually.
In a statement, MindMed co-founders and co-CEOs Stephen Hurst and JR Rahn commented: "The successful and on-time completion of dosing in this Phase 1 study for 18-MC is an important first step in our company's mission to alleviate systemic societal problems with addiction and mental health using psychedelic inspired medicines.
“We are very pleased with the initial dosing outcome of this Phase 1 SAD study. It gives our clinical team confidence as we advance preparations to begin our Phase 2a clinical trial and hope for millions of patients suffering from opioid addiction."
MindMed plans to begin the Phase 2a study of 18-MC in opioid addiction by the end of this year.
The group is a neuro-pharmaceutical company that discovers, develops and deploys psychedelic-inspired medicines to improve health, promote wellness and alleviate suffering. T
It has initiated or is initiating studies to evaluate potential treatments to help patients with ADHD, anxiety, cluster headaches and substance abuse.