MindMed (OTCMKTS:MMEDF) stock is heading higher on Thursday following news of a deal with Swiss startup MindShift Compounds AG.
This deal has the two companies partnering to develop “psychedelic compounds with psychedelic or empathogenic properties.” The companies are also looking to patent these next-gen psychedelic compounds.
The process is already underway with MindShift Compounds AG having synthesized the first compounds. Now the companies are seeking to test these compounds out through Phase 1 clinical trials. These trials could start as early as the first quarter of 2022.
The clinical trials will be handled by MindMed, which will make use of its ‘existing clinical trial platform for psychedelic and empathogenic compounds in Switzerland.” The company says this will help it expand the number of compounds it has patents for.
So why exactly should investors care so much about MMEDF stock and this news? There’s potential for major growth in the psychedelic drug sector with hopes that the compounds can be used to treat depression. Cases of depression have been growing during the novel coronavirus pandemic and 264 million people around the world suffer from it.
Investors that want to learn more about MMEDF stock and the growth potential of MindMed can check out the following content from InvestorPlace.
- 8 Cheap Stocks Under $20 That Could Double
- The Best Stocks to Buy in the Market Today, According to Jeff Bezos
- MMEDF Stock Alert: Why Psychedelics Leader MindMed Is Climbing Today
- Psychedelic Stocks News: Why MMEDF and NUMI Are Soaring Monday
- MMEDF Stock: 9 Things for Investors to Know About Shroom Boom Play MindMed
MMEDF stock was up 8.6% as of Thursday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
