CMND - Clearmind Medicine Secures Exclusive Global Rights to Breakthrough Psychedelic Compounds for PTSD Treatment | Benzinga
Vancouver, Canada, May 07, 2024 (GLOBE NEWSWIRE) -- Clearmind Medicine Inc. (NASDAQ:CMND), (FSE: CWY0) ("Clearmind" or the "Company"), a clinical-stage biotech company focused on discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems, announces the signing of an exclusive patent licensing agreement with Yissum Research Development Company of the Hebrew University of Jerusalem. This agreement provides Clearmind with exclusive global rights to further develop, manufacture, and commercialize innovative compounds invented by Professors Rami Yaka, Ahmed Masaewa and Avi Priel from the Hebrew University. These novel compounds are targeted at treating post-traumatic stress disorder (PTSD) and other mental health conditions.
The global market for PTSD treatment, valued at $16.8 billion in 2023, is expected to reach $27.37 billion by 2033, according to Future Market Insights. Existing treatment options like SSRIs and SNRIs offer limited efficacy and are often accompanied by side effects including nausea, weight gain, sexual dysfunction, insomnia and increased anxiety.
Dr. Adi Zullof-Shani, CEO of Clearmind, stated, "We are excited to announce this groundbreaking patent license agreement, which reflects our strong collaboration with Yissum and the Hebrew University, a world-leading institution. This agreement marks a significant stride in our mission to meet urgent mental health care needs. We believe that the psychedelic compounds covered by this agreement hold immense promise in treating complex conditions like PTSD, offering a new ray of hope to millions of people worldwide."
Under the terms of the agreement, Clearmind receives exclusive rights to develop, manufacture, and commercialize novel compounds for treating PTSD and other mental health disorders. Clearmind is responsible for the ongoing development and potential commercialization in line with regulatory guidelines.The agreement includes future milestone payments, royalties ...