NVMDF - Novamind to conduct phase 2 trial of psilocybin for depression

Novamind (OTCPK:NVMDF) is conducting a phase 2 trial to evaluate psilocybin, a psychedelic prodrug compound, for major depressive disorder. The company said it completed first patient randomization at its Draper, Utah research site. Last year, the company was awarded two licenses from the U.S. Drug Enforcement Agency to store and administer psilocybin for research. "While previous small-scale studies have provided encouraging evidence for the use of psilocybin for depression, phase II trials will help us better evaluate the safety and effectiveness of the medication," said Reid Robison, chief medical officer and principal investigator of the Psilocybin trial at Novamind's research site. In December 2021, the company said it was acquiring Arizona-based mental health practice Foundations for Change.

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Novamind to conduct phase 2 trial of psilocybin for depression