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Be the first with the news that moves the market- Yield Growth (CSE:BOSS) subsidiary, NeonMind Biosciences, is closer to starting its clinical study on psilocybin
- The study will examine if the psychedelic mushroom compound is an effective treatment for food cravings
- NeonMind has found a psilocybin source in Canada and a laboratory for the study to take place in
- However, the company must gain an exemption from Canada’s Minister of Health before it can begin the study
- Yield Growth (BOSS) is down 3.33 per cent and is currently trading for C$0.14 per share
Yield Growth (CSE:BOSS) subsidiary, NeonMind Biosciences, is closer to starting its clinical study on the properties of psilocybin.
Psilocybin is a compound found in psychedelic mushrooms, which has varying uses in both recreational and medicinal applications. NeonMind seeks to confirm that the compound can cause weight loss by effectively treating food cravings.
The company has already engaged a contract research organisation, Translational Life Sciences (TLS), to conduct the study. TLS has completed the clinical study’s design, bringing it closer to fruition.
TLS’ Director, Dr William Panenka, commented on the potential applications of psilocybin.
“Psilocybin is known to activate serotonin receptors. As a neurotransmitter, serotonin helps to relay messages from one area of the brain to another.
“Serotonin is responsible for some of the drivers which govern eating. We are very interested in furthering studies to test various dosing regimens for NeonMind to see the effects that psilocybin may have on the serotonin receptors that regulate food cravings,” he said.
NeonMind has made progress in its preparations for the forthcoming study. Most notably, the company has identified a laboratory where the psilocybin study can take place. The lab is located at a University in Canada.
TLS has also found a source of synthetically created psilocybin, manufactured by a licensed Canadian laboratory. NeonMind and TLS will use this source to provide the psilocybin for the clinical study.
However, NeonMind must gain certain exemptions before it can order the psilocybin and make an agreement with the lab. The company will act to obtain an exemption from Canada’s Minister of Health, allowing it to use the controlled substance.
NeonMind expects to receive this exemption within a few months. TLS estimates that it can obtain all necessary approvals for the study and subsequently begin in autumn of this year.
TLS also estimates that the study will require approximately a C$250,000 budget. NeonMind intends to fund the study with previously raised capital, and proceeds from a future public offering.
TLS expects that the clinical psilocybin study will take approximately six months to complete. Valuable data should be available within the first few months.
Yield Growth (BOSS) is down 3.33 per cent, and is trading at $0.14 per share at 10:04am EDT.
