Novamind Inc. (OTCQB:NVMDF) (CSE:NM)(FSE:HN2) will conduct a phase II clinical trial investigating psilocybin for major depressive disorder sponsored by the Usona Institute. The company completed first patient randomization at its Draper, Utah research site.

"The Psilocybin Trial is a key step in moving psilocybin through the clinical development process and closer to regulatory approval," Dr. Paul Thielking, chief scientific officer at Novamind said. "Today marks another exciting milestone for our team as we continue to support drug developers, not-for-profits and academic partners to accelerate psychedelic research and improve patient outcomes."

With an estimated 280 million people worldwide suffering from depression, according to the World Health Organization, psilocybin has been steadily gaining recognition as a potential therapy to help address a growing global mental health crisis. Recent regulatory shifts supporting psilocybin research also acknowledge the unmet need and the potential for improved, novel therapeutic options. Last year, Novamind was awarded two Schedule 1 Licenses from the DEA to store and administer psilocybin for research, qualifying the company to host future psilocybin clinical trials at its sites.

"Novamind's contract research division is devoted to responsibly managing all stages of clinical trials for neuropsychiatry. With specialized infrastructure and expertise in psychedelic medicine, we're uniquely suited to bring the highest research standards to the evaluation of psilocybin as a treatment for depression," Dr. Thielking continued.

Dr. Reid Robison, chief medical officer and principal investigator of the Psilocybin Trial at Novamind's research site, added, "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. This work is truly ground-breaking, and we are incredibly honored to contribute and advance the fields of psychedelic medicine and psychiatry."

Price Action

Novamind shares were trading 7.45% lower at $0.15 per share at the time of writing Wednesday.