Wall Street is welcoming yet another company working with psychedelic molecules for mental health and neurological treatments.
Bright Minds Biosciences DRUG received approval on Wednesday to effectively list its stock on the Nasdaq starting next Monday, November 8 under the symbol “DRUG.”
The company is developing novel drugs for targeted treatment of neuropsychiatric disorders, epilepsy and pain by using molecules derived from compounds in the psychedelic class.
“Our listing on Nasdaq marks an important corporate milestone for Bright Minds, as we continue to advance our innovative drug candidates in pursuit of an improved generation of targeted serotonin-based therapies,” stated Ian McDonald, CEO and co-founder of Bright Minds Biosciences.
“With encouraging preclinical data across several indications, we are progressing toward first-in-human trials with our lead drug candidate, BMB-101, for the treatment of Dravet syndrome, a devastating congenital and genetic disease affecting the nervous system. We expect to commence the trials in the first half of 2022,” McDonald continued.
Bright Minds has a portfolio of next-generation serotonin agonists (compounds similar to LSD, psilocybin and DMT) designed to target neurocircuit abnormalities that are responsible for disorders such as resistant epilepsy, treatment-resistant depression, PTSD and pain.
Its lead drug candidate, BMB-101, has demonstrated compelling activity in in-vitro and in-vivo non-clinical tests, reported the company.
Bright Minds also expects to deploy the compound in the treatment of Dravet syndrome, an epilepsy syndrome that begins in infancy or early childhood and can include a spectrum of symptoms ranging from mild to severe.
“Bright Minds is also committed to delivering significant returns to our shareholders. Trading on the world’s most liquid market in which all investors can participate helps us continue to actualize that objective,” concluded McDonald.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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