Clearmind Medicine Inc. (NASDAQ: CMND) stock had a notable increase, closing at $1.45 in the latest trading session after rising by 13.28%. This noteworthy rise in CMND stock came after the company made a number of noteworthy statements.
Agreement For Exclusive Patent Licensing
Clearmind Medicine recently announced that Yissum Research Development Company of the Hebrew University of Jerusalem and it had reached an exclusive patent license deal. This strategic alliance grants Clearmind exclusive global rights to advance, produce, and commercialize innovative compounds developed by Professors Rami Yaka, Ahmed Masaewa, and Avi Priel.
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These ground-breaking drugs are intended to treat mental health issues such as post-traumatic stress disorder (PTSD). According to Future industry Insights, the PTSD treatment industry is expected to grow from its estimated $16.8 billion in 2023 to $27.37 billion by 2033.
Many of the current therapy alternatives, including SSRIs and SNRIs, have unfavorable side effects such nausea, weight gain, sexual dysfunction, sleeplessness, and increased anxiety in addition to their poor efficacy.
Clearmind has been tasked with the research, production, and marketing of these innovative chemicals in compliance with regulatory requirements, as per the conditions of the agreement. The agreement encompasses future milestone payments, royalties on sales, and a commitment to protecting intellectual property rights.
Advancements In Alcohol Substitute Program
In addition to its focus on mental health treatments, Clearmind Medicine announced progress in its proprietary MEAI-based alcohol substitute beverage program. The company has initiated the final pre-clinical study required for a novel-food application, complying with legislation and regulations for novel foods and food additives accepted globally.
Clearmind’s alcohol substitute has secured patents in the U.S., India, and Europe. This initiative is spearheaded by Nicholas Kadysh, a former executive of Red Bull Canada and Juul Labs Canada, who serves as an Executive Special Advisor to the company.
According to IWSR, a leading authority on global beverage alcohol data and insights, the consumption of no- and low-alcohol products grew by 5% in volume across the top 10 markets, which represent approximately 70% of global no/low-alcohol volumes. The market for these products, currently valued at over $13 billion, is expected to grow at a volume CAGR of 6% from 2023 to 2027.
