Are Magic Mushrooms the Key to Better Mental Health Medicine?
How One Company is Radically Changing the Way We Approach Depression, Anxiety, Addiction, and Other Mental Health Struggles
Bright Minds Biosciences (CSE: DRUG) is focused on developing novel transformative treatments for neuropsychiatry disorders, epilepsy and pain. Their portfolio of drugs accentuate the therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects. The recent public offering and listing on the Canadian Stock Exchange brought in $25.9 million for continued growth and research. Bright Minds is shifting the way we approach mental health by offering novel therapies for disorders and addictions that are otherwise underserved.
Taking Inspiration from Nature to Treat Those in Need
A Different Take on Mental Health Treatment
Unique Approach – Better Health is threading the needle between trendy psychedelics and traditional medication by deriving novel compounds that don’t fall fully into either category. Their innovative approach to treatment operates in a similar way to psilocybin, without the “trip” typically associated with magic mushrooms. Moreover, the drugs aren’t operating the same way an SSRI does, which is good news for people who experience negative side-effects from such treatments. Better Health is developing a patented suite of drugs that deliver the best of both worlds, while radically changing how we view mental health medication.
Successful Public Offering –Better Health recently raised $25.9 million dollars in their public offering, uplisting on the Canadian Stock Exchange. The millions raised is earmarked for R&D and other growth efforts, while the uplisting gives Better Health increased visibility for the global market.
An Incredible Team – The team at Bright Minds have decades of experience in their respective fields, and are bringing their stellar track record along with them. Notable achievements include; a company sale worth $160 million (done in one year), over 550 publications and 100 patents, faculty status at Stanford and Columbia, and a suite of commercially successful drugs.
Massive Market Potential – The market for mental health drugs is estimated at $48.4 billion in 2020 and is expected to grow at a CAGR of 6.6% from 2020-2027. Meanwhile, the market for addiction treatment is forecast to reach $31.17 billion by 2027. Better Health’s drugs will be at the forefront of both of these markets, as they will be used to treat depression, anxiety, opioid addiction, and more.
Bright Minds Biosciences Announces Closing of $25.9 Million Unit Offering
Bright Minds Biosciences Inc. (CSE:DRUG) (“Bright Minds” or the “Company”) is pleased to announce that it has closed its previously announced underwritten public offering (the “Offering”) of units (the “Units”) of the Company. Eight Capital acted as lead underwriter and sole bookrunner in connection with the Offering on behalf of a syndicate of underwriters including Stifel GMP, Beacon Securities Limited and Haywood Securities Inc. (collectively, the “Underwriters”).
Pursuant to the terms of the Offering, the Company issued 3,419,883 Units, including 116,883 Units issued pursuant to the exercise of the Underwriters’ over-allotment option, at a price per Unit of $7.57 for aggregate gross proceeds of $25,888,514.31. Each Unit consists of one common share (each a “Common Share”) and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share of the Company at an exercise price of $9.46 per Warrant until March 17, 2024, subject to adjustment and acceleration in certain events. If the daily volume weighted average trading price of the Common Shares on the Canadian Securities Exchange (the “CSE”) is greater than $13.25 per Common Share for any 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants to a date that is at least 30 trading days following the date of the Company issuing a press release disclosing such acceleration.
The net proceeds of the Offering will be used by the Company for research and development activities, as well as working capital and general corporate purposes.
In connection with the Offering, the Underwriters were paid fees for their services in the amount of $916,317.13 plus expenses and received compensation warrants entitling them to purchase an aggregate of 132,666 Common Shares at a price of $7.57 per Common Share for a period of thirty-six months following closing. 39,000 of such compensation warrants will be subject to a hold period of four months and one day.
In an Observer article, Dr. Alan Kozikowski, Bright Mind’s Chief Scientific Officer and Co-Founder, says simply, “we’re trying to reinvent psilocybin.” It’s hard to argue with that kind of elegance. So why go about reinventing a psychedelic compound in the first place? Because it works.
In the 1950s, the pharmaceutical company Sandoz artificially synthesized psilocybin, the active compound in magic mushrooms, packaging them in a pill they called Indocybin. This mushroom-derived medicine was used by therapists to effectively, safely treat depression and other disorders, right up until 1970 when psilocybin was classified as a Schedule 1 drug. That put the kibosh on almost all further research for psilocybin based medications for the next 40+ years.
Recently though, huge strides have been made in the area of clinical research for psychoactive mushrooms. Spurred on by a rise in depression rates, opioid abuse, and the undesired side-effects from SSRIs, the FDA granted Compass Pathways research permission for mushrooms as a treatment for depression in 2018. Not long after, Johns Hopkins University opened its Center for Psychedelic and Consciousness Research, where scientists are evaluating psilocybin for use in various treatments.
Dr. Kozikowsk thinks that we would be much further along in treating ailments like depression and anxiety by now if it weren’t for the drug war, so Bright Minds is doing their best to catch up. Now that the overall optics on psychedelic treatments for mental health disorders has changed, it seems like maybe the world at large is ready for a new approach to mental health. Based on their $25.9 million public offering, we think Bright Minds is definitely on the list of companies to watch in this space.
With the market for mental health drugs estimated at $48.4 billion in 2020 and the market for addiction treatment forecast to reach $31.17 billion by 2027, Better Health’s drugs will be well positioned to disrupt the market share of traditional treatments.
So how does all this work anyway? If we know that psilocybin can be used to treat mental health issues, but we don’t want people to have to go through an Alice in Wonderland psychedelic journey every time they feel a little blue (as fun as that might be), what do we do? If you’re Bright Minds Biosciences, you use cutting edge science to develop drugs that function the same way psilocybin does, only without the trip… or at least a truncated version.
The way most mental health drugs work, including Bright Minds’, is by regulating serotonin. Serotonin plays a big role in mood, appetite, sleep, and important brain functions. An imbalance often leads to health complications and mental health instability. Serotonin (5-HT) receptors are scattered across the central nervous system, from the brain to the spinal cord, and these receptors co-localize with cholinergic, GABAergic and glutamatergic neurons. Serotonin receptor agonists can influence these neurotransmitter systems and have a profound effect on mental health issues.
Which is where the shrooms come into play. Currently available treatments, like selective serotonin reuptake inhibitors (SSRIs), act by preventing reuptake of serotonin or modulating the transport of serotonin in the central nervous system, and are not specific to any of the 14 receptor subtypes. As a result, these drugs have side effects, and patients have a limited response to treatment. Bright Minds research has found that psilocybin and psilocin (the human body converts the former into the latter) activate certain neurotransmitters in the brain, including 5-HT2A, 5-HT2B, and 5-HT2C. Since 5-HT2B can cause an irregular heartbeat, and complications in people with heart valve issues, Bright Minds is focused on deriving 2A and 2C agonists.
In animal trials, Bright Mind’s patented drugs that work specifically on 5-HT2C have been shown to have an effect on “impulse control” including nicotine uptake. The implications in eating disorders and opioid misuse are huge. “What we’re aiming for is something that’s safe enough that you can take it at night, go to bed, and wake up in the morning with a clarified brain,” Dr. Kozikowski says. “You’ve gotten rid of the pain, you’re no longer depressed.”
As of now, there is still a small “trip” associated with the drugs that work on the 2A receptors. These drugs would be administered under the care of a physician, and would theoretically only need to be taken a few times for long-lasting effects. People suffering from severe depression, anxiety, and PTSD would have (in conjunction with therapy) lasting relief from their ailments.
Currently, Bright Minds is undergoing extensive animal trials before beginning their human studies. The results are promising so far, and the money raised in their recent public offering is being put to good use in furthering their goal of treating underserved populations with their novel therapies.
Stages of Bright Mind’s Pipeline of Drugs
The Future of Mental Health Treatments
Leading the Way – Bright Minds is positioning themselves as a leader in the treatment of mental health disorders using psilocybin anologs. They have prestigious partners like the National Institute of Health in Washington, D.C., the University of Texas at Galveston, the Medical College of Wisconsin, and more, helping them further their research into other areas of treatment.
Public Perceptions – The public perception of psychedelic treatments for mental health is shifting radically. Since the opening of Johns Hopkins University’s Center for Psychedelic and Consciousness Research, there has been more and more news about the use of psychedelics like psilocybin performing as well or better than current therapies, without the negative side-effects. Judging by Bright Mind’s own public offering, everyone is pretty excited by the opportunities these alternate therapies pose.
Overall Efficiency – Current medications for depression and anxiety can be quite costly long-term, and most people have difficulties getting dosages right or experience undesirable side-effects. With Bright Mind’s treatments, a patient would only need to take the drugs a few times during a therapy session to experience long-term effects. In some cases they might take the drugs at night before bed, in which case they would not be experiencing the negative effects of SSRIs, which can often cause drowsiness or a lack of focus.
Need – Unfortunately the COVID-19 Pandemic has been devastating for the mental health landscape. Lack of social interaction, job loss, and death of family members has skyrocketed rates of depression around the world. The need for effective, safe solutions for mental health issues has never been greater.
Mr. McDonald is an entrepreneur and former Investment Banker. Prior to BMB, he served on the management team at a TSX-listed gold mining company. In that capacity, McDonald developed and implemented the corporate strategy as it relates to M&A and capital markets resulting in a $160 million sale within one year.
Previously, he worked in a senior role at a Canadian Investment Bank and in private equity in Vancouver, London and Toronto. Under McDonald’s guidance, clients raised hundreds of millions of dollars in capital. Ian has served as a member of the Board of Directors of several TSX Venture Exchange, Canadian Securities Exchange-listed and private companies.
Dr. Alan Kozikowski Ph.D
Trained at Michigan, Berkeley, and Harvard, Dr. Kozikowski began his career as an organic chemist at the University of Pittsburgh. Following his interests in the applications of chemistry to biological problems, he moved on to the Mayo Clinic, and then assumed a position at the Georgetown University Medical Center as Director of the Drug Discovery Program. After a decade at Georgetown, he led a research group at the University of Illinois at Chicago in the Department of Medicinal Chemistry.
Specifically, Dr. Kozikowski’s continued efforts to identify possible treatments for Alzheimer’s disease have resulted in the advancement of the natural product huperzine A to the clinic. He has also developed a new PET imaging agent for use in prostate cancer diagnosis, which is in the clinic. Other novel inventions have been created, with a number of these moving into the clinical realm. A new company Apotheca Therapeutics Inc. has been founded to advance small molecule kinase inhibitors for the treatment of brain cancers.
Dr. Kozikowski has experience running biotechnology companies, including being CEO of Starwise Therapeutics, developing novel HDAC6 inhibitors for use in Fragile X syndrome, Charcot Marie Tooth disease and Rett therapy. Dr. Kozikowski was also president of Vela Therapeutics, focused on rapidly advancing therapies for these orphan indications.
Dr. Kozikowski is world renown for his work on psychoactive substances, including novel analogs of PCP and cocaine which showed potential to decrease harm to users.
He also has over 550 publications and over 100 patents to his name.
Dr. Revati Shreeniwas MD
Prior to entering industry, Dr. Shreeniwas was a practicing physician and served as faculty at Stanford and Columbia University. She has spent the last two decades as a physician researcher in the pharmaceutical industry. She is passionate about bringing novel therapeutics to patients with an unmet clinical need.
Dr. Shreeniwas has served as an executive level clinical expert with operational knowledge in leading complex programs for a range of therapeutics (Phase I-IV studies). She has worked on several drugs that have gone on to be approved and are commercially successful, including Tracleer Lexiscan, Natrecor, Rytary, Esbriet, Sunosi and Talzenna.
Ryan Cheung is the founder and managing partner of MCPA Services Inc., Chartered Professional Accountants, in Vancouver, B.C. Leveraging his experience as a former auditor of junior venture and resource companies, Mr. Cheung serves as a director and officer or consultant for public and private companies, providing financial reporting, taxation and strategic guidance.
He has been an active member of the Chartered Professional Accountants of British Columbia (formerly Institute of Chartered Accountants of British Columbia) since January 2008. Mr. Cheung holds a diploma in accounting from the University of British Columbia and a Bachelor of Commerce in international business from the University of Victoria.
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Name of Issuer & Ticker Symbol - Bright Minds (DRUG)
Amount & Form of Compensation - $78,000 in cash
Who Paid for the Campaign & Position with Company if any - Bright Minds (DRUG)
Period of Campaign - 01/14/2021 - 04/14/2021
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Name of Issuer & Ticker Symbol - Bright Minds (DRUG)
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