VANCOUVER - Clearmind Medicine Inc. (NASDAQ:CMND), (FSE:CWY), a biotech company specializing in the development of novel psychedelic-derived therapeutics, has announced the submission of its tenth patent application under the Patent Cooperation Treaty (PCT).
This latest application, in collaboration with SciSparc Ltd. (NASDAQ:SPRC), relates to the combination of Clearmind's MEAI compound with SciSparc's Palmitoylethanolamide (PEA) for the potential treatment of depression.
The submission follows a provisional patent application previously filed with the United States Patent and Trademark Office (USPTO). It is part of a broader intellectual property strategy by Clearmind, which includes nine other patent applications for various compositions aimed at treating conditions such as alcohol use disorder, cocaine addiction, and obesity-related metabolic disorders.
Dr. Adi Zuloff-Shani, CEO of Clearmind, expressed confidence in the innovative approach of the collaboration with SciSparc. Dr. Zuloff-Shani emphasized the potential of their proprietary drugs to make a positive impact on patients with various forms of depression, including those resistant to current treatments like selective serotonin reuptake inhibitors (SSRIs).
The global depression and anxiety disorders treatment market is substantial, with ResearchAndMarkets.com estimating its value at USD 21.56 billion in 2023, projected to grow to USD 41.83 billion by 2034, at a CAGR of 6.21%. This growth highlights the significant market potential for new and effective treatments.
Clearmind's primary objective is to research, develop, and attempt to commercialize psychedelic-based compounds as regulated medicines, foods, or supplements. The company's intellectual portfolio currently consists of fifteen patent families, and it remains open to expanding this portfolio through additional patents and acquisitions of intellectual property.
Shares of Clearmind are traded on the Nasdaq under the symbol "CMND" and on the Frankfurt Stock Exchange under the symbol "CWY."
This news report is based on a press release statement. It should be noted that forward-looking statements involve risks and uncertainties, and actual results may differ materially from those projected. The company has cautioned that no assurance can be given that any patent will issue from the pending applications, nor can the form of any potential patent be predicted.
InvestingPro Insights
Clearmind Medicine Inc. (NASDAQ:CMND) has been navigating a challenging market environment, reflected in the company's financial metrics and stock performance. As the company focuses on expanding its intellectual property portfolio in the promising field of psychedelic-derived therapeutics, potential investors might consider the following insights derived from InvestingPro data and tips:
InvestingPro data shows a market capitalization of just 3.72 million USD, which indicates that CMND is a micro-cap stock, often associated with higher volatility and risk. This is further supported by an InvestingPro Tip highlighting that the stock generally trades with high price volatility. The company's P/E ratio stands at -0.46 as of the last twelve months ending Q1 2024, suggesting that investors are currently unable to gauge the company's value based on earnings, as it is not profitable over this period.
Additionally, the stock's price has experienced a significant decline, with a 1-year price total return of -98.31%, and it currently trades at only 1.66% of its 52-week high. This could potentially point to an undervalued situation as per the InvestingPro Fair Value estimate of 1.53 USD, but it also reflects the stock's vulnerability and the market's current sentiment towards the company's prospects.
InvestingPro Tips also indicate that Clearmind does not pay a dividend to shareholders, which may be a consideration for income-focused investors. However, for those interested in the growth potential of innovative treatments for depression and other disorders, the company's latest patent application could represent a strategic step forward.
For those considering an investment in Clearmind Medicine Inc., additional InvestingPro Tips are available to provide further guidance. There are 11 more tips listed on InvestingPro for CMND, which could offer valuable insights into the company's performance and potential. To access these tips and more detailed analytics, investors can visit https://www.investing.com/pro/CMND and use the exclusive coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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