TORONTO - FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A), a biopharmaceutical company, announced on Monday that it has begun a clinical trial to assess the safety and efficacy of its dietary supplement, unbuzzd™, designed to potentially counteract alcohol intoxication.
The study, a partnership with the Applied Science and Performance Institute (ASPI) in Tampa, Florida, initiated on April 24, 2024, will involve thirty healthy volunteers in a randomized, double-blind, placebo-controlled crossover trial.
The METAL-2 trial aims to evaluate unbuzzd™, which contains natural ingredients, vitamins, and substances recognized as safe (GRAS), for its ability to enhance cognition, replenish cofactors necessary for alcohol metabolism, and possibly accelerate the body's processing of alcohol. The trial will compare the supplement's performance to a placebo in reversing the effects of acute alcohol intoxication in participants.
FSD Pharma's CEO and founder, Mr. Zeeshan Saeed, expressed enthusiasm about the collaboration with ASPI, highlighting the institute's expertise in clinical trials for dietary supplements within the health and wellness sector. He also emphasized the study's significance in establishing FSD Pharma as a leader in products aimed at alcohol intoxication.
The company, through its wholly-owned subsidiary Lucid (NASDAQ:LCID) Psycheceuticals Inc., continues to focus on the research and development of drug candidates for neurodegenerative and metabolic disorders, including a patented new chemical entity, Lucid-MS, for the treatment of multiple sclerosis. Additionally, FSD Pharma has licensed the technology for unbuzzd™ to Celly Nutrition Corp. for recreational sales, entitling FSD Pharma to royalties from Celly's sales of the product.
FSD Pharma also maintains a portfolio of strategic investments, securing loans with residential or commercial properties.
The information in this article is based on a press release statement from FSD Pharma Inc.
InvestingPro Insights
As FSD Pharma Inc. (NASDAQ:HUGE) ventures into clinical trials for its innovative dietary supplement, unbuzzd™, market watchers are closely monitoring the company's financial health and stock performance. According to InvestingPro data, FSD Pharma's market capitalization stands at a modest 16.95 million USD, reflecting the size of the company within the biopharmaceutical space. The stock has faced significant headwinds, as evidenced by a 1-month price total return of -38.79%, and a 3-month price total return of -47.54%. These figures suggest that investors have been cautious about the company's prospects, possibly due to the broader market sentiment or specific challenges faced by the company.
On the brighter side, one of the InvestingPro Tips highlights that FSD Pharma holds more cash than debt on its balance sheet, which is a positive sign of financial stability. This could provide the company with a cushion to navigate through its current research and development phase without the immediate pressure of financial constraints. Additionally, the company's net income is expected to grow this year, as per another InvestingPro Tip, which could be a ray of hope for investors looking for signs of a turnaround.
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