Biomind Labs Inc (OTCMKTS:CRSWF) is currently one of the leading companies in the biotech space and is primarily concerned with innovation as well as research into endogenous tryptamines, which can help with mental health disorders.
Market Reaction
On Wednesday, CRSWF stock ended flat at $0.7790 with 4.5K shares, compared to its average volume of 178 shares. The stock moved within a range of $0.7790 – 0.7790 after opening trade at $0.9512.
Biomind Labs Receives Approval for a Second Phase II Clinical Trial for Treatment-resistant Depression
Yesterday, the company came into focus in a big way after it announced that it had been awarded the approval by the Brazilian Institutional Review Board for the Phase 2 trial of its product N, N-dimethyltryptamine. The product in question is meant for treating such forms of depression which may be resistant to treatments. It goes without saying that it was a major development for the company and may bring it to the attention of investors as well as analysts in the coming days.
It was also announced yesterday that in the second phase of the clinical trial the company was going to look into a new approach with regards to psychedelic therapies. In addition to that, it was also noted that if the tools used in the second phase of the clinical trial do prove to be successful then those practices could be used far more widely. At this point in time, investors could do well to follow the developments closely.
Key Quote
“Just a few months ago, we announced the approval of our first Phase II clinical trial with an intramuscular formulation of DMT for treatment-resistant depression. Today with great enthusiasm we announce the IRB’s approval of our second Phase II clinical trial with an inhaled formulation of DMT, which will may allow us to identify the most effective method of administration for our DMT candidate in patients with depression”, commented Alejandro Antalich, CEO of Biomind Labs.
Traders Review
CRSWF stock is trading below the 20-Day and 50-Day Moving averages of $0.9056 and $0.9949 respectively. Moreover, the stock is trading below the 100-Day moving average of $1.21.
