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TDR’s Top 5 Psychedelic Developments For The Week Of June 7

Welcome to TDR’s review of the Top 5 Psychedelic developments for the week of June 7. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies. 5. Field Trip Health Applies…

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Welcome to TDR’s review of the Top 5 Psychedelic developments for the week of June 7. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies.

5. Field Trip Health Applies to List Its Common Shares on the NASDAQ Stock Market

Field Trip Health (CNSX: FTRP) (OTCMKTS: FTRPF) announce that it has applied to list its common shares on the NASDAQ Stock Market.

In advance of an anticipated listing on NASDAQ, Field Trip will file a Registration Statement with the United States Securities and Exchange Commission. The listing of common shares on NASDAQ remains subject to the review and approval of the listing application and the satisfaction of all applicable listing and regulatory requirements, as well as effectiveness of the registration statement. Field Trip will continue to maintain the listing of its Shares on the Toronto Stock Exchange under the symbol “FTRP”.

4. Connecticut Governor Signs Psychedelics Study Measure

The governor of Connecticut signed legislation that includes language requiring the state to carry out a study into the therapeutic potential of psilocybin mushrooms.

Gov. Ned Lamont (D), who may also see a marijuana legalization bill delivered to his desk if the legislature succeeds in approving it this week, signed off on the psychedelics policy proposal as part of a broader package of health reform initiatives.

The provision stipulates that the Department of Mental Health and Addiction Services must convene a working group, which needs to include legislators familiar with public health issues, to “study the health benefits of psilocybin.

__________

Anxiety Disorder Steadily Rising During The Opening Months Of The COVID-19 Pandemic

__________

3. Big Gains In The Psychedelic Sector As Biotech Stocks Have Their Best Week Since September 2020

The biggest psychedelic stocks were higher this week, with the Horizon Psychedelic Stock Index ETF (PSYK) soared 9.01% as biotech stocks had their best week since last September. Still, PSYK did manage to outperform both the Nasdaq Junior Biotechnology Index (7.03%) and Nasdaq Biotechnology Ishares ETF (5.94%), as key leadership stocks such as CMPS broke out of recent ranges. The week’s rally should also come as no surprise to regular readers, as we commented in last week’s Top 5: “We also note the potential for an Atai Life Sciences IPO—which may occur soon—to light a fire under the market for a few sessions, providing short term trading opportunities.” That’s exactly what took place.

While it was a great week for the sector, our technical indicators and volume overlays are not signaling a breakout… yet. From a trading perspective, we are treating this as an oversold bounce off of compressed price action from an oversold condition. Biotech stocks, which started the week on fire after the FDA approved Biogen’s Alzheimer’s disease drug aducanumab, lifted all boats.

Still, it was nice to see bellweathers such as MindMed shake off news of the departure of its CEO (and associated insider selling the week prior) to advance 22.88%. Certainly, a confidence-building week for a sector which had been mostly licking its wounds since MindMed uplisted to NASDAQ in late April. Strong participation in smaller market cap issues such as PharmaTher Holdings was encouraging, as the ketamine drug development and delivery specialist soared ↑60.52% to a new weekly closing high. TDR penned an article on June 9 on how PharmaTher was (justifiably) strongest stock in the whole psychedelic space this past quarter, and they showed it once again this week.

Congratulations to long term focused investors who have remained patients and strategically added on dips over the past several weeks. We suspect this will remain the best way to navigate the market through the balance of the summer months.

CompanyTickerPrice ($)Weekly Change (%)WoW Volume TrendMarket Cap (s/o)
Compass PathwaysCMPS39.6819.48US$1.63B
Mind MedicineMNMD3.9222.88US$1.34B
Seelos TherapeuticsSEEL3.36-0.59US$342.1M
Field Trip HealthFTRP6.3514.41C$363.9M
Cybin Inc.CYBN1.831.66C$234.0M
Numinus WellnessNUMI1.0314.44C$208.1M
Small PharmaDMT0.5019.04C$158.4M
Revive TherapeuticsRVV0.476.81C$149.0M
Mydecine InnovationsMYCO0.3051.66C$72.5M

In the news…

Braxia Scientific announces that the American Journal of Psychiatry, the most widely read psychiatric journal in the world, has published the International Expert Opinion and Implementation Guidance for the clinical use of rapid-acting Ketamine and Esketamine for treatment-resistant depression (TRD). The Guidelines were developed and led by Braxia’s CEO Dr. Roger S. McIntyre, M.D., and Braxia Health Medical Director, Joshua Rosenblat, M.D.

Cybin Incannounced that it will co-sponsor a randomized, placebo-controlled trial of psychedelic-assisted psychotherapy with psilocybin for frontline clinicians experiencing COVID-related distress. The study will aim to treat symptoms of depression, anxiety, burnout and post-traumatic stress among frontline doctors, nurses and healthcare professionals.

GH Research Plc has filed a Form F-1 filing with the SEC to register securities issued by foreign issuers for the purpose of bringing an Initial Public Offering to market. The 5-MeO-DMT drug developer announced the closing of a $125 million Series B financing round in April. Along with Small Pharma, is a leader in the research and development of DMT (+analogs) for depressive mental health disorders.

Mydecine Innovations Group  has made significant advances in psilocybin research with the discovery of over 40 compounds with pharmacological potential in mushrooms. Of these compounds, a large majority appear to have never been reported before and could be vital to the critical effects of naturally-sourced mushrooms on human health and wellbeing.

MYND Life Sciences has filed additional provisional patents that utilize various psilocybin analogs to target clinical depression. MYND has two flagship drugs in the development pipeline; MYND-604 and MYND-778. MYND-604 is the lead candidate being developed as a novel oral dosage to treat MDD and brings much needed innovation to the Selective Serotonin Reuptake Inhibitor market.

PharmaDrug Inc. announced that its Super Smart division has launchedSlim Winkel branded online retail platform in The Netherlands and Europe. Management believes launching the online smart shop will enable the company to establish and build its brand while the brick-and-mortar strategy was put on hold until the end of the pandemic.

PharmaTher Holdings provided an update on the research and development initiatives of its psychedelic product programs and upcoming milestones for 2021. Some of the anticipated highlights include completing a Phase 2 study with ketamine to treat Parkinson’s disease, a Phase 2 study with KETABET for treatment-resistant depression.

Psyence Group announces the incorporation, and operational commencement, of its wholly owned Jamaican subsidiary. Psyence Jamaica will initially focus on naturally derived psilocybin for the treatment of patients in a palliative care setting.

Tryp Therapeutics CEO Greg McKee explains to TDR that his company stands to benefit should California implement a bill to legalize psychedelics possession. The legislation sponsored by Sen. Scott Wiener (D) passed 21-16 on the Senate floor and could extend well beyond the consumer market and into structured state and federal regulatory frameworks.

2. MindMed Announces Chief Executive Officer Transition

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) (NEO: MMED) announced that J.R. Rahn, the company’s co-founder and chief executive officer, is stepping down as chief executive officer and a director. MindMed’s Chief Development Officer, Robert Barrow, will assume the position of CEO immediately on an interim basis.

MindMed intends to initiate a comprehensive search for a chief executive officer, in which Mr. Barrow will be a candidate, and Mr. Rahn will advise the company during its leadership transition. The transition of the Company’s leadership team will enable the Company to pursue aggressively its clinical development programs and development of its companion innovative digital technologies.

During Mr. Rahn’s tenure as CEO, he helped to assemble a diverse clinical pipeline, establish world class research partnerships and was an instrumental part of the leadership team as MindMed went public on the NEO Exchange and recent uplist on the Nasdaq Stock Market. Under Mr. Rahn’s leadership, MindMed has raised over US$204 million, making it one of the most well-capitalized companies in the psychedelic medicine industry. Mr. Rahn led the hiring of the Company’s world-class drug development and technology team capable of bringing psychedelic inspired medicines to market through a regulatory pathway worldwide.German psychedelic startup Atai targets valuation of $2.3 bln in U.S. IPO.

1. Atai Life Sciences Announces Launch of Initial Public Offering

Atai Life Sciences B.V. a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders, announced the commencement of a proposed underwritten initial public offering of 14,286,000 of its common shares. All common shares to be sold in the proposed offering will be sold by Atai.

The underwriters of the offering will have a 30-day option to purchase up to an additional 2,142,900 common shares at the initial public offering price, less the underwriting discounts and commissions. The initial public offering price is expected to be between $13.00 and $15.00 per common share. Atai has applied to list its common shares on the Nasdaq Global Market under the ticker symbol “ATAI.”

Credit Suisse, Citigroup, Cowen, and Berenberg are acting as book-running managers for the proposed offering. Cantor, RBC Capital Markets and Canaccord Genuity are also acting as book-running managers for the proposed offering.

The post TDR’s Top 5 Psychedelic Developments For The Week Of June 7 appeared first on The Dales Report.

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Government

Fauci Net Worth Soared 66% During Pandemic

Fauci Net Worth Soared 66% During Pandemic

The net worth of Dr. Anthony Fauci’s household soared a whopping 66% over the course of the pandemic,…

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Fauci Net Worth Soared 66% During Pandemic

The net worth of Dr. Anthony Fauci's household soared a whopping 66% over the course of the pandemic, according to new financial disclosures obtained by OpenTheBooks.com. Fauci reported a Jan 1, 2019 net worth of $7,523,634. By Jan 1, 2022, it had grown to $12,677,513.  

Values are as of Jan 1 each year. Chart via OpenTheBooks.com

As director of the National Institute of Allergy and Infectious Diseases, Fauci was paid a 2021 salary of $456,028, making him the highest-paid employee in the entire federal government. His wife, Christine Grady, is chief bio-ethicist for the National Institutes of Health, does very well too, raking in a $238,970 salary last year.

Fauci is famously paid more than the president, and his wife collects more than the vice president. However, those hefty federal salaries aren't the only driver of the Fauci household's pandemic-era enrichment.

In 2021, Fauci was awarded the Tel Aviv University-affiliated Dan David Prize, which came with a $1 million check. The prize committee said Fauci "has been widely praised for his courage in speaking truth to power" during the Covid-19 pandemic.

The committee was apparently oblivious that Fauci was the power and routinely spoke falsehoods about everything from the usefulness of masking to herd immunity, the efficacy of vaccines, and NIH funding of gain of function research at the Wuhan Institute. 

As is customary, Fauci donated some of his prize money back to be awarded as student scholarships, but still pocketed $901,400, according to the financial statements reviewed by OpenTheBooks.com. 

Though it's chump change compared to the Dan David Prize, Fauci also scored $12,500 from both the Elliot Richardson Prize in Public Service and the Abelson Prize from the American Association for the Advancement of Science, and got $5,198 when he was named Federal Employee of the Year at the 2020 Samuel J. Heyman Service to America Medals ceremony.  

Fauci even did some moonlighting as an editor for McGraw Hill, taking home $100,000 for his work in 2021. 

There's no indication Fauci made any "shrewd" investments a la Nancy and Paul Pelosi. According to the financial disclosures, Fauci's portfolio comprises broad mutual funds with no individual stocks: 

"These funds were held in a mix of trust, retirement, and college education accounts. Fauci has an IRA worth $706,219 (up $67,700); a defined benefit brokerage account totaling $2,551,210 (up $147,688); and a revocable trust worth $7,014,197 (up $1,718,299). His wife’s revocable trust is worth $2,269,225 (up $306,406) and an IRA totaling $136,662 (up $16,385)," reports OpenTheBooks.com. 

OpenTheBooks.com has filed four federal lawsuits against NIH to pry loose additional details not only about Fauci but also about royalties received by other NIH employees.  

Though Fauci has announced he'll retire by the end of the year, the wheelbarrows full of taxpayer money will keep on rolling his way. When you're the highest-paid employee in federal government history and you've been on the federal payroll for more than 55 years, that'll make for an astounding pension of some $375,000 a year. 

It's emblematic of the whole miserable Covid-19 spectacle: Bureaucrats wallow in government money while ordinary people suffer the ever-mushrooming destruction caused by public health's catastrophic lockdown and mandate regime.  

Tyler Durden Thu, 09/29/2022 - 23:20

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Spread & Containment

This Thanksgiving, Supplies Of Turkey, Eggs, & Butter Will Be Extremely Tight In The US

This Thanksgiving, Supplies Of Turkey, Eggs, & Butter Will Be Extremely Tight In The US

Authored by Michael Snyder via The Economic Collapse…

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This Thanksgiving, Supplies Of Turkey, Eggs, & Butter Will Be Extremely Tight In The US

Authored by Michael Snyder via The Economic Collapse blog,

If you love to cook, this upcoming Thanksgiving may be a real challenge for you.  Thanks to a resurgence of the bird flu, supplies of turkey are getting tighter and tighter.  Sadly, the same thing is true for eggs.  And as you will see below, reduced milk production is sending the price of butter into the stratosphere.  Thanks to soaring prices, a traditional Thanksgiving dinner will be out of reach for millions of American families this year, and that is extremely unfortunate.  Of course all of this is happening in the context of a horrific global food crisis that is getting worse with each passing day.  Yes, things are bad now, but they will be significantly worse this time next year.

The bird flu pandemic that has killed tens of millions of our chickens and turkeys was supposed to go away during the hot summer months, but that didn’t happen.  And now that the weather is starting to get colder again, there has been a resurgence of the bird flu and this is “devastating egg and turkey operations in the heartland of the country”

Turkeys are selling for record high prices ahead of the Thanksgiving holiday as a resurgence of bird flu wipes out supplies across the US.

Avian influenza is devastating egg and turkey operations in the heartland of the country. If just one bird gets it, the entire flock is culled in order to stop the spread. Millions of hens and turkeys have been killed in recent weeks. As a result, prices for turkey hens are nearly 30% higher than a year ago and 80% above pre-pandemic costs. Just as concerning are inventories of whole turkeys, which are the lowest going into the US winter holiday season since 2006. That means there will be little relief from inflation for Thanksgiving dinner.

In the months ahead, we could see tens of millions more chickens and turkeys get wiped out.

Egg prices have already tripled in 2022 and the price of turkey meat is up 60 percent.  Unfortunately, this is likely just the beginning

Turkey hens are $1.82 a pound this week, according to Urner Barry, compared to $1.42 last year and $1.01 before the pandemic. Meanwhile, wholesale egg prices are at $3.62 a dozen as of Wednesday, the highest ever, up from a previous record of $3.45 a dozen set earlier this year, said John Brunnquell, chief executive officer of Egg Innovations, one of the biggest US producers of free-range eggs. Consumers have seen prices for eggs at grocery stores triple this year, while turkey meat rose a record-setting 60%, according to a Cobank report.

Meanwhile, supplies of butter are steadily getting tighter as well

Lower milk production on U.S. dairy farms and labor shortages for processing plants have weighed on butter output for months, leaving the amount of butter in U.S. cold storage facilities at the end of July the lowest since 2017, according to the Agriculture Department.

Tight supplies have sent butter prices soaring at U.S. supermarkets, surpassing most other foods in the past year. U.S. grocery prices in August rose 13.5% during the past 12 months, the largest annual increase since 1979, according to the Labor Department. Butter outstripped those gains, rising 24.6% over the same period.

The trends that are driving up the price of butter aren’t going away any time soon, and so we are being warned to brace ourselves for “elevated” prices for the foreseeable future…

The forces at work in butter highlight the challenge of curtailing inflation. Economic pressures fueling high prices for livestock feed, labor shortages and other factors could persist, keeping prices for the kitchen staple elevated longer term.

To me, slathering a piece of warm bread with a huge chunk of butter is one of the best things about Thanksgiving.

And most of us will continue to buy butter no matter how high it goes.

But the truth is that rapidly rising food prices are forcing vast numbers of Americans to adjust their shopping habits.  Here is one example

For Carol Ehrman, cooking is a joyful experience.

“I love to cook, it’s my favorite thing to do,” she said. She especially likes to cook Indian and Thai food, but stocking the spices and ingredients she needs for those dishes is no longer feasible. “When every ingredient has gone up, that adds up on the total bill,” she said.

“What used to cost us $250 to $300 … is now $400.” Ehrman, 60, and her husband, 65, rely on his social security income, and the increase was stretching their budget. “We just couldn’t do that.”

The global food crisis is starting to hit home for many ordinary Americans, and we need to understand that this crisis is still only in the very early chapters.

David Beasley is the head of the UN World Food Program, and he is actually using the word “hell” to describe what is potentially coming in 2023

“It’s a perfect storm on top of a perfect storm,” Beasley said. “And with the fertilizer crisis we’re facing right now, with droughts, we’re facing a food pricing problem in 2022. This created havoc around the world.”

“If we don’t get on top of this quickly — and I don’t mean next year, I mean this year — you will have a food availability problem in 2023,” he said. “And that’s gonna be hell.”

The World Food Program keeps sounding the alarm, but very few of us in the western world seem to be taking those warnings very seriously.

People are literally dropping dead from starvation in some areas of the globe right now, and a new report that the WFP just released says that there are 19 “hotspots” where we could see a “huge loss of life” between October and January…

World Food Programme (WFP) and the Food and Agriculture Organization of the United Nations (FAO) are out with a new report outlining countries that “are either already starving or on the brink of disaster.”

WFP and FAO found 19 hunger hotspots worldwide, with most countries in Africa, the Middle East, and even some in Central America. They call for urgent humanitarian action between October 2022 and January 2023 to avoid “huge loss of life.”

Afghanistan, Ethiopia, South Sudan, Somalia, Nigeria, Yemen, and Haiti are labeled “hotspots of highest concern,” facing catastrophic hunger levels.

The sort of famines that we were warned about are already starting to happen right in front of our eyes, but most people simply will not care as long as they are not going hungry themselves.

What those people do not realize is that this global food crisis is going to continue to spread.

As supplies of food get tighter and tighter, prices will continue to soar and shortages will become more common.

We truly are in unprecedented territory, and the pain that is ahead will greatly shock all of the lemmings that just kept assuming that everything would work out just fine somehow.

*  *  *

It is finally here! Michael’s new book entitled “7 Year Apocalypse” is now available in paperback and for the Kindle on Amazon.

Tyler Durden Thu, 09/29/2022 - 21:40

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Government

“Historic Levels Of Fraud”: US Watchdog Estimates $45.6 Billion Bilked From Pandemic Unemployment Program

"Historic Levels Of Fraud": US Watchdog Estimates $45.6 Billion Bilked From Pandemic Unemployment Program

A federal watchdog has found that…

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"Historic Levels Of Fraud": US Watchdog Estimates $45.6 Billion Bilked From Pandemic Unemployment Program

A federal watchdog has found that $45.6 billion may have been scammed out of the nation's unemployment program during the pandemic, as fraudsters used a variety of methods to commit fraud - including using the Social Security numbers of dead people, hard-to-trace emails, and the identities of prisoners who were ineligible for aid.

According to the Washington Post, a Thursday report by the inspector general for the Labor Department reveals that the program - which helped some 57 million families in the first five months of the crisis - became an easy target for criminals.

To siphon away funds, scammers allegedly filed billions of dollars in unemployment claims in multiple states simultaneously and relied on suspicious, hard-to-trace emails. In some cases, they used more than 205,000 Social Security numbers that belonged to dead people. Other suspected criminals obtained benefits using the identities of prisoners who were ineligible for aid.

But officials at the watchdog office warned their accounting still may be incomplete: They said they were not able to access more updated federal prisoner data from the Justice Department, and acknowledged that they only focused their report on “high risk” areas for fraud. The two factors raised the prospect that they could uncover billions of dollars in additional theft in the months to come. -WaPo

At least 1,000 individuals have been charged with unemployment fraud and related crimes, according to a Thursday announcement. DOJ director of covid-related enforcement, Kevin Chambers, described the situation as "unprecedented fraud," while the IG's office says it's opened roughly 190,000 related investigative matters since the beginning of the pandemic.

The new report highlights challenges faced by government watchdogs and regulators, two years after what became roughly $5 trillion in (inflationary) pandemic aid was printed in response to the worst economic crisis since the Great Depression.

Last week, federal prosecutors  charged 47 individuals from the Minnesota Somali community for allegedly bilking $250 million in Covid-19 federal funds meant for a child nutrition program, in what the DOJ described as the largest single fraud case related to pandemic aid to date.

Twitter via @LouRaguse

Meanwhile, federal investigators are looking into roughly $1 trillion in loans an grants designed to help small businesses.

"Hundreds of billions in pandemic funds attracted fraudsters seeking to exploit the UI program — resulting in historic levels of fraud and other improper payments," said Labor Department inspector general, Larry Turner.

Turner's office found that between March and October 2020, there were roughly $16 billion in potential fraud in key high-risk areas.

One lawmaker actually who's actually pursuing the fraud is Sen. Ron Wyden (D-OR), who chairs the Senate Finance Committee. Wyden praised the "strong effort to identify criminals," but stressed the need to overhaul the jobless benefits system.

"I’ve long said we need a national set of technology and security standards for state systems to better prevent this kind of fraud, and we’re going to keep working to get our reforms passed," he added.

Tyler Durden Thu, 09/29/2022 - 18:00

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