Debra BorchardtClearmind Medicine Inc. (Nasdaq: CMND) announced that it has received a new patent approval from the United States Patent and Trademark Office (USPTO) for its proprietary MEAI (5-methoxy-2-aminoindane)-based binge behavior regulator program.
“We are proud to continue leading the way in IP protection within this space,” said CEO Dr. Adi Zuloff-Shani. “We are proud to continue leading the way in IP protection within this space. Expanding and maintaining our patent portfolio, particularly in the U.S., remains a key objective for us. We believe that we hold one of the largest portfolios in the market, covering our core areas: MEAI, binge behavior, addictions, mental disorders, as well as new psychedelic compounds and combinations identified and researched by our team.”
Clearmind said that the approved patent claims cover a method of regulating the consumption of alcoholic beverages and a method of controlling binge behavior through the administration of an amine aminoindane, including 5-methoxy-2-aminoindan (MEAI), the company’s psychedelic molecule. The company told investors that its patent portfolio now includes 29 granted patents across 19 patent families, with protections secured in key jurisdictions such as the U.S., Europe, China, and India.
The company uses MEAI, which is a novel psychoactive molecule that reduces the desire to consume alcoholic beverages while providing a mild euphoric, alcohol-like experience. Clearmind’s MEAI-based flagship treatment targets Alcohol Use Disorder (AUD) and weight loss. Clearmind’s MEAI may also be effective in treating binge drinking, a potentially life-threatening addiction.
Cash cushion
Clearmind reported its earnings in June for the quarter ending April 30, 2024. At that time the company had $8.3 million in cash with total operating expenses of $1.3 million in the quarter. Clearmind said at the time that it had enough cash for the next 12 months.
The net loss was $908,217. The company did note in its filing that it was a going concern. For the six months ending April 2024, Clearmind had not generated any revenues and had negative cash flows from operations of $2,654,773. The company had an accumulated deficit of $21,044,080 at the end of that quarter.
