While the stock markets see their ups and downs this week, NYU Langone Health’s Department of Psychiatry has made major news by announcing plans to establish a Center for Psychedelic Medicine to support research on treating addiction, chronic pain, opioid addiction, and “existential distress”. This project was made possible through major donations from organizations like Dr. Bronner’s, including a $5 million commitment over 5 years from MindMed.

Here’s a summary of this week’s news:

NeonMind Purchases GMP Grade Synthetic Psilocybin from Psygen Labs for Phase 2 Human Clinical Trial

NeonMind Biosciences announces that it has purchased an initial order of GMP grade psilocybin from Psygen Labs Inc. for its planned phase 2 human clinical trial expected to begin in Canada later this year.

Aion Therapeutic Opening the First International Treatment Center for Psychedelic Psychiatry in Jamaica and Hires Leading Psychiatrist as Medical Director

Aion Therapeutic Inc. announced the opening of the Aion International Center for Psychedelic Psychiatry in Jamaica. The Center will initially specialize in the use of psilocybin for the treatment of addiction, depression & anxiety.

Mindset Pharma Reaches Agreement to Manufacture Large Quantity of Pharmaceutical Grade Psilocybin Using Patent-Pending Synthesis Process

Mindset Pharma Inc. announced that it has engaged a leading international contract development and manufacturing organization to synthesize a batch of cGMP psilocybin utilizing Mindset’s patent-pending synthesis process.

Aion Therapeutic Announces Closing of Non-Brokered Private Placement

Aion Therapeutic Inc. announced the closing of a non-brokered private placement through the issuance of 6,666,333 units at a price of $0.075 per Unit for gross proceeds of approximately $499,975.

Tryp Therapeutics to Present at the Stifel GMP Healthcare Conference

Tryp Therapeutics announced that the company has been invited to present at the Stifel GMP Healthcare Conference: Healthcare Psychedelics: Addressing the Global Mental Health Crisis.

Mydecine Announces Exclusive Partnership and Increased Capabilities with Applied Pharmaceutical Innovation (API) at the University of Alberta

Mydecine Innovations Group has announced an exclusive partnership with Applied Pharmaceutical Innovation (API) at the University of Alberta, as well as expanded capabilities that enables support of multiple drug development and clinical trial programs simultaneously.

Each Wednesday and Saturday, we will send you a review of the latest price movements, financial analysis, and original insights on the emerging financial landscape of the psychedelic industry.