COMPASS Pathways PLC (NASDAQ:CMPS) has provided an update for 2020 which has been a challenging year because of the impact of the pandemic. Despite the devastating challenges caused by the pandemic, COMPASS continued its work throughout the year with its team working remotely and through collaboration with various partners, investors, and researchers.
COMPASS has the cash to fund COMP360 psilocybin therapy trials
In September 2020 the company publicly listed on the Nasdaq and raised around $146.6 million. The company indicated that it will use the proceeds in funding therapists trading and clinical development including COMP360 psilocybin therapy clinical trials as well as R&D activities. The company indicated that they are delighted to their investors whose support shows the growing unmet mental healthcare need and allows the company to rigorously continue its research. As much as the company wants to provide psilocybin therapy to patients in need it however needs approval from medical regulators so that large-scale clinical trials can be conducted.
COMPASS is developing COMP360 psilocybin therapy for treating treatment-resistant depression. Most of the company’s clinical trials teams in Europe and North America have been working to overcome pandemic-induced challenges to run the clinical trials. The company’s main priority is patients’ safety and that of their teams and that has been the rationale guiding discussions when the company will reopen clinical sites closed in march 2020. Recently the company opened its 21st clinical trial site, The Charitte in Berlin effectively bringing its research to 20 countries across Europe and North America.
COMPASS collaborating with psilocybin researchers
The company has been collaborating with researchers globally and in August it signed a sponsored research contract with the University of the Sciences in Philadelphia for the establishment of a Drug Discovery Centre.
COMPASS is also offering funding for Aquilino Cancer Centre at Adventists HealthCare Shady Grove Medical Centres which commenced psilocybin therapy clinical trials to treat depression in cancer patients. Also, the company recently joined the Psychairty Consortium which is a global collaboration of medical research, pharmaceutical companies, and charities focused on mental illness treatments.