Pharmaceutical company focusing on preclinical research to develop potential clinical treatments and wellness products to address obesity and metal conditions NeonMind Biosciences Inc. (CSE: NEON) (OTCQB: NMDBF) announced having completed selling assets related to its consumer division including; e-commerce operations, its functional food assets and the stake it owns in Translational Life Sciences Inc.
The company says it fetched a cumulative of C$1 million plus a royalty from combined sale of the assets.
This sale comes after the company has completed its integrative drug development plan by its research and development unit which confirmed the company’s future with its focus on psychedelics drug development programs.
Among the programs include advancement of NEO-001, synthetic psilocybin aimed at treating obesity however the drug is still pending regulatory approval.
“Obesity continues to be a key market for drug development due to a massive, underserved population of patients and burdensome comorbidities including depression, cardiovascular disease, and diabetes. We have encouraging proprietary pre-clinical data showing the positive effects of psilocybin in reducing weight gain, and the published clinical data to date on the compound is promising in its ability to provide a durable response in multiple psychiatry indications. As we progress towards clinical studies in obese patients, our increased engagement with scientific and medical experts has resulted in positive feedback in the novelty of the NEO-001 program and reinforcing its potential and positioning as a valuable treatment tool,” said the company’s President and CEO, Rob Tessarolo.