Biotechnology company focusing on discovering and developing next-generation psychedelic medicines Mindset Pharma Inc. (CSE: MSET) (OTCQB: MSSTF) has entered into a partnership with The McQuade Center for Strategic Research and Development (MSRD) to develop psychedelic medicines.
MSRD is a member of the global Otsuka family of pharmaceutical companies. The center identifies and supports early stage opportunities which can be used to change the treatment methods of patients suffering from mental illness and renal disorders.
According to the partnership agreement, MSRD will financially and operationally support the development of two families of Mindset’s novel medical psychedelic compounds through Phase 1a and Phase 1b clinical trials. So far, MSRD has already made an upfront cash payment of $5 million to Mindset.
“Exploring multiple paths is essential as we work to address the unique needs of individuals living with mental health conditions. We look forward to collaborating with Mindset on these assets and are hopeful that medical psychedelics could be approved to treat mental illness in the future,” said MSRD’s president, Robert McQuade.
Mindset has also given MSRD a right of first refusal with respect to any asset sale, licensing of collaboration opportunities linked to the drugs and a right and a right of first negotiations with respect to a merger, acquisition or asset sale linked to Mindset. Both parties can agree to expand the partnership to continue developing the compound as pharmaceutical products.
“It is our great pleasure to collaborate with MSRD, a member company of Otsuka, to further the development of two of our families of novel psychedelic compounds. We look forward to leveraging their extensive experience in drug development and CNS indications to accelerate and de-risk our development pathway as we prepare to launch clinical trials. There is a high unmet need for innovative treatments of mental illness. This collaboration further validates our belief that optimized and patentable next-generation psychedelic compounds will be the future of treatments for mental illness,” said Mindset’s CEO, James Lanthier.