Psyence Biomedical Ltd. Stock Price, News & Analysis

Psyence Biomedical (NASDAQ: PBM) has strengthened its Scientific Advisory Board with the appointment of Dr. Dan J. Stein, Professor and Chair of Psychiatry at the University of Cape Town and Director of the South African Medical Research Council Unit on Risk & Resilience in Mental Disorders.

Dr. Stein joins existing SAB members including Chair Dr. Albert Garcia-Romeu (Johns Hopkins), Dr. Seth Feuerstein (Yale), and Dr. Clive Ward-Able (Medical Director). The company is currently conducting a Phase IIb clinical trial of psilocybin for Adjustment Disorder in Palliative Care and plans to advance development for Alcohol Use Disorder.

Dr. Stein brings significant expertise in psychopharmacology, with fellowship and residency training at Columbia University. His research has earned notable recognition, including the Max Hamilton Award and Ethics in Psychopharmacology Award from the International College of Neuropsychopharmacologicum.

Psyence Biomedical (Nasdaq: PBM) has appointed Dr. Albert P. Garcia-Romeu as Chair of its newly established Scientific Advisory Board (SAB). Dr. Garcia-Romeu, currently Associate Professor at Johns Hopkins University School of Medicine and Associate Director of the Johns Hopkins Center for Psychedelic and Consciousness Research, brings extensive expertise in psilocybin research and clinical trials.

The appointment comes as the company prepares for the randomization of its first patient in the Pallicybin Phase IIb clinical trial, investigating psilocybin as a potential treatment for Adjustment Disorder in Palliative Care. The company is also advancing preparations for a second development indication in Alcohol Use Disorder.

The SAB currently includes Dr. Clive Ward Able, Medical Director of Psyence Biomedical, and Dr. Seth Feuerstein from Yale University's Department of Psychiatry, with plans to recruit additional members.

Psyence Biomed (Nasdaq: PBM) has completed a $2.0 million private placement through the sale of 1,000,000 common shares with accompanying warrants. The offering included series A common warrants and short-term series B common warrants, both with an exercise price of $2.00 per share. Series A warrants expire in five years while series B warrants expire in two years.

The transaction was facilitated by H.C. Wainwright & Co. as the exclusive placement agent. The company plans to use the net proceeds for working capital and general corporate purposes. The securities were offered under Section 4(a)(2) of the Securities Act and Regulation D, and the company has agreed to file a resale registration statement.

Psyence Biomed (Nasdaq: PBM) has announced a $2.0 million private placement through the sale of 1,000,000 common shares at $2.00 per share. The offering includes series A common warrants and short-term series B common warrants, both with an exercise price of $2.00 per share. Series A warrants expire in five years while series B warrants expire in two years.

The placement, expected to close around December 24, 2024, is being managed by H.C. Wainwright & Co. as exclusive placement agent. The company plans to use the net proceeds for working capital and general corporate purposes. The securities are being offered under Section 4(a)(2) of the Securities Act and Regulation D, and the company has agreed to file a resale registration statement.

Psyence Biomedical (Nasdaq: PBM) has regained full compliance with all Nasdaq continued listing requirements following several strategic moves. The company transferred from Nasdaq Global Market to Nasdaq Capital Market on November 15, 2024, meeting the $1.0 million minimum market value and $2.5 million minimum stockholders' equity requirements. A 75-for-1 share consolidation, effective November 26, 2024, addressed the $1 minimum bid price requirement, with shares trading above $1 for 18 consecutive trading days. The company enters 2025 with a $5.6 million cash position and debt-free balance sheet, positioning itself to execute its business plan and proceed with patient screening for clinical trials.

Psyence Biomed (Nasdaq: PBM) reports progress on its Phase IIb clinical trial testing nature-derived psilocybin with psychotherapy for Adjustment Disorder in palliative care cancer patients. Two Australian trial sites, Vitalis and EMPAX, have been activated with patient screening underway. The company expects to begin patient randomization in January.

The company has engaged Australian Clinical Trial Network (ACTioN) as their site management organization to implement recruitment strategies through social media and direct communications with physicians, trial sites, and advocacy groups. Therapist training continues at both sites, and additional trial locations are being evaluated. Topline results are expected in the second half of 2025.

Psyence Biomed (Nasdaq: PBM) has executed binding agreements with Optimi Health Corp, advancing from their previous non-binding Letter of Intent. Under the agreements, Optimi becomes the exclusive worldwide supplier of GMP-certified, nature-derived psilocybin for Psyence's drug development and commercialization initiatives in Palliative Care.

Optimi will provide comprehensive Chemistry, Manufacturing, and Control (CMC) support for regulatory submissions related to Psyence's clinical trials and future Investigational New Drug applications. The company is currently advancing its Phase IIb clinical trial for Adjustment Disorder in Palliative Care, with plans for Phase III studies.

Psyence Biomedical (Nasdaq: PBM) provided a shareholder update highlighting significant progress. The company's Phase IIb clinical trial for nature-derived psilocybin in Palliative Care patients with Adjustment Disorder is advancing, with patient screening commenced. Their stake in PsyLabs has doubled in value to approximately $2 million following an independent valuation. The company has strengthened its financial position through debt-for-equity swap agreements with Psyence Group and Newcourt SPAC Sponsor. PBM expects to enter 2025 substantially debt-free and is on track to regain compliance with Nasdaq listing requirements by year-end. Topline data from the Phase IIb trial is expected in H2 2025.

Psyence Biomedical (Nasdaq: PBM) has received a favorable outcome from its Nasdaq Listing Qualifications Hearing. The Nasdaq Hearings Panel granted the company an extension until December 31st, 2024, to meet all continued listing requirements. The company plans to transfer from The Nasdaq Global Market to The Nasdaq Capital Market and implement a 1-for-75 share consolidation to meet the $1 minimum bid price requirement. Shareholders approved this consolidation during the November 12th Annual General Meeting. The company must comply with requirements including $1.0 million minimum market value of publicly held shares and $2.5 million minimum stockholders' equity.