Psyence Biomedical Ltd. Stock Price, News & Analysis

Optimi Health Corp. (CSE: OPTI) and Psyence Biomedical (NASDAQ: PBM) have signed a non-binding Letter of Intent (LOI) for a strategic partnership. Under this arrangement, Optimi would become the exclusive supplier of GMP nature-derived psilocybin extract for Psyence's global drug development initiatives, focusing on FDA-approved use in Palliative Care.

Key points of the LOI include:

• Optimi to provide comprehensive CMC support for regulatory submissions and future IND applications
• Psyence to obtain exclusive rights to Optimi's drug candidate for Palliative Care treatment
• Collaboration aims to advance psilocybin-based therapies and quality science
• Focus on Adjustment Disorder in the context of Palliative Care

Both companies' CEOs expressed enthusiasm for the potential partnership, highlighting its strategic importance in advancing psychedelic-based mental health therapies.

Psyence Biomedical (Nasdaq: PBM) has entered into a $25 million common stock purchase agreement with White Lion Capital, This 24-month agreement allows Psyence Biomed to sell up to $25 million in shares to White Lion, subject to certain conditions. The purchase price will be 90% of the lowest VWAP for Fixed Purchase Notices and the lowest traded price for Rapid Purchase Notices. White Lion has agreed not to engage in short selling Psyence Biomed's shares. The agreement can be terminated by Psyence Biomed at any time without penalty.

This funding will support Psyence Biomed's upcoming Phase IIb clinical trial of nature-derived, non-synthetic psilocybin for Adjustment Disorder in Palliative Care, as well as earlier-stage programs in other indications.

Psyence Biomedical (Nasdaq: PBM) has announced the successful export of nature-derived psilocybin to Australia for its upcoming Phase IIb clinical trial. The trial will evaluate psilocybin as a potential treatment for Adjustment Disorder in advanced cancer patients in Palliative Care. The study, supported by partnerships with Fluence and iNGENū, is set to begin shortly.

The randomized, double-blind, placebo-controlled trial will assess two therapeutic doses (10mg, 25mg) against a 1mg active comparator in 84 patients. Psyence Biomed has terminated its commercial licensing agreement with Filament Health but is evaluating new supply agreements. The company remains committed to its development timeline and introducing a novel therapy efficiently.

Psyence Biomedical (Nasdaq: PBM) has received a notification from the Nasdaq Stock Market regarding non-compliance with the minimum bid price requirement. The company’s stock price has remained below $1.00 for 30 consecutive business days, thus failing to meet the criteria set by Nasdaq Listing Rule 5450(a)(1). Psyence has until December 24, 2024, to regain compliance by ensuring its closing bid price hits at least $1.00 for ten consecutive business days. Failure to meet this deadline may result in delisting, though the company can apply for additional time by submitting an online transfer application and paying a $5,000 fee. Options include meeting all other listing standards and potentially implementing a reverse stock split. The notification does not cause immediate delisting, and trading will continue under the symbol 'PBM'.

Psyence Biomedical announced its participation in the A.G.P. Virtual Healthcare Company Showcase on May 21, 2024. The company's management will host one-on-one meetings with investors during the event. This provides an opportunity for investors to engage directly with the company's leadership and gain insights into Psyence Biomed's business strategy and future plans.