Shares of Clearmind Medicine saw a significant increase on Wednesday following the announcement of their first human clinical trial agreement with Johns Hopkins University School of Medicine. The trial aims to develop a treatment for alcohol abuse.
Despite the recent positive news, Clearmind Medicine’s stock has experienced a decline of 85% since the beginning of the year and a staggering 93% drop in the past 12 months. However, this recent collaboration has sparked optimism among investors, leading to a 12% surge in share price to 67 cents per share as of 1 pm ET.
The Phase I/IIa Clinical Trial
The agreement between Clearmind Medicine and Johns Hopkins University School of Medicine involves the Phase I/IIa clinical trial of CMND-100—a proprietary Meai-based psychoactive molecule developed by Clearmind Medicine.
During the trial, patients will be given oral capsules once a day for 10 consecutive days. They will be required to report their drinking patterns and cravings for alcohol and cigarettes throughout the trial period. This data will enable Clearmind Medicine to assess the effectiveness of CMND-100 in treating alcohol abuse.
Collaboration with Renowned Research Institutions
Johns Hopkins University School of Medicine is the second U.S. clinical site to join Clearmind Medicine’s trial, following Yale School of Medicine’s department of psychiatry. This collaboration demonstrates the company’s commitment to partnering with prestigious medical institutions to advance their research and development efforts.