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Sunday, October 17, 2021

COMP360 Psilocybin Therapy; the COMPASS Pathways PLC (NASDAQ: CMPS) IPO

COMPASS Pathways PLC (NASDAQ: CMPS) is the exciting Peter Thiel led $146.6 million NASDAQ IPO which has skyrocketed since going public in September. Psychedelic medicine is getting noticed by investors since famed Silicon Valley billionaire investor and PayPal co-founder Peter Thiel led COMPASS Pathways continues to make impressive gains and run higher.

The Company’s vision is a world of mental wellbeing. Compass is the first company to receive breakthrough therapy designation from the FDA for psychedelic medicine as a therapy for treatment-resistant depression Compass is fully funded going forward and had $196.5 million in the treasury as of 30 September 2020. The psychedelic space is projected to be worth at least $6.9 billion by 2027. Several clinical trials including one by the US military are underway in the United States and worldwide to investigate the therapeutic effects of psilocybin, and there is hope for treating such debilitating disorders as depression, anxiety, post-traumatic stress disorder, anorexia, obsessive-compulsive disorder, and addiction.

COMPASS Pathways PLC (NASDAQ: CMPS) is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. The Company’s focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. COMPASS is pioneering the development of a new model of psilocybin therapy, in which the Company’s proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support.

COMP360 has been designated a Breakthrough Therapy by the US Food and Drug Administration (FDA), for treatment-resistant depression (TRD), and the Company is currently conducting a phase IIb clinical trial of psilocybin therapy for TRD, in 21 sites across Europe and North America. COMPASS Pathways is headquartered in London, UK, with offices in New York, USA. COMPASS is building a valuable patent portfolio and was recently granted its second UK patent, adding to its  US patent and German utility model, and including claims covering crystalline psilocybin, pharmaceutical formulations, medical uses, and a method of manufacturing. COMPASS US patent, granted in December 2019, was the subject of a petition for post grant review, filed on 21 February 2020; the petition was dismissed on the merits on 20 August 2020.

In September 2020, COMPASS Pathways completed its IPO of 8,625,000 American Depositary Shares (ADSs) representing 8,625,000 ordinary shares at a price of $17.00 per ADS. This included 1,125,000 additional ADSs issued upon the exercise in full by the underwriters of their option to purchase additional ADSs. The total gross proceeds from the offering were $146.6 million. All ADSs sold in the offering were offered by COMPASS. The ADSs began trading on the Nasdaq Global Select Market on 18 September 2020.

COMPASS continues to make steady progress with its phase IIb clinical trial of COMP360 psilocybin therapy for treatment-resistant depression. The Company is opening a new trial site in Berlin, Germany, this month, bringing its trial to 21 sites in 10 countries. While the COVID-19 pandemic has impacted the trial, the Company plans to report data from this trial in late 2021 remains unchanged.  The Company has been strengthening its BOD and leadership team with appointments of Linda McGoldrick as non-Executive Director; Greg Ryslik as Senior Vice President, Data Science, Machine Learning and Digital Health Research; and Stephen Schultz as Senior Vice President, Investor Relations.

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Earlier this year COMPASS entered into a sponsored research agreement with the University of the Sciences in Philadelphia, PA, to establish a Drug Discovery Center. The Center is exploring and developing optimized psychedelic and other early stage compounds targeting the 5HT2A receptor, a receptor in the brain that is recognized as a promising target in the treatment of mental health illnesses.

George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, recently stated: “This has been a significant quarter, with an IPO that gives us the funds needed to advance our mission and transform mental health care. Recent hires for the company build further important expertise within our strong leadership team, including in data science and digital health, which will be core to the future of mental health care. We remain fully focused on execution of our phase IIb trial investigating our COMP360 psilocybin therapy for treatment-resistant depression and, with scientific partners in our recently established Drug Discovery Center, are also evaluating the potential of early stage compounds to address mental health challenges.”

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CMPS is the exciting Peter Thiel led $146.6 million NASDAQ IPO which has skyrocketed since going public in September. Psychedelic medicine is getting noticed by investors since famed Silicon Valley billionaire investor and PayPal co-founder Peter Thiel led COMPASS Pathways continues to make impressive gains and run higher. The Company’s vision is a world of mental wellbeing. Compass is the first company to receive breakthrough therapy designation from the FDA for psychedelic medicine as a therapy for treatment-resistant depression Compass is fully funded going forward and had $196.5 million in the treasury as of 30 September 2020. The psychedelic space is projected to be worth at least $6.9 billion by 2027. Several clinical trials including one by the US military are underway in the United States and worldwide to investigate the therapeutic effects of psilocybin, and there is hope for treating such debilitating disorders as depression, anxiety, post-traumatic stress disorder, anorexia, obsessive-compulsive disorder, and addiction. We will be updating on CMPS when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CMPS.

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Disclosure: we hold no position in CMPS either long or short and we have not been compensated for this article.

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2 COMMENTS

  1. Thank God for Peter Thiel. It’s been almost 20 years since I’ve had a psychedelic, which I’ve only done a handful a times and from what I am reading, probably didn’t take enough of in order to have a breakthrough experience.
    With my partner’s terminally illness of PSP and my mental illness, it is time for a huge cognitive leap forward. I find it extremely interesting that Thiel invested 10 million into a company treating PSP and AlS just two weeks after I posted a wish of curing PSP. Highly coincidental.

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