Tag: Diamond Therapeutic Inc.

TORONTO, May 27, 2021 /CNW/ – Diamond Therapeutics Inc. (“Diamond“), a leading psychedelic drug development company focused on sub-perceptual therapies for mental health, is pleased to announce that the head of its clinical advisory board, Dr. Edward Sellers, will be presenting at the NIH’s Psilocybin Research Speaker Series on June 4, 2021.

Dr. Sellers, who is Professor Emeritus, Pharmacology and Toxicology, Medicine and Psychiatry at the University of Toronto, will be speaking from 12:30 to 1:00 EST.

His talk, which is titled “Low Doses of Psilocybin Enhance Motivation and Attention in Poor Performing Rats: Evidence for Antidepressant Properties,” is based on results published in the journal Frontiers in Pharmacology earlier this year.

The research demonstrated, for the first time, that very low, non-hallucinogenic doses of psilocybin have beneficial properties, can improve mood and cognitive function and hold potential for therapeutic use. Diamond believes these findings may help unlock the use of low-dose psilocybin for the treatment of psychiatric disorders, including anxiety and depression.  

The study was within the top five percent of all research outputs in February 2021, as scored by Altmetric.

“These are the first, rigorous, dose-ranging behavioural studies to look at very low doses and concentrations of psilocybin and its metabolite psilocin, and show that hallucinogenic effects are not needed for a potential therapeutic effect,” said Dr. Sellers. 

The NIH Psilocybin Research Speaker Series runs from April 22 to June 10, 2021. This time-sensitive, comprehensive speaker series brings together the world’s leading experts, including scientists, physician-scientists, clinical psychologists, and oncologists. Additionally, to provide a comprehensive discussion, there will be representation from disciplines engaged in this rapidly growing field of research, including experts representing patient advocacy, law, government science policy, and regulatory policy.

To register for this virtual event, go to https://events.cancer.gov/nci/psilocybinresearch/registration.

About the study
Higgins, G. A., Carroll, N. K., Brown, M., MacMillan, C., Silenieks, L. B., Thevarkunnel, S., Izhakova, J., Magomedova, L., DeLannoy, I., & Sellers, E. M. (2021). Low Doses of Psilocybin and Ketamine Enhance Motivation and Attention in Poor Performing Rats: Evidence for an Antidepressant Property. Frontiers in Pharmacology, 12. https://doi.org/10.3389/fphar.2021.640241 

The research was funded in part by the Ontario Brain Institute‘s NERD (Neurotech Early Research & Development) program. 

About Diamond Therapeutics
Diamond Therapeutics is a psychedelic drug development company based in Toronto. Our mission is to develop new and better therapies for mental health conditions by unlocking the promise of psychedelic compounds. Diamond is focused on sub-perceptual, non-hallucinogenic treatments that hold potential for use across a broad patient cohort —maximizing the positive impact better drugs can have on the global mental health crisis. To learn more about Diamond, visit www.diamondthera.com.

Cautionary Statements Regarding Forward-Looking Information
This news release includes certain “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes statements other than statements of historical fact that can be identified by phrases such as “expects”, “anticipates”, “intends”, “aims”, “plans” and “believes”, and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements in this news release include, but are not limited to, the potential effects of low dose psilocybin and other psychedelic treatments, the potential use in treating mental health conditions and the timing and completion of Diamond’s clinical programs and trials. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive applicable regulatory approvals; that factors may occur which impede Diamond’s future business plans; the results of continued development, marketing and sales; and other factors beyond the control of Diamond. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Diamond disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Diamond Therapeutics Inc.

For further information: Rebecca Brown, rebecca@diamondthera.com

• The psychedelics industry has ramped up over the past year as institutional investors entered and several companies have gone public.
• Insider identified the top 14 startups that are working to turn psychedelics into approved medicines for conditions like depression, opioid use disorder, and anxiety. 
• To put together this article, we reached out to companies on our list from last year, used data provided by PitchBook, and talked to VCs in the space.
• Visit Business Insider’s homepage for more stories.

2020 was a booming year for the psychedelics industry.

Money swept through the private side of the space as big names like Atai Life Sciences closed record-breaking rounds of funding and more companies entered, hoping to take part in what could become a $100 billion market, according to a May 2020 report from Canaccord Genuity.

Psychedelics companies vary in their areas of focus. Many are developing psychedelics-based medications in the hopes of gaining regulatory approval, while others host psychedelic retreats in jurisdictions where they’re legal. Some are working to develop patented compounds or treatment methods that can be used by pharmaceutical companies.

Despite a pandemic and subsequent lockdowns, several psychedelics companies went public on Canadian exchanges, raising millions. 

The 14 private companies on this list alone raised over $222 million in 2020. Some told Insider that they’re gearing up to go public. In March 2021, Atai raised a fresh $157 million, a record funding round for a private psychedelics company.

Read more: A major psychedelics company just landed a record sum of cash from VCs. The CEO told us how he raised the mega-round and why it’s a sign psychedelics are going mainstream.

COMPASS Pathways, the biggest public company in the space, garnered attention from institutional investors like Otsuka while it was still private in the first half of 2020, marking a shift in the investor base for the industry. The company went public on the Nasdaq in September and currently has a market value of around $1.5 billion.

The November elections also revealed a shift in public perceptions of psychedelics and other illicit substances. Five states voted to pass cannabis reform measures, while Oregon became the first state to not only decriminalize the possession of all drugs but also pass legislation that would pave the way for psilocybin-assisted therapies.

To put together this list, we reached out to companies on our list from last year, used data provided by PitchBook, and asked investors JLS Fund and The Conscious Fund for information on startups in the space that are gaining investor interest. 

Read more: Meet the top 9 startups raising millions to use psychedelics to treat depression, anxiety, and more

In total, Insider reached out to 23 private psychedelics companies to ask them how much funding they raised in 2020. We only included companies that remained private throughout 2020. We narrowed down our list to 14 companies, based on how much money they received from investors.

Note: This article was updated on March 3 with Atai’s raise.

Due to the novel nature of the psychedelics space, there isn’t yet one reliable data source that tracks all the private players in the industry. We did our best to reach out to as many sources as possible and cross-reference numbers provided by the companies with other sources. If you believe we may have left out someone, reach out to the author at ylee@businessinsider.com.

TORONTO, ON / ACCESSWIRE / February 4, 2021 / GHP Noetic Science-Psychedelic Pharma Inc. (TSXV:PSYF.P) (“GHP“), a capital pool company, and Diamond Therapeutics Inc. (“Diamond“), a psychedelic drug development company focused on low-dose therapies for mental health, are pleased to announce the signing of a letter of intent dated effective February 2, 2021 (the “LOI“). The LOI sets out the general terms and conditions pursuant to which GHP has agreed to acquire all of the issued and outstanding securities of Diamond in exchange for securities of GHP (the “Transaction“).

The Transaction will result in a reverse take-over of GHP by Diamond and will constitute GHP’s “Qualifying Transaction” as defined in the policies of the TSX Venture Exchange (the “Exchange“). GHP and Diamond are at arm’s length and the Transaction will not be a non-arm’s length transaction under the policies of the Exchange. On closing of the Transaction (the “Closing“), it is expected that the Resulting Issuer (as defined below), will be listed as a Tier 2 Industrial Issuer on the Exchange, and its business will be that of Diamond.

About GHP

GHP is a Capital Pool Company (as defined in the policies of the Exchange) led by Michael Franks and Sa’ad Shah of Grey House Partners GP Inc. Its principal business activity is to identify and evaluate opportunities to acquire assets or business. Incorporated under the laws of the Province of Ontario, GHP is a reporting issuer in the Provinces of British Columbia, Alberta and Ontario. Its common shares (each, a “GHP Share“) are listed for trading on the Exchange under the symbol PSYF.P.

About Diamond Therapeutics

Incorporated in 2018, Diamond is a private, Toronto-based company with a mission to develop new and better drugs for mental health conditions by unlocking the promise of psychedelic compounds. Diamond is focused on developing and commercializing sub-perceptual, non-hallucinogenic treatments that hold potential for use across a broad patient cohort, with the goal of maximizing the positive impact better drugs can have on the global mental health crisis.

Terms of the Transaction

The Transaction is expected to proceed by way of a three-cornered amalgamation, pursuant to which Diamond will merge with a wholly-owned subsidiary of GHP formed for the purposes of completing the Transaction, following which GHP (following the Closing, the “Resulting Issuer“) will change its name to “Diamond Therapeutics Inc.” or such other name as may be determined by GHP and Diamond (the “Name Change“), and continue the business of Diamond. The final structure of the Transaction will be determined after the parties have considered applicable tax, securities and accounting matters. The Transaction will be subject to, among other things, the execution of a definitive agreement (the “Definitive Agreement“) to be negotiated by the parties.

Prior to the Closing, it is expected that the issued and outstanding GHP Shares will be consolidated (the “Consolidation“) on the basis of one post-Consolidation GHP Share for each 2.2727 pre-Consolidation GHP Shares (or such other ratio as may be determined by the parties).

As contemplated in the LOI, at the Closing, GHP will issue approximately 88.96 million GHP Shares to the holders of Diamond common shares, on the basis of 4.2221 post-Consolidation GHP Shares (or such other number as may be determined by the parties) for each outstanding common share of Diamond (the “Exchange Ratio“), on a pro rata basis.

All Diamond stock options outstanding immediately prior to the Closing will be exchanged for GHP stock options, or become exercisable into GHP Shares in accordance with their terms, as adjusted by the Exchange Ratio, with the same vesting and expiry dates.

All Diamond warrants outstanding immediately prior to the Closing will be exchanged for GHP warrants, or become exercisable into GHP Shares in accordance with their terms, as adjusted by the Exchange Ratio, with the same vesting and expiry dates.

Completion of the Transaction will be subject to various conditions, including: the parties entering into the Definitive Agreement; the parties obtaining all required directors’ shareholders’, regulatory and third-party consents for the Transaction, including the conditional approval of the Exchange; completion of the Private Placement (as defined below); completion of the Consolidation; and compliance with applicable listing requirements of the Exchange. No finder’s fees are expected to be paid in connection with the Transaction.

Prior to the Closing, GHP will call a meeting of its shareholders for the purpose of approving, among other things: the Name Change; the Consolidation; the election of new directors as determined by the parties; and, if required, an increase in the number of directors of GHP.

While GHP and Diamond, and their respective insiders, are at arm’s length, Noetic Psychedelic Fund LP (“Noetic Fund“), a widely-held limited partnership, and GHP Diamond SPV LP, a single purpose entity, hold an aggregate of 8.5% of the outstanding common shares of Diamond. Grey House Partners GP Inc., a company controlled by certain directors and officers of GHP, is the general partner of Noetic Fund.

Proposed Private Placement

Prior to the Closing, GHP or Diamond is expected to undertake a private placement of subscription receipts to raise minimum gross proceeds of $2,000,000 (the “Private Placement“), on terms to be determined.

None of the securities to be issued in connection with the Transaction or the Private Placement have been, or will be, registered under the United States Securities Act of 1933, as amended (the “1933 Act“), or any state securities laws, and may not be offered or sold within the United States or to any U.S. Person (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction where such offer or solicitation would be unlawful, including the United States.

Management and Directors of the Resulting Issuer

It is anticipated that, at the Closing, all current officers and directors of GHP will resign and be replaced by nominees of Diamond, which are expected to include:

Judith Blumstock – Chief Executive Officer and Director

One of Canada’s top health science executives, Ms. Blumstock has over 25 years of venture capital and private equity experience, spanning early to late-stage investments in life sciences and biotechnology. She spent more than ten years as the Executive Director of Corporate Development at Toronto Innovation Acceleration Partners (TIAP), formerly known as MaRS Innovation Inc. Before this, Ms. Blumstock was a principal with Genesys Capital Management Inc., one of the largest Canadian-based venture-capital firms focused exclusively on the life sciences industry.

William Hilson –Executive Chair

Mr. Hilson brings over two decades of operational and capital markets experience in the pharmaceutical and health care sectors. He was the founding Chief Financial Officer and, subsequently, Chief Commercial Officer of Cronos Group Inc. (CRON). Prior to Cronos, Mr. Hilson spent over 15 years in executive roles with multinational pharmaceutical companies, serving as Chief Financial Officer at both Serono Canada Inc. and EMD Serono Inc ., a division of Merck KGaA.

Richard Boadway – Lead Independent Director

Mr. Boadway brings expertise in strategy and corporate governance drawn from his 40-year career, including his most recent role as Chief Executive Officer of Longitude Licensing Limited, a private equity-backed patent assertion entity specializing in the global licensing of significant patent portfolios.

Peter Pekos – Director

A veteran of the pharmaceutical services industry, Mr. Pekos founded Dalton Pharma Services in Toronto in 1986 and has managed all phases of its 30-years of growth.

Sponsorship

The Transaction will be subject to the sponsorship requirements of the Exchange unless a waiver or exemption from the sponsorship requirement is available. If required, a sponsor will be identified at a later date and will be announced in a subsequent news release. GHP intends to apply for a waiver of the sponsorship requirement in connection with the Transaction.

Trading in GHP Shares

Trading in GHP Shares on the Exchange has been halted in compliance with the policies of the Exchange in connection with the announcement of the proposed Transaction, and is expected to remain halted pending the review of the proposed Transaction by the Exchange and satisfaction of the conditions of the Exchange for resumption of trading. It is not expected that trading in the GHP Shares will resume prior to the Closing.

Further Information

A summary of significant financial information with respect to Diamond, as well as further details about the proposed Transaction, the Private Placement, and the expected directors, officers and other insiders of the Resulting Issuer following the Closing, will be included in a subsequent news release.

Further details about the Resulting Issuer will be provided in the disclosure document to be prepared and filed in connection with the Transaction. Investors are cautioned that, except as disclosed in such disclosure document, any information released with respect to the Transaction may not be accurate or complete and should not be relied upon.

All information in this news release concerning GHP and Diamond, as applicable, was supplied by management of such party and has not been independently verified by the other party.

Completion of the Transaction is subject to a number of conditions, including Exchange acceptance and, if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of GHP should be considered highly speculative.

The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

For further information, please contact:

Michael Franks, GHP
Email: michael@greyhousepartners.ca
Telephone: 647.949.2663

Rebecca Brown, Diamond Therapeutics
Email: rebecca@diamondthera.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are statements other than statements of historical fact that can be identified by phrases such as “expects”, “anticipates”, “intends”, “aims”, “plans” and “believes”, and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the proposed terms of the Transaction and the Private Placement; the expected directors and officers of the Resulting Issuer; and the business of Diamond. Forward- looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the risk that the Exchange may not approve the Transaction; that factors may occur which impede Diamond’s future business plans; the results of continued development, marketing and sales; and other factors beyond the control of GHP and Diamond. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. GHP disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE:GHP Noetic Science Psychedelic Pharma Inc.

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TORONTO, Feb. 4, 2021 /CNW/ – Diamond Therapeutics Inc. (“Diamond“), a leading psychedelic drug development company focused on low-dose therapies for mental health, has entered into an agreement with McGill University for the exclusive use of Dr. Gabriella Gobbi’s groundbreaking studies with lysergic acid diethylamide (LSD), its mechanism of action on the brain, and its potential for use at low doses in the treatment of mental health disorders. 

The agreement provides Diamond with access to the technology, data and intellectual property developed by Dr. Gobbi and postdoctoral fellow Danilo De Gregorio, PharmD, Ph.D. and published in the Proceedings of the National Academy of Sciences of the United States of America. The work investigates for the first time the mechanism of action behind LSD’s effect on social interactions. The findings suggest that psychedelics could play a role in treating diseases characterized by social impairment, such as autism spectrum disorder and social anxiety disorder. 

“The studies we are conducting bring us closer to a fundamental understanding of how psychedelic compounds affect mood, cognition and social behaviour, providing a foundation that is crucial to drug development,” Dr. Gobbi explained. “I’m thrilled to initiate this collaboration with Diamond, which promises to pave the way towards the translation of our discoveries into innovative clinical strategies.”

Diamond will also be working on a series of research studies in collaboration with Dr. Gobbi’s laboratory. “We’re honoured to be working together and view this as the starting point for a long and productive partnership,” said Judith Blumstock, Chief Executive Officer of Diamond. “Dr. Gobbi’s work is expected to provide valuable preclinical and clinical data and intellectual property. Advancing this research could further Diamond’s pursuit of low-dose, sub-perceptual, psychedelic-derived medicines that are safer and more effective for patients than the current first-line treatments.”

Dr. Gobbi will act as a consultant to Diamond and is expected to provide input into the company’s preclinical and clinical programs. “Dr. Gobbi’s combination of extensive research expertise and clinical insights make her a perfect addition,” said Diamond’s Scientific Advisory Chair, Dr. Edward Sellers.

“Working with commercial partners such as Diamond Therapeutics is an important step in realizing the benefits of research for society,” said Mark Weber, Director of the Office of Innovation and Partnerships at McGill. “Our team is proud to play an important role in facilitating these relationships, and we look forward to more of them.”

The Office of Innovation and Partnerships and McGill’s neuroscience accelerator, NeuroSphere, were instrumental in forming the partnership between Diamond and McGill, which comes at a time of urgent need for the next generation of mental health drugs. The World Health Organization estimates that depression affects more than 250 million people worldwide, while anxiety is the most prevalent mental health disorder in the United States, affecting more than 40 million adults. Existing treatments, including SSRIs, have low efficacy (<50%) and many side effects but are expected to surpass a market size of US$ 75.7 billion by 2027.

“Lysergic acid diethylamide (LSD) promotes social behavior through mTORC1 in the excitatory neurotransmission,” by D. De Gregorio, N. Sonenberg, G. Gobbi, et al, was published in PNAS on January 25, 2020. Doi: 10.1073/pnas.2020705118

About Diamond 

Diamond Therapeutics is a psychedelic drug development company based in Toronto. Our mission is to develop new and better therapies for mental health conditions by unlocking the promise of psychedelic compounds. Diamond is focused on sub-perceptual, non-hallucinogenic treatments that hold potential for use across a broad patient cohort — maximizing the positive impact better drugs can have on the global mental health crisis. To learn more about Diamond, visit www.diamondthera.com.

About McGill University

Founded in Montreal, Quebec, in 1821, McGill is a leading Canadian post-secondary institution. It has two campuses, 11 faculties, 11 professional schools, 300 programs of study and some 38,000 students, including 8,800 graduate students. McGill attracts students from over 150 countries around the world, with more than 7,700 international students making up 20 percent of the student body. Almost half of McGill students claim a first language other than English, including 38 percent who claim French as their first language.

About NeuroSphere 

NeuroSphere is the McGill accelerator dedicated to innovation and partnership in neuroscience research funded through Healthy Brains, Healthy Lives (HBHL). Through support from HBHL, McGill has an opportunity to focus on neuro-innovation and help high potential projects move towards commercialization. Strategic approaches and activities will also be undertaken to ensure that NeuroSphere acts as a facilitator for all commercialization projects coming out of the neuroscience community at McGill University.

Cautionary Statements Regarding Forward-Looking Information
This news release includes certain “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes statements other than statements of historical fact that can be identified by phrases such as “expects”, “anticipates”, “intends”, “aims”, “plans” and “believes”, and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the expected benefits of the collaboration, the investigation and development of potential new treatments and continued research. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; that factors may occur which impede Diamond’s future business plans; the results of continued development, marketing and sales; and other factors beyond the control of Diamond. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Diamond disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Diamond Therapeutics Inc.

For further information: Rebecca Brown, rebecca@diamondthera.com

 TORONTO, Jan. 7, 2021 /CNW/ – Emerging psychedelic drug development company Diamond Therapeutics has received new investment from the Ontario Brain Institute (OBI), a not-for-profit organization that accelerates discovery and innovation, benefiting both patients and the economy.

An early believer in Diamond’s precision, low-dose approach to psychedelic therapies, OBI provided the company with funding in 2019. Now, OBI has more than doubled its investment. Proceeds will support a clinical trial of low-dose psilocybin intended to begin in early 2021, pending Health Canada approval. The investment is in the form of a convertible debenture.

“There’s an unmet need for the next generation of drugs in the mental health space,” says Tom Mikkelsen, President & Scientific Director of OBI.

“By furthering our investment in Diamond through the NERD (Neurotech Early Research & Development) program, OBI will help improve the evidence base related to low-dose psilocybin. We hope this investment will lead to more accessible treatment options for people living with anxiety and other mental health disorders,” he adds.

“We are very grateful for this follow-on support,” says Judith Blumstock, CEO and Founder of Diamond. “Initial funding from OBI subsidized compelling foundational research into precision, low-dose therapies, and OBI’s continued support will help advance our work to the next level.”

OBI’s first backing helped fund several animal studies exploring the behavioural effects of low-dose psilocybin. 

Data from Diamond’s early research rallied investors to an oversubscribed $2.8 million seed round in spring 2020.

Following its planned Phase 1 clinical trial of low-dose psilocybin in 2021, Diamond intends to conduct clinical studies in anxiety disorders, which represent the most prevalent form of mental illness.

“OBI’s backing will further our pursuit of accessible, low-dose, non-hallucinogenic therapies,” says Blumstock. “We are working to deliver solutions that are safer and more effective, and can provide patients with an ideal therapeutic for the conditions affecting their mental health.”

About Diamond  
Diamond Therapeutics is a psychedelic drug development company based in Toronto. Our mission is to develop new and better therapies for mental health conditions by unlocking the promise of psychedelic compounds. Diamond’s focus is developing and commercializing sub-perceptual, non-hallucinogenic treatments that hold potential for use across a broad patient cohort — maximizing the positive impact better drugs can have on the global mental health crisis. To learn more about Diamond, visit us at www.diamondthera.com.

About Ontario Brain Institute
The Ontario Brain Institute is a not-for-profit organization that accelerates discovery and innovation, benefiting both patients and the economy. Our collaborative ‘team science’ approach promotes brain research, commercialization and care by connecting researchers, clinicians, industry, patients, and their advocates to improve the lives of those living with brain disorders. Welcome to Brain Central. Visit www.braininstitute.ca for more information. Follow us on Twitter (@OntarioBrain). Funding provided, in part, by the Government of Ontario.

SOURCE Diamond Therapeutics Inc.

For further information: Rebecca Brown, rebecca@diamondthera.com

Press Release

Diamond Therapeutics Signs Agreement with McGill University for Research on Low-Dose LSD

 TORONTO, Feb. 4, 2021 /CNW/ – Diamond Therapeutics Inc. (“Diamond“), a leading psychedelic drug development company focused on low-dose therapies for mental health, has entered into an agreement with McGill University for the exclusive use of Dr. Gabriella Gobbi’s groundbreaking studies with lysergic acid diethylamide (LSD), its mechanism of action on the brain, and its potential for use at low doses in the treatment of mental health disorders. 

The agreement provides Diamond with access to the technology, data and intellectual property developed by Dr. Gobbi and postdoctoral fellow Danilo De Gregorio, PharmD, Ph.D. and published in the Proceedings of the National Academy of Sciences of the United States of America. The work investigates for the first time the mechanism of action behind LSD’s effect on social interactions. The findings suggest that psychedelics could play a role in treating diseases characterized by social impairment, such as autism spectrum disorder and social anxiety disorder. 

“The studies we are conducting bring us closer to a fundamental understanding of how psychedelic compounds affect mood, cognition and social behaviour, providing a foundation that is crucial to drug development,” Dr. Gobbi explained. “I’m thrilled to initiate this collaboration with Diamond, which promises to pave the way towards the translation of our discoveries into innovative clinical strategies.”

Diamond will also be working on a series of research studies in collaboration with Dr. Gobbi’s laboratory. “We’re honoured to be working together and view this as the starting point for a long and productive partnership,” said Judith Blumstock, Chief Executive Officer of Diamond. “Dr. Gobbi’s work is expected to provide valuable preclinical and clinical data and intellectual property. Advancing this research could further Diamond’s pursuit of low-dose, sub-perceptual, psychedelic-derived medicines that are safer and more effective for patients than the current first-line treatments.”

Dr. Gobbi will act as a consultant to Diamond and is expected to provide input into the company’s preclinical and clinical programs. “Dr. Gobbi’s combination of extensive research expertise and clinical insights make her a perfect addition,” said Diamond’s Scientific Advisory Chair, Dr. Edward Sellers.

“Working with commercial partners such as Diamond Therapeutics is an important step in realizing the benefits of research for society,” said Mark Weber, Director of the Office of Innovation and Partnerships at McGill. “Our team is proud to play an important role in facilitating these relationships, and we look forward to more of them.”

The Office of Innovation and Partnerships and McGill’s neuroscience accelerator, NeuroSphere, were instrumental in forming the partnership between Diamond and McGill, which comes at a time of urgent need for the next generation of mental health drugs. The World Health Organization estimates that depression affects more than 250 million people worldwide, while anxiety is the most prevalent mental health disorder in the United States, affecting more than 40 million adults. Existing treatments, including SSRIs, have low efficacy (<50%) and many side effects but are expected to surpass a market size of US$ 75.7 billion by 2027.

“Lysergic acid diethylamide (LSD) promotes social behavior through mTORC1 in the excitatory neurotransmission,” by D. De Gregorio, N. Sonenberg, G. Gobbi, et al, was published in PNAS on January 25, 2020. Doi: 10.1073/pnas.2020705118

About Diamond 

Diamond Therapeutics is a psychedelic drug development company based in Toronto. Our mission is to develop new and better therapies for mental health conditions by unlocking the promise of psychedelic compounds. Diamond is focused on sub-perceptual, non-hallucinogenic treatments that hold potential for use across a broad patient cohort — maximizing the positive impact better drugs can have on the global mental health crisis. To learn more about Diamond, visit www.diamondthera.com.

About McGill University

Founded in Montreal, Quebec, in 1821, McGill is a leading Canadian post-secondary institution. It has two campuses, 11 faculties, 11 professional schools, 300 programs of study and some 38,000 students, including 8,800 graduate students. McGill attracts students from over 150 countries around the world, with more than 7,700 international students making up 20 percent of the student body. Almost half of McGill students claim a first language other than English, including 38 percent who claim French as their first language.

About NeuroSphere 

NeuroSphere is the McGill accelerator dedicated to innovation and partnership in neuroscience research funded through Healthy Brains, Healthy Lives (HBHL). Through support from HBHL, McGill has an opportunity to focus on neuro-innovation and help high potential projects move towards commercialization. Strategic approaches and activities will also be undertaken to ensure that NeuroSphere acts as a facilitator for all commercialization projects coming out of the neuroscience community at McGill University.

Cautionary Statements Regarding Forward-Looking Information
This news release includes certain “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes statements other than statements of historical fact that can be identified by phrases such as “expects”, “anticipates”, “intends”, “aims”, “plans” and “believes”, and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the expected benefits of the collaboration, the investigation and development of potential new treatments and continued research. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; that factors may occur which impede Diamond’s future business plans; the results of continued development, marketing and sales; and other factors beyond the control of Diamond. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Diamond disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Diamond Therapeutics Inc.

For further information: Rebecca Brown, rebecca@diamondthera.comTORONTO, Feb. 4, 2021 /CNW/ – Diamond Therapeutics Inc. (“Diamond“), a leading psychedelic drug development company focused on low-dose therapies for mental health, has entered into an agreement with McGill University for the exclusive use of Dr. Gabriella Gobbi’s groundbreaking studies with lysergic acid diethylamide (LSD), its mechanism of action on the brain, and its potential for use at low doses in the treatment of mental health disorders. 

The agreement provides Diamond with access to the technology, data and intellectual property developed by Dr. Gobbi and postdoctoral fellow Danilo De Gregorio, PharmD, Ph.D. and published in the Proceedings of the National Academy of Sciences of the United States of America. The work investigates for the first time the mechanism of action behind LSD’s effect on social interactions. The findings suggest that psychedelics could play a role in treating diseases characterized by social impairment, such as autism spectrum disorder and social anxiety disorder. 

“The studies we are conducting bring us closer to a fundamental understanding of how psychedelic compounds affect mood, cognition and social behaviour, providing a foundation that is crucial to drug development,” Dr. Gobbi explained. “I’m thrilled to initiate this collaboration with Diamond, which promises to pave the way towards the translation of our discoveries into innovative clinical strategies.”

Diamond will also be working on a series of research studies in collaboration with Dr. Gobbi’s laboratory. “We’re honoured to be working together and view this as the starting point for a long and productive partnership,” said Judith Blumstock, Chief Executive Officer of Diamond. “Dr. Gobbi’s work is expected to provide valuable preclinical and clinical data and intellectual property. Advancing this research could further Diamond’s pursuit of low-dose, sub-perceptual, psychedelic-derived medicines that are safer and more effective for patients than the current first-line treatments.”

Dr. Gobbi will act as a consultant to Diamond and is expected to provide input into the company’s preclinical and clinical programs. “Dr. Gobbi’s combination of extensive research expertise and clinical insights make her a perfect addition,” said Diamond’s Scientific Advisory Chair, Dr. Edward Sellers.

“Working with commercial partners such as Diamond Therapeutics is an important step in realizing the benefits of research for society,” said Mark Weber, Director of the Office of Innovation and Partnerships at McGill. “Our team is proud to play an important role in facilitating these relationships, and we look forward to more of them.”

The Office of Innovation and Partnerships and McGill’s neuroscience accelerator, NeuroSphere, were instrumental in forming the partnership between Diamond and McGill, which comes at a time of urgent need for the next generation of mental health drugs. The World Health Organization estimates that depression affects more than 250 million people worldwide, while anxiety is the most prevalent mental health disorder in the United States, affecting more than 40 million adults. Existing treatments, including SSRIs, have low efficacy (<50%) and many side effects but are expected to surpass a market size of US$ 75.7 billion by 2027.

“Lysergic acid diethylamide (LSD) promotes social behavior through mTORC1 in the excitatory neurotransmission,” by D. De Gregorio, N. Sonenberg, G. Gobbi, et al, was published in PNAS on January 25, 2020. Doi: 10.1073/pnas.2020705118

About Diamond 

Diamond Therapeutics is a psychedelic drug development company based in Toronto. Our mission is to develop new and better therapies for mental health conditions by unlocking the promise of psychedelic compounds. Diamond is focused on sub-perceptual, non-hallucinogenic treatments that hold potential for use across a broad patient cohort — maximizing the positive impact better drugs can have on the global mental health crisis. To learn more about Diamond, visit www.diamondthera.com.

About McGill University

Founded in Montreal, Quebec, in 1821, McGill is a leading Canadian post-secondary institution. It has two campuses, 11 faculties, 11 professional schools, 300 programs of study and some 38,000 students, including 8,800 graduate students. McGill attracts students from over 150 countries around the world, with more than 7,700 international students making up 20 percent of the student body. Almost half of McGill students claim a first language other than English, including 38 percent who claim French as their first language.

About NeuroSphere 

NeuroSphere is the McGill accelerator dedicated to innovation and partnership in neuroscience research funded through Healthy Brains, Healthy Lives (HBHL). Through support from HBHL, McGill has an opportunity to focus on neuro-innovation and help high potential projects move towards commercialization. Strategic approaches and activities will also be undertaken to ensure that NeuroSphere acts as a facilitator for all commercialization projects coming out of the neuroscience community at McGill University.

Cautionary Statements Regarding Forward-Looking Information
This news release includes certain “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes statements other than statements of historical fact that can be identified by phrases such as “expects”, “anticipates”, “intends”, “aims”, “plans” and “believes”, and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the expected benefits of the collaboration, the investigation and development of potential new treatments and continued research. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; that factors may occur which impede Diamond’s future business plans; the results of continued development, marketing and sales; and other factors beyond the control of Diamond. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Diamond disclaims any intention or obligation to update or revise any forward-looking information in this news release, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE Diamond Therapeutics Inc.

For further information: Rebecca Brown, rebecca@diamondthera.com