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
