MYND Life Sciences Signs Agreement to Acquire Rights for the Use of Psychedelics to Treat Alzheimer’s Disease and other Dementias
If treatments don’t improve, the number of Americans battling Alzheimer’s is expected to nearly triple by 2050, reaching $1.1 trillion in care costs.
Fortunately, two more companies joined the race to develop a new treatment using psychedelics!
On Tuesday, MYND Life Sciences (MYND) acquired IP rights from Cava Healthcare Inc. for dementia treatments using psilocybin and other psychedelics. It received the assets in exchange for 450,000 shares at $0.85 each, plus $120,000 and an annual royalty fee.
Silo Pharma Inc. (SILO) also joined the race this week through a sponsored research agreement. The company will work with Columbia University to develop a psychedelic treatment that could halt or reverse Alzheimer’s.