Press "Enter" to skip to content

DMT Therapy Developer Small Pharma Posts Financial Results, Reaffirms Potential Of Short-Acting Psychedelics

Biotech company Small Pharma Inc. DMTTF, producer of short-acting psychedelic-assisted therapies for diverse mental health conditions, announced its financial results earlier this month for the fiscal year ended Feb. 28, 2022.

The company’s numbers up to closing date: 

  • Cash available totaled CA$40.7 million ($31.3 million).
  • Cash used in yearly business activities added up to CA$16.2 million ($12.4 million).
  • Operating expenses for the 12 months summed $18.1 million ($13.9 million).

The company is providing option grants for up to an aggregate of 6,300,000 common shares to certain Small Pharma directors and officers pursuant to its stock option plan, exercisable for a period of 10 years and subject to specific vesting requirements.  

Small Pharma’s current focus on major depression disorder (MDD) led the company to initiate a clinical program for DMT-assisted psychotherapy in February 2021. 

This program includes a Phase 1/2a trial on the company’s lead candidate in what’s currently the most advanced clinical study in commercial development of DMT-based therapies, alongside the development of a pipeline of proprietary preclinical assets. 

CEO Peter Rands explains the company’s most recent bet by referring to the present scenario of rising depression cases, inadequate antidepressants and a growing sense of urgency for novel treatment approaches.

“This is the reason why the company is taking a radically different approach to mental health treatment, but one that can be embedded into the current clinical setting. Short-acting psychedelics such as DMT may offer a practical and convenient treatment for patients, clinicians and health systems, and importantly one that has the potential to scale,” said Rands. 

Photo Courtesy of Rodolfo Clix on Unsplash.

This post was originally published on this site

Be First to Comment

Leave a Reply

Your email address will not be published.