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November 30, 2022

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Mindset (MSET.C) files international patent for novel psilocybin synthesis method

Mindset Pharma (MSET.C) announced that they have filed an international patent for their novel psilocybin synthesis method.

The application covers Mindset’s Synthesis Process, a process they call “ground-breaking” and “innovative”, which creates synthetic psilocybin and psilocin. They claim that their method is faster and cheaper than established synthesisation methods, on top of using easier to obtain raw materials. Mindset also noted that their synthesizing method is suitable for multi-kilogram scale manufacturing.

“Since filing our provisional patent application in July of 2020, we have made substantial progress towards demonstrating the commercial viability of our synthesis process. Earlier this year, we engaged a leading international contract development and manufacturing organization (“CDMO”) to complete optimization and scale-up of the process. To date, significant optimization work has been completed and we are now initiating a 100g pilot scale synthesis to be followed by a 1.0 kg batch of cGMP psilocybin using Mindset’s Synthesis Process. The large-scale cGMP synthesis batch is expected to be completed by the end of 2021,” noted Malik Slassi, Mindset’s VP of Innovation.

Mindset’s CEO, James Lanthier, said the aim is for that kilogram batch of psilocybin to be synthesized before the end of the year, something he believes few competitors have done. Because you cannot patent psilocybin itself, Lanthier notes that the best way to create value is to patent the manufacturing process.

Getting access to pharmaceutical-grade psilocybin at a reasonable price is currently a challenge, and Mindset believes through the scale of their production, they will be able to offer a more competitive price. Psilocybin tends to be measure in milligrams, so creating a kilogram could be enough for multiple studies. For instance, COMPASS had a study where participants in the effect group took two 25 mg doses, for a total of 50 mg each, with 30 participants in the effect group. A single kilogram of psilocybin could provide enough psychedelics to run the study 666 times. (Side note: running a psilocybin study 666 times would definitely freak out some Christians.) If Mindset’s psilocybin manufacturing can scale up the way they hope, their manufacturing will be operating on a huge scale.

“We believe that our proprietary synthesis process is likely the most cost-effective method available in the marketplace today for cGMP grade psilocybin. The process strategically complements our next generation drug development programs and represents a significant potential market opportunity with near-term revenue potential. We anticipate that there will be significant demand for our cGMP psilocybin supply given the increasing number of trials and studies underway utilizing psilocybin,” added Lanthier.

Following the news, Mindset shares are down 2 cents and are currently trading at $0.77.

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