NEW YORK - Psyence Biomedical Ltd. (NASDAQ:PBM), a biotechnology firm focused on developing psilocybin-based treatments, has announced its Phase IIb clinical trial for patients with Adjustment Disorder related to advanced cancer diagnoses is now registered on the Australian New Zealand Clinical Trials Registry (ANZCTR).
This randomized, double-blind, placebo-controlled study will assess the efficacy of three dosages of nature-derived psilocybin in conjunction with psychotherapy on 84 patients in a palliative care context.
The trial, which is expected to commence enrolment in the second quarter of 2024, aims to address the needs of approximately 19% of advanced cancer patients suffering from Adjustment Disorder, as highlighted by the company's CEO, Neil Maresky, MD. With the primary endpoint results anticipated in 2025, Psyence Biomed and its partners, Fluence and iNGENÅ«, are preparing to screen the first participants soon.
Psyence Biomed is the first company of its kind to be listed on The Nasdaq Stock Market, specializing in the development of botanical psilocybin-based medicines. The company’s approach combines psychedelics and science to create therapies intended for a broad spectrum of mental health disorders, initially focusing on palliative care.
Investors should note that this update is based on a press release statement by Psyence Biomedical Ltd.
InvestingPro Insights
As Psyence Biomedical Ltd. (NASDAQ:PBM) embarks on its Phase IIb clinical trial, investors and industry watchers are keeping a close eye on the company's financial health and stock performance. The latest data from InvestingPro shows a challenging market perception with a significant decline in the company’s share price over various timeframes. The 1-month, 3-month, and 6-month total return rates have seen precipitous drops of -22.48%, -91.38%, and -91.08% respectively, indicating a sharp decrease in investor confidence.
The year-to-date (YTD) total return stands at a staggering -89.18%, which, along with a 1-year price total return of -90.57%, suggests that the market is highly cautious about Psyence Biomedical's prospects. The stock is currently trading at just 6.87% of its 52-week high, with a previous close at $0.69. Despite these challenges, the company maintains a low price-to-earnings (P/E) ratio of 1.26, which could be an indicator of undervaluation if the company's future prospects are believed to improve.
With an average daily volume over the past three months of $3.99M, there is still a notable level of trading activity around the stock. This could suggest that while the stock has faced a downward trend, it remains on the radar of many investors.
For those considering an investment in Psyence Biomedical or seeking to understand the broader context of its market performance, InvestingPro offers additional insights. There are 17 more InvestingPro Tips available that could help in making a more informed decision. To access these tips and dive deeper into Psyence Biomedical's analytics, consider subscribing to InvestingPro. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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