Psychedelic research company MindMed pledged $5 million to NYU Langone Health for developing a psychedelic research center, the first of its kind in New York. The move comes amid a resurgence of research and investment in psychedelic therapies that has been called a renaissance.
Psychedelics have not been considered mainstream in psychology, "and we believe that's part of the biggest challenge around psychedelics," said J.R. Rahn, co-founder and co-CEO of MindMed, "Not necessarily proving the safety and efficacy of these substances, but destigmatizing them to both the psychiatric community and the patients that really need them."
MindMed is a psychedelic health company focused on researching drugs like 18-MC, a legal derivative of psychedelic drug ibogaine, and LSD for application on conditions like treatment-resistant depression and addiction. The company's investment will first go toward training psychiatrists and clinical investigators at NYU Langone Health to work with psychedelic-assisted therapies, with the eventual goal of establishing a psychedelic research center, like the one founded in 2019 at Johns Hopkins. Both universities are among those leading the charge of psychedelic research in recent years.
"NYU has really been advancing psychedelic medicine, the research of these substances as medicines," Rhan said. "This was always something that was on the fringes."
MindMed, which went public on the NEO Exchange in March, is one of a crop of high-profile psychedelic medicine companies making a name for itself among Wall Street investors. Another of these companies, Compass Pathways, received Breakthrough Therapy designation from the Food and Drug Administration for using psilocybin on treatment-resistant depression. Famously backed by PayPal founder Peter Thiel, Compass went public on the Nasdaq in September.
Compass' successful IPO prompted MindMed to apply to uplist to Nasdaq earlier this month.
"NEO has been a very, very supportive exchange. I think they really took a chance on this space. They were the first exchange to do that. But what I think Nasdaq allows us is we want to start accessing more institutional capital," Rahn said. "I think a lot of Wall Street investors are saying, 'I better have this as part of my portfolio.'"
Rahn said the need for alternative mental health treatment has perhaps never been so urgent. According to the Centers for Disease Control and Prevention, mental health issues have worsened in response to the coronavirus pandemic and its mitigation efforts. Some 40 percent of Americans, surveyed at the end of June reported battling some form of adverse mental health or substance abuse issue.
For entrepreneurs like Rahn, this tragedy poses an opportunity.
"I think any renaissance happens because there's a prior problem and right now, what we're seeing is really an apocalypse of mental health and addiction [problems]. Mental health and addiction are America's unfortunate, next great growth story," Rahn said.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
