Canada-based pharmaceutical company Clearmind Medicine has signed an exclusive licensing agreement for psychedelic compounds used in the treatment of mental disorders.

Clearmind has signed the agreement with Yissum Research Development Company of the Hebrew University of Jerusalem.

The agreement covers the generation 3.0 psychedelic compounds, their preparation methods, and their uses in the treatment of addiction and mental disorders.

Under the terms of the agreement, Clearmind will get exclusive global rights to develop, research, manufacture, and market products derived from psychedelic compounds.

The licence agreement will enhance the company’s portfolio in addiction and mental health treatments.

Clearmind CEO Adi Zuloff-Shani said: “We are witnessing a renaissance within psychedelic medicine, including broad acknowledgement of these therapies and their potential by the medical community.

“While our existing IP portfolio includes molecules designed to address challenges inherent in classical psychedelics, we remain dedicated to continually enhancing our ongoing innovation.

“In particular, there has been a rise in demand for a new class of innovative compounds with enhanced psychedelic properties. We believe that these new generation 3.0 compounds hold enormous therapeutic potential, as well as a strong safety profile.”

Clearmind is a biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve major under-treated health problems.

The company aims to research and develop psychedelic-based compounds and commercialise them as regulated medicines, foods, or supplements.

Currently, Clearmind’s intellectual portfolio consists of sixteen patent families, and the company intends to seek additional patents for its compounds whenever warranted.

Zuloff-Shani added: “The exclusive licensing agreement with Yissum expands our IP portfolio of highly differentiated assets, strengthens our leadership position with potentially first-in-class assets, and illustrates our ongoing commitment to innovation.

“Our ultimate goal remains unchanged: to assist patients with unmet needs through the discovery of optimized psychedelic medications.”

In June last year, Clearmind and SciSparc signed a research agreement with the Hebrew University of Jerusalem for their combination treatment for obesity and metabolic syndrome.