What Led The Nova Mentis (NMLSF) Stock To Increase 15% On Friday?

Nova Mentis Life Science Corp (NMLSF) closed up 15.25 percent on Friday at $0.0747 as the company advances its drug development program. Shares of Nova Mentis (NMLSF) stock surged over 4.01% in the last month; with average volume for the month over 88.24K shares.

How is NMLSF advancing its drug program?

Following the receipt of a Health Canada-approved psilocybin import license, Nova Mentis (NMLSF) announced last week that it will continue to advance its psilocybin-based medication development program.

  • The approval allows NMLSF to transport its proprietary psilocybin medicine from its manufacturer to the Toronto Institute of Pharmaceutical Technology (TIPT) labs, where it will be used to design and manufacture psilocybin microdose containers for its upcoming clinical trial.
  • TIPT, which possesses a valid Controlled Drugs and Substances Dealer’s License from Health Canada, recently signed an agreement with NOVA Mentis, allowing the group to apply for an import grant.
  • The promising preclinical outcomes Nova Mentis found showed that recurrent low dosages of psilocybin can possibly be a powerful treatment to adjust conduct and mental deformities in patients with a chemical imbalance and delicate X condition (FXS).
  • NMLSF as of late shared that enlistment in its North American chemical imbalance concentrate has been advancing quickly, with 70 members signed up for the main month.
  • That progress came quicker than arranged, which addresses the need that exists to track down additional exact ways of diagnosing and treating these issues.
  • Nova Mentis is intending to enlist no less than 300 qualifying members; 200+ ASD/FXS patients and 100+ neurotypical controls.

What NMLSF is arranging further?

Nova Mentis (NMLSF) is in plans of presenting a clinical preliminary application before long to Health Canada for a Phase 2A clinical review assessing psilocybin microdose treatment for FXS. NMLSF is making ready to medicate endorsement and commercialization with dependable accomplices that are working with the vital stages in the administrative interaction and permitting the organization to push ahead with its clinical preliminary application.