extended gains early Wednesday after the biotech company received a new patent for its crystalline psilocybin.
U.S. listed stock of Compass Pathways (ticker: CMPS) rose 0.6% in premarket trading Wednesday after jumping 7% on Tuesday. Shares have fallen about 29% year to date.
This is the first patent for claims covering its Form A hydrate psilocybin, Compass Pathways said in a press release. It has been granted three other patents by the U.S. Patent and Trademark Office.
Psychedelics, like psilocybin, are advancing research into mental health treatments. Combining psychotherapy with doses of psychedelics such as MDMA has proved to reduce PTSD symptoms and improve daily functioning in 42 participants.
“We are focused on developing the best therapies and bringing them to patients who are not helped by existing therapies in mental healthcare,” said co-founder and CEO George Goldsmith.
“With each new patent grant, the USPTO is recognizing our innovation, enabling us to continue to do the highest quality clinical research and to broaden our portfolio of evidence-based therapies for patients who urgently need better options,” he added.
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