COMPASS Pathways granted fifth US patent for crystalline psilocybin

Rhea-AI Summary

COMPASS Pathways plc (Nasdaq: CMPS) announced the granting of its 10th patent, specifically US Patent No 11,180,517, which focuses on treatment-resistant depression (TRD) using crystalline psilocybin. With five patents in the US, the latest patent reinforces the company’s commitment to advancing mental health therapies. COMPASS's COMP360 formulation, recognized as a Breakthrough Therapy by the FDA, has shown statistically significant improvements in depressive symptoms in clinical trials. The company continues to expand its innovative approach to mental health care.

Positive

• COMPASS granted 10th patent, enhancing intellectual property portfolio.
• FDA designated COMP360 as Breakthrough Therapy for treatment-resistant depression.
• COMP360 demonstrated significant clinical improvement in depressive symptoms.

Negative

• None.

London, UK - 23 November 2021

COMPASS Pathways plc (Nasdaq: CMPS) (“COMPASS”), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced today that it has been granted its fifth patent by the US Patent and Trademark Office (USPTO). This is COMPASS’s 10^th patent overall, with five now granted in the US, two in the UK, one in Germany and two in Hong Kong.

The new patent, US Patent No 11,180,517, covers methods of treating treatment-resistant depression (TRD) with crystalline psilocybin as well as with oral dosage forms of crystalline psilocybin with an excipient. Crystalline psilocybin is used in COMP360, COMPASS’s synthesised psilocybin formulation being developed for psilocybin therapy in TRD.

George Goldsmith, CEO and Co-founder, COMPASS Pathways, said: “This 10^th patent is a strong testament to our innovation. Patents enable us to continue to do the highest quality clinical research so we can work to bring therapies to patients who are suffering with serious mental health challenges and have few options.”  

About COMPASS Pathways 

COMPASS Pathways plc (Nasdaq: CMPS) is a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health. Our focus is on improving the lives of those who are suffering with mental health challenges and who are not helped by current treatments. We are pioneering the development of a new model of psilocybin therapy, in which our proprietary formulation of synthetic psilocybin, COMP360, is administered in conjunction with psychological support. COMP360 has been designated a Breakthrough Therapy by the US Food and Drug Administration (FDA), for treatment-resistant depression (TRD), and we have completed a phase IIb clinical trial of psilocybin therapy for TRD, in 22 sites across Europe and North America. This was the largest randomised, controlled, double-blind psilocybin therapy clinical trial ever conducted, and our topline data showed a statistically significant (p<0.001) and clinically relevant improvement in depressive symptom severity after three weeks for patients who received a single high dose of COMP360 psilocybin with psychological support. We are also running a phase II clinical trial of COMP360 psilocybin therapy for post-traumatic stress disorder (PTSD). COMPASS is headquartered in London, UK, with offices in New York and San Francisco in the US. Our vision is a world of mental wellbeing. www.compasspathways.com

Availability of other information about COMPASS Pathways 

Investors and others should note that we communicate with our investors and the public using our website (www.compasspathways.com), our investor relations website (ir.compasspathways.com), and on social media (LinkedIn), including but not limited to investor presentations and investor fact sheets, US Securities and Exchange Commission filings, press releases, public conference calls and webcasts. The information that we post on these channels and websites could be deemed to be material information. As a result, we encourage investors, the media, and others interested in us to review the information that is posted on these channels, including the investor relations website, on a regular basis. This list of channels may be updated from time to time on our investor relations website and may include additional social media channels. The contents of our website or these channels, or any other website that may be accessed from our website or these channels, shall not be deemed incorporated by reference in any filing under the Securities Act of 1933.

Forward-looking statements 

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In some cases, forward-looking statements can be identified by terminology such as “may”, “might”, “will”, “could”, “would”, “should”, “expect”, “intend”, “plan”, “objective”, “anticipate”, “believe”, “contemplate”, “estimate”, “predict”, “potential”, “could”, “work to”, “continue” and “ongoing,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements include express or implied statements relating to, among other things, COMPASS’s business strategy and goals, its ability to bring its products to patients, the benefits of additional patent protection to help enhance our clinical research and achieve our commercialisation strategy and goals, and COMPASS’s expectations regarding the benefits of its psilocybin therapy. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond COMPASS’s control and which could cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements.

These risks, uncertainties, and other factors include, among others: preclinical research and clinical development is lengthy and uncertain, and therefore our preclinical studies and clinical trials may be delayed or terminated, or may never advance to or in the clinic; and those risks and uncertainties described under the heading “Risk Factors” in COMPASS’s annual report on Form 20-F filed with the US Securities and Exchange Commission (SEC) on 9 March 2021 and in subsequent filings made by COMPASS with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by law, COMPASS disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on COMPASS’s current expectations and speak only as of the date hereof.

Enquiries

Media: Tracy Cheung, tracy@compasspathways.com, +44 7966 309024
Investors: Stephen Schultz, stephen.schultz@compasspathways.com, +1 401 290 7324

FAQ

What is the significance of COMPASS Pathways' new patent on US Patent No 11,180,517?

The new patent enhances COMPASS’s intellectual property, focusing on treating treatment-resistant depression with crystalline psilocybin.

How many patents does COMPASS Pathways hold?

COMPASS Pathways holds a total of 10 patents, including five granted in the US.

What is COMP360 and its importance in COMPASS Pathways' research?

COMP360 is a proprietary formulation of synthetic psilocybin developed for therapy in treatment-resistant depression, designated as a Breakthrough Therapy by the FDA.

What were the findings from COMPASS Pathways' clinical trials?

COMPASS completed a phase IIb clinical trial showing statistically significant improvement in depressive symptoms after patients received COMP360 with psychological support.

What are the market implications of COMPASS Pathways' recent patent announcement?

The patent strengthens COMPASS's competitive position in the mental health sector and may positively influence investor confidence.