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Compass Pathways Plc (Nasdaq: CMPS) is a biotechnology company at the forefront of mental health innovation, dedicated to accelerating patient access to evidence-based therapies. Headquartered in London, UK, with offices in New York and San Francisco, Compass is pioneering a new model of psilocybin therapy, specifically targeting treatment-resistant depression (TRD). The company’s flagship product, a proprietary high-purity polymorphic crystalline formulation of synthetic psilocybin known as COMP360, is at the core of their therapeutic approach.
Compass Pathways has made significant strides in mental health care by combining psilocybin treatment with psychological support. This dual approach is designed to provide comprehensive care for patients unresponsive to standard treatments. COMP360 has been designated a 'Breakthrough Therapy' by the U.S. Food and Drug Administration (FDA) and also received the Innovative Licensing and Access Pathway (ILAP) designation in the UK for TRD.
The company's research is supported by robust clinical trials. Compass has commenced a Phase 3 clinical program for COMP360, making it the largest randomized, controlled, double-blind psilocybin treatment clinical program ever conducted. Previous Phase 2b studies have shown that a single 25mg dose of COMP360 can significantly improve depressive symptoms with sustained effects over weeks. In addition to TRD, Compass is exploring the potential of COMP360 for treating post-traumatic stress disorder (PTSD) and anorexia nervosa through ongoing Phase 2 clinical trials.
Recent collaborations with leading healthcare institutions like Hackensack Meridian Health and Journey Clinical are aimed at understanding and optimizing the delivery models for COMP360, should it receive FDA approval. These partnerships also include exploration into therapist training and care reimbursement processes to ensure that the treatment can be integrated smoothly into existing healthcare systems.
Financially, Compass Pathways remains committed to transparency and regular updates to investors through various platforms including their website, social media, and investor relations channels. The company's vision is to create a world where mental well-being is within reach for all.
For the latest news and updates on Compass Pathways, visit www.compasspathways.com.
COMPASS Pathways plc (Nasdaq: CMPS) announced a corporate update presentation at the 20th Annual Needham Virtual Healthcare Conference on April 15, 2021, at 8:00 am ET. The update will be delivered by CEO George Goldsmith and President Lars Wilde, along with 1:1 investor meetings. A live audio webcast will be accessible via the COMPASS website, with a 30-day replay available afterward. COMPASS focuses on innovative mental health care solutions, particularly through its psilocybin therapy, COMP360, currently in phase IIb clinical trials for treatment-resistant depression.
COMPASS Pathways (Nasdaq: CMPS) has appointed Dr. Wayne J. Riley to its Board of Directors, aiming to enhance its leadership in the mental health sector. Dr. Riley, with over 25 years of experience in healthcare and academia, is currently the President of SUNY Downstate Health Sciences University. His expertise is expected to support COMPASS's innovation in psilocybin therapy for treatment-resistant depression, which has received Breakthrough Therapy designation from the FDA. This appointment comes as COMPASS conducts a phase IIb clinical trial across 22 sites in Europe and North America.
COMPASS Pathways (Nasdaq: CMPS), a mental health care firm, has been granted two new US patents for their synthetic psilocybin formulations aimed at treating major depressive disorder (MDD), including treatment-resistant depression (TRD). Patent No. 10,954,259 was awarded on March 23, 2021, covering crystalline psilocybin and its pharmaceutical formulations. Patent No. 10,947,257 was granted on March 16, 2021, focusing on oral dosage forms of psilocybin. These patents support COMPASS's phase IIb clinical trial for TRD therapy, with anticipated data release in late 2021.
COMPASS Pathways reported progress in its phase IIb clinical trial of COMP360 psilocybin therapy for treatment-resistant depression, with data expected by the end of 2021. The company launched its first Centre of Excellence at Sheppard Pratt in Baltimore to advance mental health care. Financially, COMPASS faced a net loss of $60.3 million in 2020, an increase from $19.6 million in 2019, driven by rising R&D and administrative expenses. Cash reserves stood at $190.3 million by year-end 2020. A conference call is scheduled for March 9, 2021.
COMPASS Pathways (Nasdaq: CMPS) has announced an expansion of its Discovery Center through collaborations with leading scientists from UC San Diego and Medical College of Wisconsin. The new partners, Adam Halberstadt and John McCorvy, will join Jason Wallach in efforts to develop innovative psychedelic compounds targeting mental health issues. This initiative aims to address unmet medical needs and enhance the existing psilocybin therapy model. COMPASS will hold exclusive rights to the new compounds developed during this collaboration.
COMPASS Pathways (Nasdaq: CMPS) has published a paper in Frontiers in Psychiatry detailing its structured therapist training programme for psilocybin therapy. The program aims to ensure consistent quality in psychological support during COMP360 psilocybin therapy, currently in phase IIb clinical trials for treatment-resistant depression. Developed with leading experts, it includes online learning, in-person training, and ongoing mentorship. This initiative addresses previous inconsistencies in training, enhancing the safety and effectiveness of psilocybin therapy.
COMPASS Pathways plc (Nasdaq: CMPS) announced participation in two upcoming investor conferences during the week of January 11, 2021. CEO George Goldsmith and President Lars Wilde will engage in a fireside chat available on demand from January 11-14 at the HC Wainwright BioConnect 2021 Conference. Additionally, they will present a business update and conduct a live fireside chat at 12:15 pm ET on January 14 during the Westwicke Healthcare Day at the ICR Conference 2021. Webcasts will be accessible through the COMPASS website's Investors section for 30 days post-event.
COMPASS Pathways (CMPS) successfully completed a $146.6 million IPO on Nasdaq, enhancing their financial position for advancing mental health innovations. They are progressing with their phase IIb clinical trial of COMP360 psilocybin therapy for treatment-resistant depression, expanding to 21 sites across 10 countries. The company strengthened its leadership team with key appointments. As of September 30, 2020, cash and equivalents reached $196.5 million, expected to fund operations into 2023. However, the net loss increased to $16.7 million for Q3 2020, compared to $5.7 million in Q3 2019.
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