Nova Mentis Life Science Corp (OTCQB:NMLSF) is a biotechnology company focused on psilocybin-based therapeutics and complementary diagnostics for neuroinflammatory disorders. The stock is currently trading around $.06 a share, up more than 50% from its closing price on Tuesday.
Why Is The Stock Up More Than 50%?
The company announced on Wednesday that it successfully completed a pre-clinical study in Italy. The study tested the efficacy of orally administered microdoses of psilocybin in patients with Autism.
The stock quickly skyrocketed on the positive news, shooting from about three cents a share to more than six cents a share.
What Did The Study Find?
According to the company’s press release, the results “exceeded all expectations.” The study found that a very low dose of Nova Mentis’ proprietary psilocybin improved behavioral and cognitive defects associated with Autism. The study also showed little to no side effects associated with the small doses of Nova Mentis’ psilocybin product.
“I am elated to be able to report to the medical community that at long last we may have opened the door to treatment of ASD (Autism Spectrum Disorder), an unmet medical need, that has a devastating impact on the patient, family and society,” said Marvin S. Hausman MD, chairman of NOVA’s Scientific Advisory Board.
Treatments for ASD are unmet, indeed. Hopefully, through work like Nova Mentis' more drugs and therapeutics will be developed to transform the lives and families of those who may be on the Autism spectrum.
