Clearmind Medicine Inc. (NASDAQ:CMND) saw its shares rise on Tuesday after announcing that it has received Institutional Review Board (IRB) approval for its Phase I/IIa clinical trial of CMND-100, a drug targeting alcohol use disorder (AUD).

This approval marks a significant milestone in the company's FDA-regulated clinical program, and the trial will be conducted at Yale School of Medicine's Department of Psychiatry, led by Anahita Bassir Nia, an expert in psychiatry and addiction medicine.

The trial will evaluate the safety, tolerability, and efficacy of CMND-100, a proprietary investigational drug designed to reduce alcohol cravings and consumption in individuals with moderate to severe AUD.

Adi Zuloff-Shani, CEO of Clearmind Medicine, emphasized the importance of this step, noting that alcohol use is a leading preventable cause of death globally, responsible for 2.6 million deaths annually.

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Current treatment options are limited, with low efficacy and patient compliance.

Clearmind aims to address this gap with CMND-100, offering a potential solution for treating AUD that could significantly improve patient outcomes.

The trial is expected to provide critical data to support the advancement of CMND-100 through its clinical pipeline, offering hope for more effective treatment options for those struggling with alcohol addiction.

According to Benzinga Pro, CMND stock has lost over 6% in the past month. Investors can gain exposure to the stock via AdvisorShares Psychedelics ETF (NYSE:PSIL).

Price Action: CMND shares are trading higher by 35% to $1.64 at last check Tuesday.

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