see Mira X Acquisition Corp. Announces Proposed Qualifying Transaction with Field Trip Psychedelics Inc
This begs the question: what does Field Trip bring to the table for investors?
Field Trip is another vertically-integrated psychedelics company: providing both psychedelics-based therapy along with psychedelics research and drug development.
The company’s focus is ketamine-enhanced psychotherapy. Field Trip’s psychedelics therapy uses lower doses of ketamine than what is typically used when ketamine is safely administered as an anaesthesia. Field Trip sees these lower doses as being optimal to “promote better mental health”.
Ketamine is a psychedelic that interacts with neurotransmitters in the brain. Studies have shown that ketamine-based drug therapy can reduce anxiety and depression. Field Trip’s Health centres are pursuing this area of treatment.
Field Trip’s core management team is a collective of five co-founders.
CEO Joseph del Moral describes himself as “a serial entrepreneur”. Along with fellow co-founders Ronan Levy, Hannan Fleiman, and Ryan Yermus, he previously founded CanvasRx and Canadian Cannabis Clinics. Del Moral was also CEO there.
After CanvasRx was acquired by Aurora Cannabis (US:ACB / CAN:ACB), del Moral went on to serve as a Director of Aurora. He has also been heavily involved in both a biotechnology and home services startup.
Ronan Levy is Field Trip’s Executive Chairman. After CanvasRx was acquired, Levy became Aurora’s Senior Vice President of Business and Corporate Affairs. He has also been Chief Strategy Officer for Trait Biosciences, a cannabis biotech company. Levy began his career as a corporate lawyer.
Hannan Fleiman is Field Trip’s President of Healthcare Practice. He was previously President of Trait Biosciences. Fleiman has also served as a senior officer with several other startups. Fleiman’s academic background includes an MBA and a science degree in Medical Toxicology.
Dr. Ryan Yermus is a medical doctor who cut his teeth founding the first fully compliant medical cannabis clinic in Canada. His current medical practice focuses on the treatment of opioid addiction. Yermus completed his medical residency at the University of Toronto in 2009.
Co-founder Mujeeb Jafferi previously served as Vice President of Sales and Strategy for Just Energy Inc. He has held senior roles in corporate finance, operations and business development. Jafferi has both a bachelor’s degree in Information Technology Management and law degree from the University of Toronto.
Dr. Nathan Bryson is Field Trip’s Chief Scientific Officer. He has more than 25 years of experience in the pharmaceuticals industry. This ranges from early-stage drug development to navigating the regulatory approval process. He has previously served as Chief Scientific Officer for both Cynapsus Therapeutics and Acerus Pharmaceuticals.
Field Trip is seeking to raise up to CAD$14 million in its qualifying transaction, with an option to upsize the offering to CAD$15 million. This will be a “three-cornered amalgamation”, between Field Trip, Mira X Acquisition Corp (CAN:MIRA.P) and a subsidiary of Mira X.
The roster of publicly listed psychedelics companies is still a small one. Field Trip’s upcoming RTO will add one more player to compete in this emerging industry.