Field Trip Health was a Canadian
Ketamine-assisted psychotherapy company,
founded in April 2019.
In May 2022, the company split into two separate, independent entities: Field Trip Health and Wellness and Reunion Neuroscience.
[
Field Trip Health and Wellness is now defunct with its assets acquired by two different companies,][ while Reunion Neuroscience is still active as of 2024,][ continuing the development of the psychedelic compound FT-104.][
]
History
Field Trip Health was founded in April 2019 by Ronan Levy, Joseph del Moral, Hannan Fleiman, Ryan Yermus and Mujeeb Jafferi.[ All of the cofounders, except for Jafferi, previously worked together in the Canadian cannabis industry.]psilocybin
Psilocybin, also known as 4-phosphoryloxy-''N'',''N''-dimethyltryptamine (4-PO-DMT), is a natural product, naturally occurring tryptamine alkaloid and Investigational New Drug, investigational drug found in more than List of psilocybin mushroom ...
targets, and intended to produce a hallucinogenic effect that lasted roughly two hours, or approximately half the time a psychedelic experience with magic mushrooms lasts.reverse takeover
A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public compa ...
of the Newton Energy Corporation, an oil and gas company.[ It would later be listed on the ]Nasdaq
The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...
in July 2021.[
In May 2022, Field Trip Health's board voted to split the company into two independent entities. The company would split into "Field Trip Health and Wellness", focusing on its medical care offerings, and "Field Trip Discovery" (later rebranded to Reunion Neuroscience), focusing on the research and development of psychedelic therapies.]
Field Trip Health and Wellness
In January 2023, Field Trip Health and Wellness faced both "claims or potential claims" of over $59 million. Two months later, the company laid off a majority of its staff, closed clinics, and sought protection from creditors under the Canadian ''Companies' Creditors Arrangement Act
The ''Companies' Creditors Arrangement Act'' (CCAA; ) is a statute of the Parliament of Canada that allows insolvent corporations owing their creditors in excess of $5 million to restructure their businesses and financial affairs.
The CCAA with ...
''. Throughout the entirety of the company's existence, close to CA$100 million of investor's money was spent in an attempt to make Field Trip a successful company. The company's three American clinics (New York, Washington, D.C., and California) were acquired by Stella, a healthcare company, for $751,770, and its Canadian clinics (Toronto and Vancouver) were acquired by the Canadian Centre for Psychedelic Healing for $627,900. Each buyer actively offers ketamine treatments.[ In May 2023, the company sold its Jamaican research and cultivation laboratory where it grew psilocybin mushrooms for $350,000 to Jamaican businessman William Mahfood.][ All proceeds from these sales were distributed to creditors.][
Ultimately, the American assets and company name would be folded under the Stella brand. As part of the acquisition, co-founder Mujeeb Jafferi and chief technology officer Amardeep Manhas joined Stella, taking on the roles of president and clinics operation officer. Stella also received Field Trip's advanced outcome data, research, and tech stack.
]
Reunion Neuroscience
In August 2022, Reunion Neuroscience completed its separation from Field Trip Health and began trading on the Toronto Stock Exchange
The Toronto Stock Exchange (TSX; ) is a stock exchange located in Toronto, Ontario, Canada. It is the List of stock exchanges, 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in th ...
under the ticker REUN.United States Patent and Trademark Office
The United States Patent and Trademark Office (USPTO) is an List of federal agencies in the United States, agency in the United States Department of Commerce, U.S. Department of Commerce that serves as the national patent office and trademark ...
when applying for a patent.
In April 2023, it was reported that Reunion Neuroscience was struggling to maintain the minimum share price requirement for listing on the Nasdaq exchange.[ The funds are to be released roughly in thirds (a third upfront, another for hitting milestones during Phase II trials, the final third for positive results).][ The company was reported as "developing serotonergic psilocybin-like compounds initially for treating ]postnatal depression
Postpartum depression (PPD), also called perinatal depression, is a mood disorder which may be experienced by pregnant or postpartum women. Symptoms include extreme sadness, low energy, anxiety, crying episodes, irritability, and extreme cha ...
", referring to the RE-104
RE104, formerly known as FT-104, and as 4-glutaryloxy-''N'',''N''-diisopropyltryptamine (4-HO-DiPT ''O''-glutarate or 4-GO-DiPT), is an investigational drug product being developed by the pharmaceutical company Reunion Neuroscience. RE104 a pro ...
compound.adjustment disorder
Adjustment disorder is a Mental disorder, mental and Abnormality (behavior), behavioral Mental disorder, disorder defined by a maladaptive response to a psychosocial stressor. The maladaptive response usually involves otherwise normal emotional a ...
.[ The funds are planned to be used in support of a Phase II trial of the compound.][
]
References
{{reflist
External links
Stella official website, formerly Field Trip Health
Reunion Neuroscience official website
Canadian companies established in 2019
Defunct companies of Canada
Corporate spin-offs