Biotech stocks Clearmind (NASDAQ:CMND) and SciSparc (NASDAQ:SPRC) took a nosedive of approximately 7% during early trading on Tuesday following Clearmind’s disclosure of results from a preclinical study involving its drug MEAI in combination with SciSparc’s PEA for potential weight loss and metabolic disorder treatment.
Clearmind detailed that the study’s aim was to determine the most effective dosage for the joint treatment and to monitor its safety and impact on various factors, including fat oxidation, locomotor activity, and eating behavior. The trial was carried out on mice.
According to a statement by Clearmind, the outcomes have further boosted its confidence in the MEAI-based therapy, particularly when used in combination with SciSparc’s PEA.
Additionally, compounding SciSparc’s stock slump was an announcement made early Tuesday about the implementation of a short-term shareholder rights plan.