Compass Pathways Establishes Strategic Collaboration with Radial to Innovate Patient Experience and Inform Potential Delivery Model of COMP360
Compass Pathways plc (NASDAQ:CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation announced today it is entering into its seventh strategic collaboration, with Radial Health, Inc., a growing national network of interventional psychiatry practices leveraging technology and operations expertise to optimize models of care delivery. This collaboration will further help to inform the development of scalable delivery models for investigational COMP360 psilocybin treatment, if FDA approved. The agreement with Radial expands the set of collaborations that Compass has established representing a broad spectrum of settings where people living with mental health conditions receive their care in the United States.
Radial is building a national network of clinics across the U.S., delivering interventional, evidence-based treatments for mental health conditions. The co-founders have a mission-driven background in designing customer-centric care and building systems to enable operational scalability. Most notably, executive chairman Elliot Cohen co-founded PillPack, an e-commerce pharmacy sold to Amazon to become Amazon Pharmacy. Radial currently operates across five states and provides virtual assessments across the U.S. Together, Compass and Radial will explore how investigational COMP360 synthetic psilocybin treatment will fit into a growing national network of clinics such as Radial's, with the aim of enabling a seamless integration at launch.
"We are thrilled to collaborate with Radial, an innovative and growing network of practices aimed at helping people in need of new and differentiated mental health treatment options," said Steve Levine, Chief Patient Officer of Compass Pathways. "Each of our strategic collaborations yields differentiated, valuable learnings about how COMP360 psilocybin treatment will integrate into various healthcare settings across the country, if approved. We are proud to add Radial, and their leadership's track record of delivering simplified and meaningful patient experiences, to our set of collaborations, and look forward to learning together."
"As the mental health crisis persists, too many individuals continue to struggle without effective mental health options. At Radial, we are committed to changing that by delivering significant advancements in evidence-based solutions that make a real difference for patients. The emerging profile of COMP360 is particularly exciting as it holds the potential to completely change the paradigm of how patients with mental health conditions are treated. We are proud to collaborate with Compass to understand how this innovative and exciting new treatment could seamlessly integrate into our delivery model," said John Capecelatro, CEO & Co-Founder of Radial.
About Compass Pathways' strategic collaborations
Compass is forming a comprehensive and diverse set of collaborations to inform how investigational COMP360 psilocybin treatment can be seamlessly integrated into different types of healthcare delivery systems in the US.
Compass also has previously announced collaboration agreements with Greenbrook Mental Wellness Centers, a leading provider of interventional psychiatric treatments in the U.S.; Hackensack Meridian Health, a leading not-for-profit health care organization and the largest, most comprehensive, and truly integrated network in New Jersey, addressing the full continuum of care for people living with mental health conditions; Reliant Medical Group, an Optum company and integrated primary and specialty care organization; Journey Clinical, a leading psychedelic-assisted psychotherapy platform in the US; Mindful Health Solutions, one of the U.S.'s leading providers of innovative behavioral health care; and HealthPort, a multi-site comprehensive community health organization helping people impacted by social determinants of health.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. In some cases, forward-looking statements can be identified by terminology such as "may", "might", "will", "could", "would", "should", "expect", "intend", "plan", "objective", "anticipate", "believe", "contemplate", "estimate", "predict", "potential", "continue" and "ongoing", or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements include express or implied statements relating to, among other things, statements regarding our expectations regarding our business strategy and goals; our plans, expectations and ability to achieve our goals related to this strategic collaboration agreement and our other collaborations; our expectations and projections about the company's future cash needs and financial results; our plans and expectations regarding our phase 3 trials in treatment resistant depression, or TRD; our expectations regarding discussions with the FDA; the potential for the pivotal phase 3 program in TRD to support regulatory filings and approvals; our expectations regarding the safety or efficacy of our investigational COMP360 psilocybin treatment, including as a treatment for treatment of TRD or PTSD; our ability to obtain regulatory approval and adequate coverage and reimbursement; our ability to transition from a clinical-stage to a commercial-stage organization and effectively launch a commercial product, if regulatory approval is obtained or on an accelerated timeline or at all; and our expectations regarding the benefits of our investigational COMP360 psilocybin treatment. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Compass's control and which could cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these forward-looking statements.
These risks, uncertainties, and other factors include, among others: uncertainties associated with risks related to clinical development which is a lengthy and expensive process with uncertain outcomes, and therefore our clinical trials may be delayed or terminated and may be more costly than expected; the results of early-stage clinical trials of our investigational COMP360 psilocybin treatment may not be predictive of the results of later stage clinical trials; our need for substantial additional funding to achieve our business goals and if we are unable to obtain this funding when needed and on acceptable terms, we could be forced to delay, limit or terminate our clinical trials; our efforts to obtain marketing approval from FDA or regulatory authorities in any other jurisdiction for our investigational COMP360 psilocybin treatment may be unsuccessful; our efforts to commercialize and obtain coverage and reimbursement for our investigational COMP360 psilocybin treatment, if approved, may be unsuccessful; this collaboration with Radial Health or one or more of our previously announced collaborations may not continue or may not achieve the expected benefits; uncertainties regarding the ability to develop a scalable and efficient delivery model for investigational COMP360 psilocybin treatment, if approved; and our ability to retain key personnel; and those risks and uncertainties described under the heading "Risk Factors" in Compass's most recent annual report on Form 10-K or quarterly report on Form 10-Q, the prospectus supplement related to the proposed public offering we plan to file and in other reports we have filed with the U.S. Securities and Exchange Commission ("SEC"), which are available on the SEC's website at www.sec.gov. Except as required by law, Compass disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Compass's current expectations and speak only as of the date hereof.
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