Clearmind Medicine Inc. (NASDAQ:CMND) shares are up Tuesday after the company announced it signed an exclusive patent licensing agreement with Yissum Research Development.

What Happened: The agreement with Yissum Research Development grants Clearmind Medicine the exclusive right to develop, manufacture and commercialize compounds invented by professors Rami Yaka, Ahmend Masaewa and Avi Priel of the Hebrew University.

These compounds will work to treat post-traumatic stress disorder (PTSD) along with other mental health conditions. Current treatment options provide limited relief and may cause other side effects, such as weight gain.

"We are excited to announce this groundbreaking patent license agreement, which reflects our strong collaboration with Yissum and the Hebrew University, a world-leading institution. This agreement marks a significant stride in our mission to meet urgent mental health care needs," said Dr. Adi Zullof-Shani, CEO of Clearmind Medicine.

"We believe that the psychedelic compounds covered by this agreement hold immense promise in treating complex conditions like PTSD, offering a new ray of hope to millions of people worldwide."

Under terms of the agreement, Clearmind Medicine is eligible to receive future milestone payments, royalties on future sales and commitments to safeguard intellectual property rights.

The 2023 global market value for PTSD treatment was $16.8 billion and it's expected to reach $27.37 billion by 2033.

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CMND Price Action: Clearmind shares were trading 18.8% higher at $1.38 Tuesday morning, according to Benzinga Pro.

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