Biomind Labs Inc. announced that it has commenced a Phase II clinical trial for its proprietary 5-Metoxi-N,N-dimethyltryptamine ("5-MeO-DMT")-based BMND08 candidate, a sublingual formulation for the potential treatment of anxiety and depression in Alzheimer's disease. Currently more than 55 million people have dementia worldwide with this number anticipated to almost double every 20 years, reaching 78 million in 2030 and 139 million in 2050. Much of the increase will be in developing countries.

Already 60% of people with dementia live in low- and middle-income countries, but by 2050 this will rise to 71%. The fastest growth in the elderly population is taking place in China, India, and their south Asian and western Pacific neighbors. Dementia results from a variety of diseases and injuries that affect the brain.

Alzheimer disease is the most common form of dementia and may contribute to 60–70% of cases.