Mental Health Demand For Development Of Psychedelic Drug Therapies Is Increasing

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Jan 12, 2021, 08:30 ET

PALM BEACH, Fla., Jan. 12, 2021 /PRNewswire/ -- After being relegated to the margins of sincere scientific examination for about five decades, growing researchers and scientists are exploring the therapeutic value of psychedelic drugs and compounds that could be a new treatment option for people with depression. According to Data Bridge Market Research North America psychedelic drugs market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 16.3% in the forecast period of 2020 to 2027 and expected to reach USD 6,859.95 million by 2027 from USD 2,077.90 million in 2019. Growing acceptance of psychedelic drugs for treating depression and increasing prevalence of depression and mental disorders are the factors for the market growth. Data Bridge added: "Psychedelic drugs are the category of therapeutic pharmaceuticals that are responsible for instigating psychedelic expressions in the patient consuming these drugs with the help of serotonin receptor agonism. This subsequently results in a number of changes in the visual and auditory functions of the consumer. This alteration of bodily function is also combined with changes in the consciousness causing a change of mindset amongst the patients. A majority of the drugs produced for these functioning include being developed from LSD, ecstasy, ketamine amongst various others." Active companies in the markets this week include: Mind Cure Health Inc. (OTCQB: MCURF) (CSE: MCUR), COMPASS Pathways plc (NASDAQ: CMPS), Numinus Wellness Inc (OTCPK: LKYSF) (TSX-V: NUMI), Cybin Inc. (OTCPK: CLXPF) (NEO: CYBN), Field Trip Health Ltd (OTCPK: FTRPF) (CSE: FTRP).

The Data Bridge article continued: "Psychedelic drugs market is growing due to increase in prevalence of depression worldwide, increase special designation from the regulatory authority; the effects of these factors: Increase in prevalence of depression worldwide. Psychedelic drugs are used for the treatment of different variants of depression and other clinical indications, although the major focus is on the treatment of depression and other different types of mental disorders. This is due to their capability of invoking consciousness changes by altering the visual and auditory functioning of the consumers. Therefore, the growing volume of depression in patients is directly affecting the market's potential for growth; and Increase special designation from the regulatory authority: Another important factor behind the market's high growth potential is the different regional authorities providing specialized designation to these drug categories helping streamline the approval process by providing the specific requirements required from the drug for its approval in a timelier manner."

Mind Cure Health Inc. (CSE: MCUR.CNQ) (OTCQB: MCURF) BREAKING NEWS: Mind Cure Signs LOI to Acquire an Ownership Interest in Psychedelic Treatment Center ATMA, Selected by Section 56 Exempt Patient for Psilocybin Therapy - Mind Cure Health Inc is pleased to announce the signing of a non-binding letter of intent (the "LOI") for strategic investment and commercial cooperation with ATMA Journey Centers Inc. ("ATMA"), a Calgary-based organization. ATMA is the first commercial treatment center in Canada to announce providing psychedelic-assisted therapy for a section 56 exempt patient. The LOI is intended to help Mind Cure secure an equity position within ATMA, empowering the Company with access to a global release strategy for iSTRYM, as well as international locations for translational research on novel molecules and treatment protocols.

"ATMA's clinicians possess a proven track record of advocacy and innovation driving toward the therapeutic benefits of psychedelic medicine for patients in the treatment of mental health and wellness. Mind Cure is extremely excited to join ATMA in the renaissance that is disrupting mental health care by partnering with one of the pioneers in the therapeutic psychedelics industry," said Kelsey Ramsden, President & CEO, Mind Cure. "With Mind Cure's therapeutic tool, iSTRYM, along with ATMA's pivotal achievement as the care provider for Canada's most recent section 56(1) exempt patient, mental health care in Canada is making history. We are thrilled to work with the best-in-class to drive our focus on accelerating our research and technology platforms."

Mind Cure's partnership with ATMA is an exciting opportunity for researchers and therapists to participate in each of Mind Cure's research programs focused on pain, neuroregeneration, migraines, and cluster headaches. The proposed investment will facilitate the syndication of Mind Cure's psychedelic drug protocols and the use of Mind Cure's proprietary technology, iSTRYM, to optimize treatment for ATMA clients.

The deployment of capital will also advance speed and scale for data enrichment of iSTRYM, providing the AI-driven platform with access to patient data as ATMA targets domestic and international healing and treatment centers.

"Psilocybin-assisted therapy offers healing and understanding that is unmatched by traditional methods. Patients dealing with end-of-life anxiety, pain, depression, trauma, and addiction have been at the mercy of ineffective and underwhelming treatments for much too long. The resources are here, and we are extremely grateful to be at the frontlines of this world-changing, innovative, and extremely alleviating solution, to help bring peace to sufferers," said David Harder, co-CEO, ATMA Journey Centers Inc. "We are witnessing an inflection point for mental health treatment as the commitment to wellness in Canada takes a huge step forward."

Pursuant to the LOI, the parties intend to negotiate the terms of definitive agreements (the "Definitive Agreements"), which will provide for, among other things an initial $500,000 investment by Mind Cure in ATMA, participation by Mind Cure in ATMA's future financings, and the exclusive use of iSTRYM throughout ATMA's business. There can be no assurance that the Definitive Agreements will be entered into or that the investment or commercial transactions will be completed on the terms proposed in the LOI or at all. To read this and more news for Mind Cure Health, please visit https://www.financialnewsmedia.com/news-mcur/

Other recent developments in the markets include:

Numinus Wellness Inc (OTCPK: LKYSF) (TSX-V: NUMI), a company creating an ecosystem of solutions centered on the research, development, and delivery of safe, evidence-based, accessible psychedelic-assisted psychotherapies, has completed the first legal extraction of Psilocybe mushrooms in Canada by a public company for research and development purposes. This follows Numinus' successful completion of the cultivation and harvest of the first legal flush of Psilocybe mushrooms at Numinus Bioscience, the Company's 7,000 square foot analytics and research laboratory.

"Completing the first legal extraction of Psilocybe mushrooms in Canada is a critical next step to providing a natural product for safe, evidence-based psilocybin-assisted psychotherapies to those in need," said Payton Nyquvest, CEO, Founder, and Chairman. "Numinus continues to be a vanguard of positive change for the industry, and this announcement demonstrates our ability to deliver yet another first."

Cybin Inc. (OTCPK: CLXPF) (NEO: CYBN), a life sciences company focused on psychedelic therapeutics, recently announced that it has entered into an agreement with neurotech pioneer HI, LLC dba Kernel ("Kernel") to leverage its innovative technology, Kernel Flow ("Flow"), for its upcoming sponsored clinical work. Flow is a full-head coverage, time-domain functional near-infrared spectroscopy system designed to detect hemodynamic changes in the brain that pulses light through the skull and into the bloodstream in order to measure how much oxygen the blood is carrying at any given time. Flow measurements can be used as analogues of local neural activity during a psychedelic experience. Cybin expects the quantitative measurements enabled by Flow may improve the development, delivery and scaling of its psychedelic therapeutics.

"Access to Kernel's innovative Flow technology adds another exciting dimension to the investigative work that Cybin is doing to develop breakthrough treatments for mental health disorders such as depression and addiction. Currently, clinical investigators rely on limited subjective information from patients. The ability to collect quantitative data from our sponsored drug development programs is potentially game-changing in terms of our ability to measure where psychedelics work in the brain in real time, and how we ultimately design our future therapeutics. We are delighted to partner with Kernel to study the utility of Flow in sponsored clinical settings. This new cornerstone component of our sponsored clinical programs follows a record-setting capital raise, listing on the NEO Exchange and the acquisition of Adelia Therapeutics Inc., which added significant scientific capabilities, novel molecules, delivery mechanisms and intellectual property," stated Doug Drysdale, CEO of Cybin

Field Trip Health Ltd (OTCPK: FTRPF) (CSE: FTRP), ), a leader in the development and delivery of psychedelic therapies, recently announced it has, subject to completion of a final site inspection, been selected as a trial location for a MAPS-sponsored study on the safety, feasibility and preliminary outcomes of MDMA-assisted therapy to treat eating disorders (the "Eating Disorder Study"), including Anorexia Nervosa.

Anorexia Nervosa is a mental health condition and eating disorder characterized by low weight, food restriction, fear of gaining weight and a strong desire to be thin. Anorexia is also the most deadly mental illness, with a higher mortality (death) rate than any other mental illness, leading to potential cardiac complications, heart, kidney and liver failure, bone loss, anemia and suicide.

COMPASS Pathways plc (NASDAQ: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, recently announced it is establishing its first Centre of Excellence in collaboration with The Sheppard Pratt Institute for Advanced Diagnostics and Therapeutics in Baltimore, Maryland, United States.

The Centre of Excellence will model the "clinic of the future", showcasing the best thinking in science, therapy, technology, and design. Working as a research facility and innovation lab, it will generate evidence to shape therapy models in mental health care, train and certify therapists, conduct clinical trials including proof-of-concept studies, and prototype digital solutions to improve patient experience. The first wave of research will focus on COMPASS's investigational COMP360 psilocybin therapy, which comprises administration of COMP360 psilocybin with psychological support from specially trained therapists.

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