Psychedelics Move to The Forefront of Innovative Research as the FDA Approves Large-Scale Testing

NEW YORK, May 13, 2021 /PRNewswire/ -- Psychedelics are quietly being used in clinical settings on small numbers of patients, but they are moving quickly toward medical approval. The FDA recently approved large-scale human trials to determine whether MDMA and other psychedelics warrant the agency's approval for treatment. The result is a budding industry of psychedelic research and innovation that is quickly moving these alternative treatments to the forefront of the medical community's attention. For companies like Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF), psychedelics are the lynchpin of a strategy to treat the rare and difficult diseases that currently have unmet needs. Then, there's Compass Pathways (NASDAQ:CMPS), which uses psilocybin for treating depression, and is conducting a study using guided psilocybin as a treatment for drug-resistant depression. Biotechnology company Cybin Inc. (NEO:CYBN) (OTC:CLXPF) is continuing to build out its development and clinical operations for psychedelic therapeutics in Europe and the US, while multinational pharmaceutical companies like Merck & Co. (NYSE:MRK) are introducing partnerships to fund research into psychedelics. Even big pharma companies like Eli Lilly & Company (NYSE:LLY), which has yet to dive into psychedelics, are uniquely positioned to develop and bring to market new treatments using psychedelics that target serotonin using their expertise in SSRIs.

How Tryp Therapeutics Is Developing New Solutions to Old Problems

The positive effects of psychedelics are now being tested and used for medicinal purposes, as doctors and patients look for more effective alternatives to the traditional pharmaceuticals currently available on the market. Tryp Therapeutics, a pharmaceutical company focused on identifying and developing clinical-stage compounds for orphan (rare) diseases and other diseases with high unmet medical needs, is forging ahead by submitting a provisional patent to improve how psychedelics are administered across a broad spectrum of indications. The company is using novel methods for the formulation, delivery, and dosing of psychedelics resulting in a potential reduction in the time spent by patients in the dissociative state. Tryp Therapeutics is developing this technology and these methods for a wide variety of conditions, and their efforts aim to enhance the effectiveness of psychedelics and to further differentiate Tryp's intellectual property position. The patent, if approved, would protect the company's differentiated methods for dosing, delivering, and administrating its psilocybin-based therapies.

Tryp Therapeutics' psilocybin-for-neuropsychiatric disorders program aims to develop synthetic psilocybin as a new class of drug for the treatment of neuro-psychiatric-based disorders that may be difficult to treat, or do not have their medical needs met. It is also developing TRP-1001, which is an oral version of razoxane, a drug used in the treatment of soft tissue sarcoma. This is a treatment for a rare and diverse group of tumors that account for 1% of all cancers in adults and 7% in children. The rareness of the disease means that Tryp believes that TRP-1001 should qualify for Orphan Drug Status.

Tryp Therapeutics is advancing medical science through these projects with a strong team of world class scientific advisors. Robin Carhart-Harris, Ph.D., Joel Castellanos, M.D., Rachel Wevrick, Ph.D., Derek Ott, M.D., and Wiliam Schmidt, Ph.D. compose Tryp's Scientific Advisory Board, bringing their vast wealth of experience and expertise to the company's development of drugs for pain indications. Their appointments to Tryp's Scientific Advisory Board have strengthened the company's focus and progress across its portfolio of projects.

The company has also ensured that investors have complete access to shares on the open market by commencing trading on the OTCQB Venture Market and becoming DTC eligible in April. This announcement marked the beginning of expanded access for millions of prospective investors in the US. Private investors have been active with the company this year as well, with Marc Lustig, founder and former Chairman of Origin House, leading a $2 million strategic financing deal in February 2021.

Major Players Are Getting in on the Action

Merck & Co. (NYSE:MRK) recently announced their partnership with Novamind to make it a key research site for a clinical trial that will focus on treatment-resistant depression using MDMA and ketamine. The Phase 2 trial will research a compound developed by Merck called MK-1942 to test the currently undescribed molecule for efficacy and safety, with the goal of using it alongside antidepressants for the treatment of treatment-resistant depression.

Cybin Inc. (NEO:CYBN) (OTC:CLXPF) is expanding its buildout for development and operations in Europe and the US, as the company focused on progressing psychedelic therapeutics forges ahead in advancing its mission of improving mental healthcare through therapeutic development programs and innovative drug delivery systems. The company also recently appointed Alexander Belser, PhD. as Chief Clinical Officer, and Aaron Bartlone as Chief Operating Officer.

Compass Pathways (NASDAQ:CMPS), a psychedelics-inspired medicine developer, will release Phase 2b trial data for its leading drug candidate, COMP 360, later in 2021. The release of the clinical trial data will be the first for a psychedelic-inspired drug. The company uses psilocybin to treat depression, and their study of a guided approach to treating depression with the drug is a commitment to their psychedelics-inspired approach that the market is so excited about.

Eli Lilly & Company (NYSE:LLY) is already one of the largest manufacturers of psychiatric medications, with a profitable portfolio of traditional treatments. The company's expertise developing drugs that treat depression using SSRIs will give it a head start in the psychedelic and psychedelic-inspired drug development ramping up now. Investors are looking for established drug makers to step into the innovative spaces like psychedelics and make continued progress in the treatment of diseases that currently have unmet treatment needs.

The Trailblazing Has Already Begun

Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF) has moved to protect its intellectual property as research and development continues to accelerate for psychedelics, and the industry expands.

For more information about Tryp Therapeutics, please click here.

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