Rising Prevalence of Mental Depression & Anxiety Major Drivers Propelling Demand In Psychedelic Drugs Market

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Jul 07, 2021, 09:15 ET

PALM BEACH, Fla., July 7, 2021 /PRNewswire/ -- Psychedelic drugs and therapies are truly becoming mainstream and are expected to become even more so in the years to come. Psychedelic drugs involve various types of chemical substances including LSD and chemical extracted from plants. Psychedelic drugs have the ability to change or enhance the sensory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences. Psychedelic drugs can be categorized into empathogens and dissociative drugs (such as PCP) and serotonergic (classic hallucinogens) such as LSD. According to Data Bridge Market Research, the psychedelic drugs market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 13.3% in the forecast period of 2021 to 2028 and is expected to reach USD 7,567.52 million by 2028 from USD 2,823.67 million in 2020. The rising prevalence of mental depression and anxiety and availability of off-label drugs are the major drivers which has propelled the demand of the psychedelic drugs market in the forecast period. The report said: "The awareness campaigns have encouraged people to select appropriate treatment for mental disorders procedures and professionals which is increasing the demand of psychedelic drugs and the rising awareness towards mental health is acting as a driver for the psychedelic drugs market." Active companies in the market this week include Optimi Health Corp. (OTCQB: OPTHF) (CSE: OPTI), MindMed (NASDAQ: MNMD), COMPASS Pathways plc (NASDAQ: CMPS), Atai Life Sciences B.V. (NASDAQ: ATAI), Cybin Inc. (OTCQB: CLXPF) (NEO: CYBN).

The Data Bridge Market report continued: "Changes in the regulation charges for psychedelic drugs approval and taking regulatory approval could lead to delay product launch and stringent regulatory is working as a restraint for the psychedelic drugs market. Increasing research and development expenditure in the psychedelic drugs is creating new opportunities in the psychedelic drugs market, thus increasing R&D activities in psychedelic drugs is acting as an opportunity for the growth of the psychedelic drugs market. The increasing side effects of the psychedelic drugs act as a challenge for the growth of the psychedelic drugs market in the forecasted period. In North America, the U.S. is dominating the market due to growing acceptance of psychedelic drugs for treating depression and rise in product approvals. However, In Europe, Germany is dominating the market due to rising awareness towards mental health. Whereas, Saudi Arabia is dominating in Middle East and Africa due to ongoing clinical trials and increasing prevalence of depression and mental disorders in the country."

Optimi Health Corp. (OTCQB: OPTHF) (CSE: OPTI.CN) BREAKING NEWS: Optimi Health Initiates Pathway to Nasdaq Listing - Optimi Health Corp. ("Optimi" or the "Company"), a vertically integrated developer of mushroom products announced today that it has engaged the consulting services of Donohoe Advisory Associates LLC ("Donohoe Advisory") to explore strategies to advance towards a potential Nasdaq listing.

Donohoe Advisory (www.donohoeadvisory.com), which provides listing related consulting services to public companies and law firms, was formed in 2004 by David A. Donohoe, Jr., former Chief Counsel for the Listing Qualifications Department of The Nasdaq Stock Market. Mr. Donohoe is joined by four ex-Nasdaq and NYSE staff members.

"We welcome the opportunity to work with Optimi," notes Mr. Donohoe. "It's a new, exciting and active sector and there are several industry peers which have achieved senior exchange listing with notable success. We believe Optimi's fundamental approach, business model and early-stage success can pave the way forward to achieve their market ambitions."

Optimi Health's CEO Mike Stier states, "We have long felt that Optimi presents a business combination that could achieve a senior listing. With today's announcement we have begun the next major step towards that goal and are excited by the possibilities ahead." Continued…. Read this full release and more news for Optimi Health Corp. at: https://www.financialnewsmedia.com/news-opt/

Other recent developments in the biotech industry include:

MindMed (NASDAQ: MNMD), a leading psychedelic-inspired medicine company recently announced that effective Friday, June 25th, 2021, MindMed has been added to the FTSE Russell 3000®index which measures the performance of the largest 3,000 US companies.

The annual Russell indexes reconstitution process captures the 4,000 largest US stocks in May of every year, ranking them by total market capitalization. Membership in the US all-cap Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index, as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

COMPASS Pathways plc (NASDAQ: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, has recently signed a Memorandum of Understanding (MoU) with South London and Maudsley NHS Foundation Trust (SLaM) and the Institute of Psychiatry, Psychology and Neuroscience (IoPPN) at King's College London, aimed at advancing psychedelic research and developing ambitious new models of care for mental health in the UK.

The three parties are keen to collaborate on a multi-year partnership that reflects their commitment to delivering innovation in mental health care. This collaboration is intended to include research into COMP360 psilocybin therapy and other novel therapies that may be developed by COMPASS in areas of unmet need such as depression, post-traumatic stress disorder (PTSD) and anorexia. It is also intended to include training therapists in psychedelic therapy, generating real-world evidence, prototyping digital solutions, and building state-of-the-art facilities for research as well as for modelling the "mental health care clinic of the future".

Atai Life Sciences B.V. (NASDAQ: ATAI), a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders, recently announced the pricing of its upsized initial public offering in the United States of 15,000,000 common shares at a price to the public of $15.00 per share. All common shares are being offered by atai. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by atai, are expected to be $225.0 million. In addition, atai has granted the underwriters a 30-day option to purchase up to an additional 2,250,000 common shares at the initial public offering price, less underwriting discounts and commissions. The offering is expected to close on June 22, 2021, subject to customary closing conditions.

Cybin Inc. (OTCQB: CLXPF) (NEO: CYBN), a biotechnology company focused on progressing psychedelic therapeutics, recently announced that it has entered into an exclusive research and development collaboration agreement with TMS NeuroHealth Centers Inc., a wholly-owned subsidiary of Greenbrook TMS Inc. (TSX:GTMS) (NASDAQ:GBNH). Greenbrook operates 129 outpatient mental health service centers in the United States. Pursuant to the Collaboration Agreement, Cybin and Greenbrook will work together to establish Mental Health Centers of Excellence for the purpose of facilitating research and development of innovative psychedelic compound-based therapeutics for patients suffering from depression.

Cybin and Greenbrook are both on a mission to assist individuals suffering from depression and the synergistic opportunity to combine forces was evident. Greenbrook's affiliated physicians have treated over 17,000 patients suffering from Major Depressive Disorder and other mental health disorders in the United States, while Cybin is a leader in the research and development of novel compounds and delivery mechanisms and is building the foundation of what it believes will become the next generation of commercially viable psychedelic therapeutics for the treatment of mental health disorders, including depression.

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