Psychedelics are Gaining Traction as Therapies and Medicines

FinancialBuzz.com News Commentary

NEW YORK, Feb. 11, 2021 /PRNewswire/ -- The psychedelic drug market continues to follow a similar path to the cannabis segment. It is now slowly getting more attention from investors as the stigma surrounding psychedelic drugs fades. In particular, the growing acceptance of using psychedelics to treat various mental disorders such as depression is actually fueling market growth. Recently, a total of three breakthrough therapy designations have been awarded by the FDA to psychedelic assisted therapy clinical trials for psilocybin and MDMA. The designations could potentially help shorten the development timelines of these psychedelic focused clinical trials, positively affecting patients suffering from depression and PTSD in the long run. And, according to Data Bridge Market Research, the North American psychedelic drugs market is expected to gain market growth in the forecast period of 2020 to 2027, growing with a CAGR of 15.8% in the forecast period and is projected to reach USD 6,846.68 Million by 2027. Mind Medicine (MindMed) Inc. (OTC: MMEDF) (NEO: MMED), Revive Therapeutics Ltd. (OTC: RVVTF), AbbVie Inc. (NYSE: ABBV), AstraZeneca PLC (NASDAQ: AZN), Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) 

While psychedelic drugs like psilocybin are classed as schedule III-controlled substances under Canada's Controlled Drugs and Substances Act (CDSA), recent exemptions have moved the needle on how such products can be legally administered. The exemption, granted last year, is allowing approved applicants with terminal illnesses to have psilocybin administered. "The Minister's exemption marks the first time a legal exemption has been granted in Canada for patients to access psychedelic substances for treatment. The four individuals suffer from terminal cancer and have experienced anxiety etc. that have not responded to conventional psychotherapy treatments. They applied for an exemption under compassionate grounds under section 56(1) of the CDSA," according to Wise Health Law.

Mind Medicine (MindMed) Inc. (OTCQB: MMEDF) (NEO: MMED) announced last week that it has, "streamlined its leadership team to further develop the company's strategy of integrating its psychedelic clinical development programs with innovative digital technologies."

J.R. Rahn will take on sole responsibility as Chief Executive Officer of the Company and Perry Dellelce has been appointed as Chair of the board of directors. This evolution of executive management will bolster MindMed's strategy with a team that includes Dr. Miri Wernli Halperin as President and Head of Clinical and Carol Nast as Chief Operating Officer, as well as Robert Barrow who was recently hired as Chief Development Officer to expand on the company's later stage clinical trial pipeline and drug development efforts at the FDA. Before joining MindMed, Robert Barrow helped gain a Breakthrough Therapy Designation for a Phase 2 trial of psilocybin in Major Depressive Disorder at the FDA.

Under the MindMed 2.0 leadership team, the company is also actively growing its digital medicine division for psychedelic medicines through the hiring of new technologists and undertaking potential technology platform acquisitions.

J.R. Rahn said: "As we increase our headcount and grow our MindMed 'Ark' of technologists, drug developers, scientific researchers, regulatory experts, psychiatrists and drug manufacturing specialists, the entire psychedelic medicine space is edging closer to getting these potential medicines into the hands of patients. In doing so, we must also turn our efforts and open our unified strategy to technology, distribution platforms and other growth opportunities to remain a leader in this space. Our streamlined leadership team and MindMed 2.0 strategy will continue to help define MindMed as a leader in the psychedelics space and as a specialist in digital medicine."

MindMed is currently working on two Phase 2 commercial clinical trials based on the psychedelic substance LSD for anxiety disorders and Adult ADHD. In addition, the company is also planning a Phase 2 study of a substance derived from the psychedelic substance ibogaine to treat opioid withdrawal.

Revive Therapeutics Ltd. (OTC: RVVTF) announced back in November that an update on its oral thin-film delivery system with psilocybin being developed under a research partnership agreement with Reed Research Group out of the University of Wisconsin-Madison. Following several months of prototyping on a wide range of dosage forms, the Company has completed an oral thin-film strip product with psilocybin with dosage forms ranging between 1 mg and 20 mg and demonstrating its versatility through physio-chemical characterization (e.g. tensile strength of films) of bio comparable tannin-chitosan composite materials, dissolution and disintegration testing, and rate of psilocybin release from composites. Currently technical and scientific data is being processed and finalized.

AbbVie Inc. (NYSE: ABBV) announced back in May last year that it has completed the acquisition of Allergan. As a result, AbbVie has gained access to Allergan's ketamine-like drug for depression, which has secured the FDA's coveted breakthrough therapy designation, guaranteeing the company access to top agency officials as it moves toward late-stage development.

AstraZeneca PLC (NASDAQ: AZN) and Yale University researchers tested a compound known as lanicemine (developed by the company) on 152 depressed patients at 30 different clinics. Fifty patients underwent intravenous therapy with a placebo saline solution. The other 102 were split into two groups, with each group receiving a different dose of the ketamine mimic. Compared to the placebo, the compound showed rapid and significant antidepressant effects that lingered for several weeks following a three-week dosing period. "Clearly, there's a huge unmet need for depressed patients," said study co-author Gerard Sanacora, director of Yale's Depression Research Program, back in 2013. "Here at Yale, we're very interested in exploring novel treatment strategies, and so we're very interested in these compounds."

Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP) is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring, and developing small molecules and biologics to treat and prevent human disease and alleviate suffering. Tonix's portfolio is primarily composed of central nervous system (CNS) and immunology product candidates. The immunology portfolio includes vaccines to prevent infectious diseases and biologics to address immunosuppression, cancer, and autoimmune diseases. The CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric, and addiction conditions. Last yeah, Seth Lederman, M.D., President and Chief Executive Officer of Tonix Pharmaceuticals, outlined a new statistical method to analyze future Posttraumatic Stress Disorder (PTSD) drug studies and presented a retrospective analysis using the new method of the Phase 3 HONOR study (P301) of TNX-102 SL (cyclobenzaprine HCl sublingual tablets), for the treatment of military-related PTSD. "The paradox that confounds modern PTSD studies is that the placebo response has increased over time, even as we and others have striven to improve study methods and data quality," said Dr. Lederman.

For more information about Mind Medicine (MindMed) Inc. click here.

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia

Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com 

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com  (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. Clients from time-to-time place links in FinancilBuzz.com editorials and these are strictly for informational purposes only and FinancialBuzz.com has not researched these links and are not responsible for their content. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For mind medicine (mindmed) inc. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by marketjar media inc. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com .

Media Contact:

[email protected]
+1-877-601-1879
www.FinancialBuzz.com