Global Behavioral Health Market Where Psychedelics Have Shown Tremendous Potential Could Hit $240 Billion By 2026
Palm Beach, FL – March 2, 2021 – Many people and investors may be confused, thinking that the Psychedelics market is part of the cannabis market. It is not a way to get higher ‘highs’ in the legal cannabis market… it will make its mark in medicine. Various articles and reports have instead said that many investors are looking to the psychedelics industry to replicate the success of the cannabis industry—another instance of a once-illegal drug becoming legal for sale. While recreational cannabis has become a commodity, psychedelics could revolutionize medicine. The psychedelics industry may appear to have suddenly emerged as one of the hottest corners of the stock market, but researchers have been working for decades to show the efficacy of these treatments and regulators are just starting to appreciate the possibilities. Investors could see strong growth in the industry as companies commercialize breakthrough therapeutics while patients could finally have access to life-changing treatments for a range of mental health conditions that have no effective treatment options today. Active companies in the markets this week include: Mind Cure Health Inc. (OTCQB: MCURF) (CSE: MCUR), Cybin Inc. (OTCPK: CLXPF) (NEO: CYBN), Field Trip Health Ltd (OTCPK: FTRPF) (CSE: FTRP), COMPASS Pathways plc (NASDAQ: CMPS), Revive Therapeutics Ltd. (OTCPK: RVVTF) (CSE: RVV).
A report from the CFN Media Group, said: “The global behavioral health market, where psychedelics have shown tremendous potential, could hit $240 billion by 2026, according to Acumen Research and Consulting. Given the ineffectiveness of many existing treatments, psychedelics have blue sky potential in the space… In addition to the growing body of research, governments have taken an increasingly permissive stance on the drugs. Health Canada recently granted exemptions to a number of healthcare professionals who wanted to possess and consume psilocybin mushrooms… Several U.S. states have also moved to decriminalize psychedelic drugs, which could enable practitioners to treat patients. Given the size of the largely decriminalized cannabis industry’s sales, these moves could create significant revenue potential even without full legalization. The market for psychedelic drugs is projected to grow from just over $2 billion last year to about $6.9 billion by 2027, according to Data Bridge Market Research, which represents a blistering 16.3% compound annual growth rate over the forecast period. The report authors note that psychedelic drugs are becoming increasingly accepted in the treatment of major depressive disorder, treatment-resistant depression, panic disorder, post-traumatic stress disorder, opiate addiction, eating disorders, and fibromyalgia, among other things.”
Mind Cure Health Inc. (CSE: MCUR.CNQ) (OTCQB: MCURF) BREAKING NEWS: MINDCURE Completes Its Initial Strategic Equity Investment in ATMA, Canada’s First Commercial Provider of Legal, Psychedelic-Assisted, Therapy Utilizing Psilocybin – Mind Cure Health Inc a leader in developing technology to advance psychedelic-related treatments, is pleased to announce the completion of its initial strategic equity investment of equal to approximately 13% ownership in ATMA Journey Centers Inc. (“ATMA”) in accordance with the terms of the letter of intent (the “LOI”) announced on January 12, 2021.
MINDCURE’s initial strategic investment of $500,000 will strengthen our relationship with Calgary-based private healthcare company, ATMA, which has recently provided psychedelic-assisted therapy sessions using psilocybin for patients with section 56 exemptions. MINDCURE will leverage the growing partnership with ATMA to secure a network of clinics in which to deploy and test MINDCURE’s iSTRYM platform, and concurrently, provide MINDCURE with access to patient data accelerating the growth of iSTRYM’s database. This will lead to better diagnoses, treatments and personalized care.
“Our partnership with ATMA represents a huge step forward for healing today in Canada and around the world. By accelerating the development of our research and technology platform, iSTRYM, we’re closer to minimizing the gaps that exist in health care, all the way from research to the deployment of care. It’s an amazing opportunity to innovate with pioneers of the psychedelic therapy industry by creating proprietary research, identifying commonalities, and driving real transformative results for individuals using psychedelic medicines,” said Kelsey Ramsden, President & CEO, MINDCURE.
Access to ATMA’s patient data will contribute to MINDCURE’s proprietary technology, iSTRYM, ultimately helping to optimize treatment for ATMA’s patients and providing a rich data resource for MINDCURE, in accordance with the LOI.
“As the first commercial company in Canada to announce legally treating a palliative patient with psychedelic-assisted therapy using psilocybin, we’re optimistic about the progression to better care options for Canadians. By partnering with MINDCURE, we’re enforcing consistency in terms of protocols, as well as the ability to automate patterns in our patients’ conditions. Overall, this will lead to better patient care, and a stronger foundation for this innovative and leading-edge industry,” said Greg Habstritt, President of ATMA Journey Centers Inc. “Our mission is to deliver effective and innovative healing and transformative experiences that leverage the compelling science around psychedelics. We’re committed to providing the resources, safeguards, expertise, and accessibility into insights that our work uncovers, in order to advocate for better care and new treatment options.” 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:
COMPASS Pathways plc (NASDAQ: CMPS) a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, has shared details of its comprehensive and rigorous therapist training programme for psilocybin therapy, in a paper jointly written with a group of academic researchers, and published in Frontiers in Psychiatry today. The programme sets out a formal and scalable methodology for psychological support in psilocybin therapy. It is currently being used to train therapists taking part in COMPASS’s phase IIb clinical trial of COMP360 psilocybin therapy for treatment-resistant depression, as approved by the US Food and Drug Administration (FDA), as part of COMPASS’s Investigational New Drug (IND) application.
In psilocybin therapy, patients are given a dose of psilocybin, a psychedelic substance, in conjunction with psychological support from specially trained therapists. COMPASS developed the therapist training programme alongside leading experts in mental health and psychedelic research, including William A Richards (Johns Hopkins Bayview Medical Center, US), Elizabeth Nielson (NYS Psychiatric Institute, NYU School of Medicine, US), Riikka Ajantaival (Clinical Research Institute, Helsinki University Central Hospital, Finland), Peter Gasser (private practice, Switzerland), Sara J Tai (University of Manchester, UK), Brian D Richards (Johns Hopkins Bayview Medical Center, Sheppard and Enoch Pratt Hospital, and Aquilino Cancer Center, US), and Frederick Reinholdt (King’s College London, UK). The programme uses a new and manualized approach drawing from evidence-based psychotherapeutic approaches, and currently comprises four components: an online learning platform; in-person training; applied clinical training; and ongoing individual mentoring and professional development.
Field Trip Health Ltd. (CSE: FTRP) (OTCQX: FTRPF), a leader in the development and delivery of psychedelic therapies, recently reported its third fiscal quarter results for the three and nine months ended December 31, 2020. All results are reported under International Financial Reporting Standards (“IFRS”) and in Canadian dollars, unless otherwise specified.
On October 8, 2020, Field Trip added Andrew Weil, M.D., a pioneer in the field of integrative medicine, to its medical advisory board. Dr. Weil will provide Field Trip with medical advice and expertise on healing-oriented approaches to healthcare, as well as guidance on extending the influence and reach of psychedelic therapies. Dr. Weil is the founder and director of the Andrew Weil Center for Integrative Medicine at the University of Arizona, which is leading the effort to develop a comprehensive curriculum in integrative medicine.
Joseph del Moral, Field Trip’s CEO, said, “We are making rapid progress maximizing value for shareholders by building out Field Trip’s complementary business lines that focus on both the development and the delivery of psychedelic therapies. Our deeply integrated platform combines drug and product developments, psychedelic-enhanced therapy and technology-enabled virtual care solutions. All the components work in concert with each other to increase our understanding of the therapeutic value of psychedelics and to deliver them to patients that need them most. With our early-mover advantage, a strong cash position, and a strong and growing reputation as thought leaders in the industry, we are well-positioned to propel our growth in the emerging market of psychedelic therapy.”
Cybin Inc. (NEO: CYBN), a biotechnology company focused on progressing psychedelic therapeutics, recently released financial highlights from its fiscal third quarter.
Recent Business Highlights Included: Successfully completed upsized bought deal offering, raising aggregate gross proceeds of $34.3 million, bringing the Company’s total capital raised to date to nearly $90 million. The Company intends to use the capital to advance its clinical trials, novel molecule programs and technologies supporting patient care, and for working capital and general corporate purposes; Expanded its portfolio of patent filings to 10, covering novel psychedelic compounds, delivery mechanisms, and drug discovery pipeline of modified and novel tryptamines and phenethylamines; Acquired Adelia Therapeutics Inc. (“Adelia Therapeutics“) in December 2020, strengthening its IP strategy, pre-clinical drug development expertise, presence in the United States, and scientific team. The acquisition included novel psychedelic molecules that diversify the Company’s development portfolio; Partnered with HI, LLC dba Kernel (“Kernel“) to leverage Kernel Flow, a breakthrough neuroimaging technology for the study of psychedelic therapeutics. This innovative technology is expected to allow Cybin to potentially quantify brain activity in real time during psychedelic experiences; Selected two deuterated tryptamine preclinical development candidates (CYB003 and CYB004) with plans to file first IND in 2021, potentially targeting treatment-resistant psychiatric disorders and certain forms of addiction; and Included in the Horizons Psychedelic Stock Index Exchange Traded Fund (the “Fund“), the first psychedelic ETF. The Fund is currently trading on the NEO Exchange under the ticker symbol PSYK.
Revive Therapeutics Ltd. (CSE: RVV) (OTCPK: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, recently announced that, further to its press release dated December 21, 2020, it has entered into an asset purchase agreement (the “Agreement”) with Newscope Capital Corporation (“Newscope”) (CSE: PHRM) (OTCQB: PHRRF) to acquire the full rights to PharmaTher Inc.’s (“PharmaTher”) intellectual property (the “Acquired Assets”) pertaining to psilocybin (the “Acquisition”). PharmaTher, a wholly-owned subsidiary of Newscope, is a specialty life sciences company focused on the research and development of psychedelic pharmaceuticals.
Pursuant to the Agreement, Revive will pay aggregate consideration of up to CAD $10 million (the “Purchase Price”). The Purchase Price will be satisfied as follows: (i) $3 million in cash will be paid on the closing date; (ii) $4 million will be satisfied through the issuance of securities in the capital of Revive and (iii) up to $3 million, in either cash or securities in the capital of Revive, in the event that Revive achieves certain milestones, which include Revive obtaining FDA orphan drug designation for psilocybin in the treatment of stroke, traumatic brain injury, or cancer, the commencement of a Phase 2 clinical trial and the regulatory filing for market authorization, such as U.S. Food and Drug Administration (“FDA”) approval. In addition to the Purchase Price, Revive will also pay Newscope a low single digit royalty on all future net sales of products derived from the Acquired Assets.
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