Palm Beach, FL – May 25, 2021 – Recently, the use of psychedelics is evolving for the treatment of a variety of mental illnesses, including anxiety, depression, post-traumatic stress disorder and other related uses. Some psychedelic drugs are extracted from plants or mushrooms, and some are synthetic (human-made). These drugs are now considered effective for patients with treatment-resistant depression, as they are fast-acting and long-lasting. The most common psychedelic substances include: Ketamine, PSILOocybin, Ibogaine, LSD, Dimethyltryptamine (DMT), or MDMA. The majority of psychedelic drugs under development are targeting mental and/or behavioral health indications. This is an area with significant unmet need. According to a report from Data Bridge, the psychedelic drugs market is expected to gain market growth in the forecast period of 2020 to 2027, growing with a CAGR of 16.3% in the forecast period and is expected to reach USD $6.8 Billion by 2027 from USD $2 Billion 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. Growing acceptance of psychedelic drugs for treating depression is also increasing market value as the psychedelic drugs has repetitively proven its high rates of effectiveness for treatment for nicotine dependence, alcohol dependence, anxiety associated terminal illness and chronic PTSD as compared to other antidepressants. Currently, different research studies are taking place that are expected to provide a competitive advantage for new and innovative therapeutic manufacturers with competitive psychedelic drugs and methods to develop, define psychedelic drugs, and various other opportunities in the U.S. psychedelic market. Active companies in the markets this week include: COMPASS Pathways plc (NASDAQ: CMPS), Silo Pharma, Inc. (OTCQB: SILO), Numinus Wellness Inc. (OTCPK: LKYSF) (TSXV: NUMI), Cybin Inc. (OTCQB:CLXPF) (NEO:CYBN).
Another report from MarketsAndMarkets supports this growth. It said: “The global psychedelic drugs market has increased significantly during the years 2018-2020 and projections are made that the market would rise in the next four years i.e. 2021-2025 tremendously. The psychedelic drugs market is expected to increase due to rising prevalence of depression and mental disorders, regulatory reforms, developments relating to psychedelics, changing perceptions, little severe side effects and cost effective, etc. Yet the market faces some challenges such as uncertainty around getting the FDA approval, early stage in lifecycle of the psychedelics industry, stigma associated with psychedelic drugs use, etc. Growth of the overall global psychedelic drugs market has also been forecasted for the period 2021-2025, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.”
Silo Pharma, Inc. (OTCQB: SILO) BREAKING NEWS: Silo Pharma Submits Application for NASDAQ up-listing – Silo Pharma, Inc., a development stage biopharmaceutical company focused on the use of psychedelics as a therapeutic, is pleased to announce that it has submitted its initial application to list on the NASDAQ Capital Market (“NASDAQ”).
The Company previously announced its board approval to begin the process for an up-listing. The listing of Silo Pharma’s shares on NASDAQ will be subject to several regulatory requirements, including review of the Company and acceptance for listing by NASDAQ. There can be no assurance that NASDAQ acceptance will be granted.
“After the exciting progress we have made over the last year, up-listing to the NASDAQ is the next strategic step for Silo Pharma. A NASDAQ listing should provide greater liquidity for our investors, attract institutional investors, increase the visibility of the Company and raise our overall profile,” said Eric Weisblum, CEO of Silo Pharma. For more information, visit www.silopharma.com
FOR MORE INFORMATION ABOUT THE INDUSTRY AND SILO, PLEASE ALSO VISIT: http://bit.ly/SILO-5-25
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, recently reported its financial results for the first quarter 2021 and gave an update on recent progress across its business.
George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “Our recent financing gives us additional resources to work even faster and to expand our efforts, grow our team, and focus on developing new indications, new compounds and new technologies, building on our leadership position in psilocybin therapy and mental health care. Far too many people are suffering with mental health challenges today. We are focused on developing evidence-based therapies that can make a difference and be accessible to as many patients as possible who might benefit. The COMP360 data published in the New England Journal of Medicine showed promising signals in a small investigator-initiated study. We are approaching the completion of our phase IIb trial of COMP360 psilocybin therapy for treatment-resistant depression, and on track to report data by the end of the year.”
MindMed (NASDAQ: MNMD), a leading clinical stage psychedelic medicine company, and Nextage Therapeutics, an Israeli innovative drug development company, recently announced the execution of a Memorandum of Understanding (the “MOU”) regarding the launch of an exclusive collaborative development program to optimize the delivery of certain psychedelic drug candidates, leveraging Nextage’s proprietary Brain Targeting Liposome System (BTLS) delivery technology, for which it has an exclusive license. MindMed and Nextage will initially collaborate to optimize the delivery of drug products based on noribogaine, and ultimately other ibogaine derivatives, and will share development costs and intellectual property arising from the collaboration.
The BTLS technology is an innovative drug delivery system designed to allow the targeted delivery of active pharmaceutical ingredients (APIs) through the Blood Brain Barrier. BTLS is designed to reduce exposure to the active material outside of the brain, reducing potential risks, intended to substantially lower API concentrations and increasing efficacy.
Optimi Health Corp., developers of a vertically integrated functional mushroom brand focused on the health and wellness sector, and Numinus Wellness Inc. (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, announced that they have recently met another early milestone in the development of an initial all natural psilocybin extract.
Optimi and Numinus, through Impact Clinical Trials Accelerator at the University of Calgary (“Impact”), have submitted a pre-clinical trial application to Health Canada for review and comment. Meanwhile, cultivation, research, formulation, and continuous validation studies to produce the investigational psilocybin extract for trial continue at the Health Canada-licensed Numinus lab in British Columbia, Canada.
Cybin Inc. (NEO:CYBN) (OTCQB:CLXPF), a biotechnology company focused on progressing psychedelic therapeutics, recently announced that it has filed a new provisional patent application in support of its ongoing drug candidate programs.
The application discloses novel compositions which are expected to have improved pharmacokinetic profiles while retaining key efficacy measures of the original molecules and discloses innovative methods of deploying the novel compositions with faster therapeutic onset of Cybin’s psychedelic tryptamine, while reducing psychedelic side effects and decreasing duration of the therapeutic effect thereof. The patent application further reveals innovative methods directed to leveraging the disclosed compositions to promote decreased time to therapeutic onset, decreased duration of action, and decreased side effects.
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