Psychedelic Drugs Market Ballooning Quickly Due to Increasing Frequency of Mental Disorders
Palm Beach, FL – March 19, 2021 – Psychedelic Medicines also called as hallucinogenics, are a group of substances including chemicals, such as LSD, and plants that are used in the treatment of various mental disorders such as resistant depression, panic disorder, stress and opiate addiction. These are used to change and enhance sensory perceptions, energy levels, thought process, and to facilitate spiritual experiences. Psychedelic Drugs have been used experimentally for psychological treatment to control the mind or maintain peace. The Global Psychedelic Drugs market is growing rapidly due to the increasing number of depression cases and rising special designation from the regulatory authorities to the company to expedite the development process of medicines. The outbreak of novel coronavirus is also believed to have a severe impact on the global Psychedelic Drugs market. There has been a disruption in the supply chain resulting in a significant shortage in the supply of Psychedelic Drugs across the world. A recent report from MarketDigits said that: “The Psychedelic Drugs market is growing rapidly due to the increasing prevalence of depression and other mental disorders worldwide. The need for handling environmental stress and enhanced and better quality of lifestyle is acting as a driver for the Psychedelic Drugs market. The treatment for psychedelic drugs dependency is also expected to boost the psychedelic market growth.” Active companies in the markets this week include: Mind Cure Health Inc. (OTCQB: MCURF) (CSE: MCUR), Mind Medicine (MindMed) Inc. (OTCQB: MMEDF) (NEO: MMED), COMPASS Pathways plc (NASDAQ: CMPS), Mydecine Innovations Group (OTCPK: MYCOF) (CSE: MYCO), Numinus Wellness Inc. (OTCPK: LKYSF) (TSXV: NUMI).
The MarketDigits report continued: “Based on the drug type, the Lysergic Acid Diethylamide (LSD) is expected to hold a major share in the Psychedelic Drugs market. Based on the route of administration, the oral route is expected to dominate the Psychedelic Drugs market, followed by injectables and inhalation. Based on the distribution channel, the hospital pharmacies are expected to be the most profitable segment in the global Psychedelic Drugs market. North America is expected to dominate the global Psychedelic Drugs market, owing to the higher adoption of Psychedelic Drugs in the region. North America to be followed by Europe, due to the increasing number of psychiatric disorders.”
Mind Cure Health Inc. (CSE: MCUR.CNQ) (OTCQB: MCURF) BREAKING NEWS: Ty Tashiro joins MINDCURE as the Senior Translational and Psychometric Architect for iSTRYM’s AI-Driven Psychedelic Digital Therapeutic Technology – The award-winning professor and psychology Ph.D. is an expert in translating psychological research and science into Artificial Intelligence backed real-world solutions – Mind Cure Health Inc, a leader in advanced proprietary technology for psychedelic therapy, is pleased to announce the addition of Ty Tashiro as its new Senior Translational and Psychometric Architect for its iSTRYM digital therapeutics platform. In this new role, Mr. Tashiro will provide direction for the development of iSTRYM, and in particular how the platform captures and measures data inputs from therapists and patients and translates those inputs into effective psychedelic-assisted therapies and post-therapy integration.
“I started my career in academia with a strong research focus, and carried that into my professional career where I sought out opportunities to take proven psychological research and science and make it useful and relatable for people in their everyday lives,” said Ty Tashiro, MINDCURE’s Senior Translational and Psychometric Architect. “I am excited with what MINDCURE is building with iSTRYM, and know the valuable role that technology can play as we work to scale the often subjective and individual experiences that people have with psychology, and in particular with psychedelic-assisted therapies.”
Mr. Tashiro earned his Ph.D. in psychology from the University of Minnesota and is a renowned expert in the field. He has published two books and won several awards for his teaching at both the University of Colorado and the University of Maryland. Outside of academia, he has held the role of Chief Science Officer and has relevant experience with the development and application of AI to solve real-world problems in psychology. His expertise in psychometrics, which is the measurement of psychological events, in particular, will be valuable to MINDCURE as it charts a new course for the psychedelics industry with iSTRYM.
“I strongly believe that near-term revenue in psychedelics is a key differentiator and Mr. Tashiro is a tremendous addition to the world-class team we continue to build for that execution. He has a deep understanding of the science and application of psychology to help people, and will add tremendous value and input as we look to build iSTRYM into the leading digital therapeutics platform for psychedelic-assisted therapies in the world,” said Kelsey Ramsden, President and CEO, MINDCURE. “His expertise in psychometrics will enable us to develop a strategy for reliable and valid client assessments and to create specific items and scales for proprietary use within iSTRYM. Our goal is to build iSTRYM into the trusted source that individuals turn to for science-backed, personalized mental health support at scale.”
Additionally, the Company has entered into an agreement with the Dales Report Inc. to provide services relating to a web series for a 6-month term beginning in March 2021. The Company has agreed to pay a total of CDN$45,000 for the services to be provided during the term. CONTINUED… 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:
Numinus Wellness Inc. (OTCPK: LKYSF) (TSXV: NUMI), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), and Syreo Corporation (Syreon), a global contract research organization with expertise in conducting clinical trials across a broad range of diseases, recently shared that significant progress has been made in the single-arm, open-label compassionate access trial of Psilocybin-Research Intervention with Motivational Enhancement (PRIME) for substance use disorders. Currently in the development stage, the PRIME study will assess the efficacy and safety of psilocybin-assisted motivational enhancement therapy.
The study will contribute to a growing body of research to inform larger randomized controlled trials for these indications. The study will take place in Vancouver and will enroll 30 individuals with opioid, stimulant and/or alcohol use disorders. Syreon is leading the trial as Clinical Research Organization (CRO) with Numinus as the trial sponsor.
Mydecine Innovations Group (OTCPK: MYCOF) (CSE: MYCO) an emerging biopharma company in the life sciences category committed to the research and development, production, and acceptance of alternative nature-sourced medicine for mainstream use, has recently completed the world’s first international legal export of dried psilocybin mushrooms.
In December 2020, the Company announced the completion of its first commercial harvest of 20 kilograms (44 lbs) of psilocybin mushrooms at a private mycology-focused research and cultivation facility in Jamaica. The first shipment of the harvest has now been received at Mydecine’s Canadian Current Good Manufacturing Practice (CGMP) facility, which has a Health Canada Schedule 1 Dealer’s License attached to it, allowing for legal import/export, research and development, cultivation, product development, and commercial sale of active psychedelic medicinal compounds.
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 fourth quarter and year-end 2020 and gave an update on recent progress across its business. George Goldsmith, Chairman, CEO and Co-founder, COMPASS Pathways, said, “Mental health is an urgent crisis and this has only been exacerbated by the COVID-19 pandemic. At COMPASS we remain committed to transforming mental health care and helping patients who are suffering and aren’t helped by existing treatments. Our phase IIb clinical trial of COMP360 psilocybin therapy for treatment-resistant depression is actively recruiting and we plan to report data from this trial at the end of the year. We are also continuing preclinical research into new indications, new compounds and new technologies, working with partners through our Centre of Excellence, our Discovery Center, and a number of investigator-initiated studies, as well as developing a strong team.”
Mind Medicine (MindMed) Inc. (OTCQB: MMEDF) (NEO: MMED), a leading psychedelic medicine biotech company, recently announced that it has closed the previously announced acquisition of HealthMode, a digital medicine and therapeutics startup that uses Artificial Intelligence (AI)-enabled digital measurement to increase the precision and speed of clinical research and patient monitoring.
MindMed Co-Founder and CEO J.R. Rahnsaid: “The HealthMode acquisition marks the start of MindMed 2.0 as we seek to not only build a drug development company for psychedelic medicines, but also a comprehensive mental health technology platform to one day potentially launch these transformative medicines to patients in a scalable manner.” In consideration for the acquisition of HealthMode, MindMed has issued 81,497 multiple voting shares of MindMed (equivalent to 8,149,700 subordinate voting shares) and the payment of approximately CAD$286,000 in cash. All multiple voting shares issued pursuant to the Acquisition were issued at a price of CAD$385.87, which is equivalent to CAD$3.8587 per underlying subordinate voting share. The CAD$3.8587 market price was calculated using the five-day volume weighted average trading price of the subordinate voting shares of MindMed, as reported by the Neo Exchange Inc. (“NEO Exchange”) as at the close of business on January 19, 2021, which was the date on which the parties entered into a non-binding letter of intent.
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