NetworkNewsWire
Editorial Coverage: Compelling evidence of the therapeutic
benefits of psychedelic drugs appears in multiple scientific
studies. Several clinical trials
are underway in the United States and worldwide to investigate the
therapeutic effects of psilocybin, the active component in the
fungi known colloquially as "magic mushrooms." There is new hope
for treating such debilitating disorders as depression, anxiety,
post-traumatic stress disorder, anorexia, obsessive-compulsive
disorder, and addiction. With more than $6.8 billion on
the line by 2027, companies at the vanguard of the psychedelic
therapeutic drug market could reap enormous benefits in the coming
years. Some of these companies, such as Cybin Corp.
(Cybin
Profile), which focuses on drug
development and unique delivery mechanisms, are targeting areas
that have been particularly underserved in the past decade. Those
areas encompass life-disrupting psychiatric and neurological
conditions such as major depressive disorder (MDD), addictions, and
other mental illnesses. A pioneer in the psychedelic sector, CYBIN
is working toward becoming the first life sciences company to bring
a psilocybin drug targeting MDD to market. A successful outcome
could completely upend treatment protocols. The psychedelic space’s
promise is perhaps best illustrated by the sector’s largest-ever
private financing round of $80 million for Compass
Pathways (NASDAQ: CMPS), the first psychedelic company
to IPO on the NASDAQ. Not to be outdone, Mind
Medicine Inc. (OTC: MMEDF) is following suit; the
company applied for NASDAQ uplisting last month. In addition,
Field
Trip Health Ltd. (CSE: FTRP) started trading on the
Canadian Securities Exchange (CSE) earlier this month.
Other companies operating in the psychedelic space are making
other significant moves, including Numinus
Wellness Inc. (OTC: LKYSF)
(TSX.V: NUMI),
which just
began Psilocybe mushroom cultivation at its Health
Canada licensed laboratory.
- A new report notes that the psychedelics drug market is
expected to total approximately $6.8 billion by 2027.
- CYBIN committed to lead in delivering an entirely new
marketplace of safe, effective drugs derived from
psychedelics.
- An impressive leadership team with more than 100 combined years
of experience in pharma, biotech, and drug policy guides the
company.
Click here to view
the custom infographic of the Cybin Corp.
editorial.
Double-Figure Growth
A new market study of the U.S. psychedelic drug space forecasts
that the market is projected to grow at 16.3%. Factors such as
increasing prevalence of depression and mental disorders drive that
growth. The Data Bridge Market Research report notes that the
market is expected to total approximately $6.8 billion by 2027, up
from $2 billion in 2019. In addition, the report specifically
highlights the growing acceptance of psychedelic drugs for treating
depression along with the increasing prevalence of depression and
mental disorders as significant factors in that anticipated
growth.
This expected increase isn’t going unnoticed by investors. The
first psychedelic company to trade on NASDAQ, Compass Pathways,
recently entered the public markets with an initial public
offering price of $17 per share; the price shot up to close
at $38.39 within only a few days.
“Psychedelics have been put on the back burner for 50 years and
are now having a Renaissance,” said Big Pharma
veteran Doug Drysdale, Cybin Corp.’s recently appointed CEO. In
his view, “the hundreds of studies that have been conducted over
the past 10 to 20 years” at highly respected institutions such as
Johns Hopkins University, New York University, the
Multidisciplinary Association for Psychedelic Studies, and the
Toronto Center for Psychedelic Science have made it clear that
psychedelic molecules have “tremendous potential for patients with
depression, PTSD and addiction.”
New Marketplace of Psychedelic Drugs
With over three decades of pharmaceutical experience under his
belt, Drysdale has identified Cybin
Corp. as the most promising company in the sector.
Hence his decision to come aboard as a company leader. In one of
his first interviews as CEO of the life sciences innovator,
Drysdale noted that early investor validation made him feel
comfortable and optimistic. “This speaks to the strength of the
team and our founders,” he stated.
Cybin has raised more than $10 million since inception and is
deeply committed to focusing on drug innovations surrounding mental
illness. Studies indicate that one in four people in the world will
be affected by mental or neurological disorders at some point in
their lives. Cybin believes that the next decade will deliver
encouraging data from psychedelic studies that potentially create
an entirely new marketplace of safe and effective drugs derived
from psychedelics.
The company has already established a pattern of innovation.
Earlier this year, Cybin entered into a feasibility
agreement with IntelGenx Corp. for the development of an orally
dissolving film for the delivery of pharmaceutical-grade
psilocybin.
“Compared to oral psilocybin capsules, which are subject to
variable intestinal absorption and high first-pass metabolism in
the liver, the systemic bioavailability of orally dissolving
psilocybin film is expected to be quite high,” said Cybin’s chief
medical officer, Jukka Karjalainen MD. “Additionally, the dose of
psilocybin administered by an orally dissolving film is expected to
be a fraction of the requirement in oral capsules. These features
have the potential to increase both the safety and efficacy of
psilocybin when administered in this manner.”
Impressive Pipeline
As part of that agreement, Cybin is currently involved in an
oral-film bioequivalence study designed to compare molecular
delivery of psilocybin through its fast-acting oral films in
contrast to capsules. That is only one of the clinical trials and
studies in the company’s pipeline.
In addition, the company has the following studies and
trials:
- A phase 2a and phase 2b clinical trial to fast track drug
approval targeting MDD.
- A clinical safety and efficacy study targeting microdosing that
may lead to a clinical trial for anxiety, ADHD and overall
cognitive flexibility
- A phase 2 cl∂inical trial targeting addition through the
delivery of psilocybin through an oral film, with further studies
leveraging a transdermal, “slow-dose” delivery mechanism.
Cybin Corp. appears to be a rock-solid prospect. Guided by an
impressive leadership team with more than 100 combined years of
experience in pharma, biotech and drug policy, the company is
firmly establishing its presence in sectors with billion-dollar
potential.
Burgeoning Psychedelic Sector
A recent U.S. News and
World Report article notes that “the
burgeoning psychedelic sector is attracting
attention from investors as more companies have gone public, and
research has increased rapidly due to greater mainstream and
government acceptance and decriminalization. . . Dozens
of biopharmaceutical companies are competing against each
other since the ones that develop the intellectual property to
synthesize the molecules to help treat disorders will likely be
profitable and attract more capital.”
Cybin isn’t the only company savvy enough to see what’s on the
horizon for a new class of drugs that appear to effectively treat
mental disorders such as depression, suicidal thoughts, PTSD and
anxiety.
Compass
Pathways Plc (NASDAQ: CMPS) made an indelible
impression on its first day of trading on NASDAQ. The first
psychedelic company to trade on the market, CMPS shares surged
70.6% to close at 29.00, lifting the market cap to about $1
billion. Just the day before, the company had announced an upsized
pricing for its IPO. The impressive showing may be based, in part,
on backing from billionaire investor and PayPal co-founder
Peter Thiel. The company’s first major
initiative is developing psilocybin therapy through late-stage
clinical trials in Europe and North America for people with
treatment-resistant depression.
Following close behind, Mind Medicine
Inc. (OTC: MMEDF), a drug-development company for
psychedelic-inspired medicines, evaluated an
expanded United States investor base United States
investor base through an uplisting on NASDAQ. As part of this
strategy, MindMed has applied to list its subordinate voting shares
on NASDAQ. That listing is subject to several regulatory
requirements.
"The psychedelic medicine industry is maturing and expanding
rapidly, and we want to grow with it,” said MindMed co-founder and
co-CEO JR Rahn. “We look forward to working with Canaccord Genuity
to evaluate the opportunity for an uplisting on NASDAQ and help us
navigate M&A opportunities now available to the company."
With its new CSE listing, Field
Trip Health Ltd. (CSE: FTRP) launched a new
website and provided details
about its integrated platform, which combines
psychedelic-enhanced psychotherapy, technology-enabled clinical
hubs and telehealth remote care, as well as drug and product
development. "Our public listing will increase our visibility among
investors as we continue our work to transform attitudes and
approaches to mental, emotional and behavioral health through
psychedelics,” said Field Trip CEO Joseph del Moral. “Transparency
and open communication with our shareholders will remain a top
priority going forward.”
Numinus
Wellness Inc. (OTC: LKYSF)
(TSX.V: NUMI) began
cultivating Psilocybe mushrooms at its
7,000-square-foot cultivation facility. The company is committed to
creating an ecosystem of health solutions centered on developing
and supporting the safe, evidence-based, accessible use of
psychedelic-assisted psychotherapies. Under its Health Canada
license for the production and extraction of psilocybin from
mushrooms, Numinus intends to cultivate and harvest the mushrooms
for a variety of purposes. Those purposes include development of
standardized extraction methods and the exploration of product
formulations of naturally occurring psilocybin.
With a steady stream of new studies and available research, plus
an upsurge in support from all sides, the multi-billion-dollar
psychedelic drugs market offers an almost irresistible opportunity
for investors.
For more information about Cybin Corp., please visit Cybin
Corp.
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