Psychedelics could change the way we address mental health issues all over the world, creating multi-billion-dollar opportunities along the way. All as such drugs prove to be a major game changer for millions of people all over the world. Countless studies are already proving such treatments can treat a host of mental issues, like obsessive-compulsive disorder, PTSD, opioid addiction, alcoholism, depression, anxiety, and eating disorders. Plus, with plenty of clinical trials supporting psychedelic treatments, it’s only a matter of time before big pharmaceutical companies begin to invest heavily, and incorporate psychedelics into their own drug pipelines. That’s all big news for companies, such as NeonMind Biosciences (CSE:NEON)(OTC:NMDBF), Cybin Inc. (NEO:CYBN)(OTC:CLXPF), KetamineOne (NEO:MEDI)(OTC:KONEF), Mind Medicine Inc. (NEO:MMED)(NASDAQ:MNMD), and Compass Pathways (NASDAQ:CMPS).
A study from JAMA Psychiatry just found that psilocybin “worked better than the usual antidepressant medications,” as noted by NPR. Johns Hopkins Medicine launched the Center for Psychedelic and Consciousness Research to study compounds like LSD and psilocybin to treat a range of mental health problems, including anorexia, addiction and depression. Even ketamine has been found useful in the treatment of depression.
In addition, according to Fortune, “Despite being an industry in its early stages, the potential for psychedelic health care is growing, with the market projected to reach $10.75 billion by 2027.”
Look at NeonMind Biosciences (CSE:NEON)(OTC:NMDBF)
NeonMind Biosciences, for example, has two drug development candidates exploring psilocybin as an innovative treatment approach to treat obesity and support weight loss. NeonMind’s first drug candidate employs psilocybin as an agonist to the serotonin receptor 5-HT2A, which is involved in the hallucinogenic effect of psychedelics, and the second drug candidate employs psilocybin as an agonist to the serotonin 5-HT2C receptor, which controls appetite.
In addition, NeonMind. just announced the appointment of Dr. Roumen Milev, MD, PhD, Clinical Lead of Providence Care Hospital Interventional Psychiatry to its Specialty Clinics Advisory Board. Providence Care Hospital is one of Ontario’s leading providers of specialized care in aging, mental health, and rehabilitation and is fully affiliated with Queen’s University and St. Lawrence College, and an esteemed member of the Council of Academic Hospitals of Ontario, Canada.
In his role on NeonMind’s Specialty Clinics Advisory Board, Dr. Milev will leverage his vast experience and success in setting up and managing interventional psychiatry clinics to support NeonMind as it develops its company-branded, specialty clinics network to enhance access to evidence-backed effective treatments including ketamine.
Dr. Milev leads the Interventional Psychiatry Clinic at Providence Care Hospital in Kingston, Ontario and has overseen more than 1,000 patients successfully treated with ketamine and neurostimulation modalities. He was appointed the Clinical Director of the Mood Disorder Research and Treatment Service in Kingston in 2001. From 2007 until 2017, he was the Head of the Department of Psychiatry at Queen’s University. In 2017, he became the Director of Centre for Neuroscience Studies at Queen’s University and in 2018, he was appointed as Vice President, Medical and Academic Affairs at Providence Care Hospital.
He is the current Executive Chair Elect of the Canadian Network for Mood and Anxiety Treatments (CANMAT) and an Executive Committee Member of the Canadian Biomarker Integration Network for Depression (CAN-BIND). He is a Fellow of the Royal College of Psychiatrists (UK), a Distinguished Fellow of both the Canadian and American Psychiatry Associations, a Fellow of the Royal College of Physicians of Canada and defended a PhD in Forensic Psychiatry.
Dr. Milev is actively involved in research in depression, bipolar disorder, and other mental disorders with a strong focus on stigma, sleep architecture, psychopharmacological and neurostimulation treatments as well as, microbiome manipulation for treatment of mood and anxiety disorders. He is the author and editor of over 140 peer-reviewed articles and book chapters and has co-authored multiple CANMAT guidelines for management of patients with Major Depressive Disorder and Bipolar Disorders, the world’s most cited mood disorder treatment guidelines as well as CANMAT treatment guidelines including ketamine and neurostimulation.
“Dr. Milev is a global expert in research of novel treatments for mood and anxiety disorders and brings unparalleled experience and leadership expertise in interventional psychiatry which will help support the development and integration of the most successful protocols and treatment modalities for the launch of our specialty clinics. With the addition of Dr. Milev to the clinics board, NeonMind will be well positioned to deliver top notch medical services and programs, bringing access to patients and communities in need,” said Robert Tessarolo, President & CEO of NeonMind.
On the importance of interventional psychiatry, Dr. Milev said, “I am very proud of the work our team at Providence Care is doing to have successfully set up and operated our Interventional Psychiatry which is providing important treatment services to patients using ketamine and neurostimulation modalities. There are many opportunities to expand patients’ access to these highly effective and safe treatments. I am pleased to be working with NeonMind in developing their network of clinics that is focused on enhancing access to treatments and bringing them into community healthcare.”
Other related developments from around the markets include:
Cybin Inc. announced that it has filed two additional international patent applications that bring the potential to obtain patent coverage in 153 countries for each of the patent applications. The application, governed by the Patent Cooperation Treaty, grants the Company the right to file future national applications into treaty member jurisdictions, including important potential markets for the Company. The PCTs claim a library of phenethylamine and derivative drug development candidates and methods of use.
KetamineOne, a company focused on consolidating medical clinics and becoming a North American leader in mental health treatments, is pleased to announce that it has recently entered into a non-binding letter of intent to enter into an arranged partnership with Illumma LLC. With clinics located in Austin and Bee Cave, Texas, Illumma is a leading ketamine infusion practice treating individuals with mental health issues, mood disorders and chronic pain issues. Under the contemplated Arrangement, Illumma’s two locations would be jointly supported alongside the Company’s existing network of clinics across North America, thereby raising the profile of Ketamine One’s innovative mental health platform and approach to patient care in the United States.
Mind Medicine Inc., a leading biotech company developing psychedelic-inspired therapies, and BioXcel Therapeutics, Inc., a leading clinical-stage biopharmaceutical company, announced the publication of BioXcel’s International Patent Application No. PCT/US2020/051256 (published as WO2021055595) for detecting and preventing the early onset of agitation in patients predisposed to highly agitated behaviour. The disclosure provides a method for measuring the signs of an impending agitation event and alerts the caregiver to treat the subject before agitation symptoms arise.
Compass Pathways, a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, announced that it has acquired an intellectual property (IP) portfolio including patent applications covering a variety of psychedelic and empathogenic substances. The IP was developed together with inventor Matthias Grill PhD, founder and CEO of MiHKAL GmbH in Basel, Switzerland, who will be working with COMPASS on an exclusive research project to develop new product candidates. The substances covered in the IP portfolio include a variety of psychedelic and empathogenic compounds, some of which are prodrugs - pharmacologically inactive compounds which are metabolised inside the body to produce an active drug. The new substances include novel derivatives of known compounds, increasing the confidence in therapeutic effects and safety profile while offering optimised characteristics.
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