Psychedelics Transition from Experimental Treatment to Major Pharmaceutical Industry
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NEW YORK, Nov. 20, 2020 /PRNewswire/ -- Psychedelic medicine is emerging as a breakthrough for mental health. After decades of research, drugs like psilocybin and ketamine are finally ready to move from the lab into the pharmacy and the therapist's office. Several psychedelic treatments have already received approval from the US Food and Drug Administration (FDA), including Johnson & Johnson's (NYSE:JNJ) ketamine-life depression drug, and more are likely to follow suit in the years to come. Now that the FDA has come to realize the potential benefits of psychedelic medicines, pioneering biotechnology companies like Compass Pathways (NASDAQ:CMPS), Numinus Wellness Inc. (TSXV:NUMI) (OTCPK:LKYSF), Mind Medicine (MindMed) Inc. (NEO:MMED) (OTCQB:MMEDF), and Mydecine Innovations Group Inc. (CSE:MYCO) (MYCOF) have the opportunity to take the progress made by researchers and transition it into market-ready pharmaceutical products.
Mydecine Innovations Group Inc. (CSE:MYCO) (MYCOF) is an emerging biopharma and life sciences company that is committed to the research, development and acceptance of alternative nature-sourced medicine. Through its portfolio of companies and experienced leadership team, Mydecine Innovations is looking to provide the mental health industry with innovative solutions.
Health Crisis Highlights Growing Need for Alternative Treatments for Mental Illness
Since the start of the global pandemic, the healthcare system has taken a beating as frontline workers struggled to keep up with the rising cases while still providing care for those with other illnesses. The crisis has also led to an all-time high in anxiety and depression in the US, with 47.1 million Americans (19%) now living with a mental health condition, including front line workers, who are also at a higher risk of developing post-traumatic stress disorder (PTSD).
Mydecine Innovations Group Inc. is looking to tackle the problem from all angles through its clinical trials and digital mental health platform. On November 17, Mydecine announced the international expansion of its Phase 2A clinical trials of psilocybin-assisted psychotherapy to treat chronic PTSD in veterans and emergency medical services (EMS) personnel.
The trials, which will take place at prominent medical centers in Ontario, Alberta, the Netherlands, along with four other trial sites developing in the US and the UK, will be used to explore how the brain responds to psychedelics and develop a better understanding of the biological underpinnings of the experience. Mydecine Innovations plans to use the data from the studies to build on its data in the hopes of receiving FDA breakthrough designation.
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