Psychedelics Becoming Valuable Alternatives to Conventional Mental Health Treatments
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NEW YORK, March 22, 2021 /PRNewswire/ -- A pressing need for new treatment options for people suffering from mental health issues has opened the door to a new era of mental health innovation. Researchers, regulators, and consumers are increasingly wary of the side effects and potential for abuse associated with established pharmaceutical mental health treatments such as Pfizer Inc's (NYSE:PFE) Xanax and Eli Lilly and Company's (NYSE:LLY) prozac, and these concens have spurred a wave of research into alternative treatments for common mental health concerns like anxiety, depression, and post-traumatic stress disorder. Now, emerging biotech companies such as Mydecine Innovations Group (CSE:MYCO) (OTCPK:MYCOF), COMPASS Pathways (NASDAQ:CMPS), and even established giants like Johnson & Johnson (NYSE:JNJ) are taking evidence-based approaches to drugs previously overlooked due to stigmatization.
Mydecine Innovations Group Builds Key Research Partnerships
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Mydecine Innovations Group (CSE:MYCO) (OTC:MYCOF) is one of the leading companies in research, development, and commercialization of psilocybin-based medicine. Mydecine holds a full Health Canada Schedule 1 Controlled Drugs and Substances Dealer's Licence, allowing the company to cultivate, transfer, sell, and export pharmaceutical-grade psilocybin mushrooms for controlled therapeutic uses. The company is conducting key psychedelic medicine research out of its state-of-the-art mycology lab in Denver, Colorado, while bringing evidence-based treatments to market. Through its Mindleap subsidiary, Mydecine has also developed and launched the industry's first psychedelic therapy-focused telehealth platform.
Mydecine has been working with several world-class public and private research organizations for its studies and clinical trials on psychedelic therapies, including the University of Maryland and University of Ottawa Institute of Mental Health Research. Late last year, Mydecine announced that the company had engaged a full-service contract research organization, ethica CRO, for Phase 2A of its clinical trials of psilocybin for post-traumatic stress disorder.
"We are excited to bring on a high-caliber partner in ethica CRO, which has extensive expertise in managing clinical studies to the highest standards of ethical and clinical practice, as the CRO for Mydecine's upcoming Phase 2A PTSD clinical trials," Mydecine CEO Josh Bartch said in the company's release. "Engaging ethica CRO is one of the key pieces of our preparations as we explore how the brain responds to psychedelics and develop a better understanding of the biological underpinnings created by the psychedelic experience. We maintain that their insight and unparalleled experience in trials of this nature provide the best opportunity to further drive Mydecine's clinical development. We believe that with ethica CRO's deep clinical experience, and through our achievements in trial preparation, we are optimally positioned for our upcoming Phase 2A PTSD clinical trials in Veterans in Canada and the United States."
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