Biotech Companies Driving Psychedelics Industry Forward with Key Research
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NEW YORK, April 13, 2021 /PRNewswire/ -- As an urgent public mental health crisis forces research institutions and governments to seriously examine unconventional mental health solutions, psychedelic assisted therapies are showing huge potential. Now, biotech companies have seen the opportunity, and psychedelics companies are diving into further research to seek out mental health solutions for conditions such as depression, PTSD, and suicidal ideation. Some companies like Mydecine Innovations Group (NEO:MYCO) (OTCPK:MYCOF), Compass Pathways (NASDAQ:CMPS), Minerco Inc. (OTCPK:MINE), Numinus Wellness (TSXV:NUMI) (OTCPK:LKYSF), and Seelos Therapeutics (NASDAQ:SEEL) are also looking into natural medicine initiatives to improve the quality of life of individuals struggling with mental health disorders
Mydecine Innovations Group Develops Lead Novel Drug Candidates
As biotech and life sciences companies become the driving force behind psychedelic research, Mydecine Innovations Group (NEO:MYCO) (OTC:MYCOF) is becoming a leader in this space. Mydecine is dedicated to the research, development, and commercialization of psilocybin-based therapies. The company holds a full Health Canada Schedule 1 Controlled Drugs and Substances Dealer's Licence and operates a state-of-the-art mycology lab in Denver, Colorado. The company has facilitated numerous studies and development initiatives in-house and in collaboration with top research institutions.
On April 7, Mydecine announced that the company's research team has developed four lead novel drug candidates and that Mydecine is currently preparing for Pre-Investigational New Drug (IND) meetings with the FDA and Health Canada. The four compounds include pure psilocybin from natural fungal sources, an entactogenic compound created with the goal of reducing harm and improving the safety profile compared to traditional MDMA, a psilocybin-based formula with reduced potential to trigger anxiety in patients, and a tryptamine compound that could be delivered transdermally with precision dosing and a shortened duration.
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