World's Richest Man Says Psychedelics Could Make a Real Difference in Mental Health

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NEW YORK, June 15, 2022 /PRNewswire/ -- Elon Musk believes that psychedelics and other plant-based drugs are better than pharma meds in treating a number of mental health conditions. The Tesla CEO said in a tweet last month that he had interacted with many people who have been helped by ketamine and psychedelics more than amphetamines and SSRIs. A few days ago, Musk tweeted that psychedelics and MDMA should be seriously considered for therapeutics as they can make a real difference in mental health, especially for extreme depression and PTSD. This message was a response to a tweet by Doug Drysdale, the CEO of Cybin Inc. (NEO:CYBN) (NYSE:CYBN), who said the pharmacoeconomic potential of these substances could massively reduce the $2.5 trillion cost of mental health. Legal psychedelic drugs are expected to disrupt the multi-billion dollar mental health field as more clinical trials are conducted that focus on the use of substances such as MDMA, ketamine, and psilocybin in conjunction with therapy for conditions such as depression, anxiety and severe PTSD. Cybin Inc., as well as other psychedelic-focused companies like Mind Medicine (MindMed) Inc (NASDAQ:MNMD) (NEO:MMED), Compass Pathways (NASDAQ:CMPS), Seelos Therapeutics (NASDAQ:SEEL) and Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) have several ongoing studies regarding the use of psychedelic drugs as alternative treatment options.

Cybin Inc. (NEO:CYBN) (NYSE:CYBN) creates safe and effective therapeutics that address mental health issues. The biopharmaceutical company is a multi-program clinical-stage company with four sponsored human trials underway in 2022. 

On June 9, Cybin Inc. announced that it had received Institutional Review Board (IRB) approval to commence the first-in-man Phase 1/2a clinical trial evaluating CYB003, its proprietary deuterated psilocybin analog, for the treatment of major depressive disorder (MDD).

Cybin CEO Doug Drysdale said, "IRB approval of our trial protocol is a significant regulatory milestone for CYB003 as it leads us one step closer to potentially providing this important treatment option to people in need. The team has worked tirelessly to move this program into the clinic, and we look forward to initiating the study in mid-2022 and further supporting our mission to develop psychedelics into therapeutics."