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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.
"Our first four novel drug candidates deliver on our long-term strategic road map for drug development with regular milestones that iteratively add value over time. By increasing the complexity of these compounds, we are increasing layers of patents applied, which in turn, also adds pharmaceutical value to the drug candidates," Mydecine Co-Founder and CEO Joshua Bartch said in the company's release. "The promise of these molecules is undeniable. By providing scalable, more stable compounds and delivery mechanisms for research and development, it means that new treatments for previously untreatable mental illnesses are close at hand."
On March 23, Mydecine announced that the company had graduated to the NEO Exchange. Bartch said in Mydecine's release that the move will increase transparency and visibility for the company as it pursues its research and development goals.
"Mydecine is paving the way for incredible breakthroughs and we are thrilled to support their success as the Company's listing exchange of choice," Jos Schmitt, President and CEO of NEO commented in Mydecine's release. "Psychedelic therapeutic treatments have the potential to offer life-altering relief to millions of people around the world who suffer from mental health and addiction issues. We look forward to providing Mydecine with enhanced visibility and greater access to capital on our tier-one exchange so they can continue the great work they are doing."
Biotech Companies Gear Up for Key Research
Across the industry, psychedelics-focused biotech companies are gearing up for research that could help shape the future of mental health treatment. On March 9, Numinus Wellness (TSXV:NUMI) (OTC:LKYSF) announced plans to significantly expand its psychedelics research laboratory by the end of the year.
Compass Pathways (NASDAQ:CMPS) announced on March 23 that the company had been granted two new patents by the US Patent and Trademark Office covering synthetic psilocybin formulations developed by Compass for treatment of major depressive disorder and treatment-resistant depression. The company says that these patents represent a critical milestone in its efforts to establish a new evidence-based option to help patients with depression and will aid the company's clinical research.
In January, Jamaica-based biotech company Minerco Inc. (OTC:MINE) was acquired by a specialized investment firm with plans to immediately transition the company to the psilocybin therapeutics market with a focus on research and development. Earlier in January, Minerco announced that the company had partnered with Lazurus Holistic to serve as psilocybin experts to grow and develop a unique strain of mushrooms specific to Jamaica.
Biopharmaceutical company Seelos Therapeutics (NASDAQ:SEEL) announced on March 5 that the company had completed its enrollment of patients in Part one of its registrational Proof of Concept study of intranasal racemic ketamine for Acute Suicidal Ideation and Behavior in patients with Major Depressive Disorder. The company says that it expects to release key open-label data by the second quarter of 2021
Promising research is driving momentum in the psychedelic therapeutics industry, and companies like Mydecine Innovations Group are building on that momentum with their own research and development.
Click here to find out more about Mydecine Innovations Group.
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