NetworkNewsWire Editorial Coverage
NEW YORK, Nov. 3, 2021 /PRNewswire/ -- Global destigmatization, changing regulations and an upswing in research are speaking loudly to the opportunity for psychedelics to provide tangible improvements in medicine to address some of the most resistant, devastating and expensive conditions known to man. For decades, drugmakers have spent billions of dollars searching for therapies that can safely help people quit smoking and alleviate anxiety, as well as treat those with notoriously difficult diseases such as autism. Unfortunately, the conventional efforts have been to little avail. Fortunately, meaningful progress is being made with psychedelics across multiple fronts, such as the work of Mydecine Innovations Group (NEO: MYCO) (OTCPK: MYCOF) (FSE: 0NFA) (Profile), a biopharmaceutical firm formed in 2020 for the purpose of developing innovative therapeutics to treat PTSD, addiction and other mental health disorders. Mydecine is part of a renaissance for psychedelic medicine research that has captured investors' attention, albeit through individual companies such as Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) and Seelos Therapeutics Inc. (NASDAQ: SEEL), or through exchange traded funds that provide exposure to a swath of companies, such as AdvisorShares Trust (NYSE ARCA: PSIL) and Horizons Psychedelic Stock Index ETF (NEO: PSKY)
- Cigarette smoking is responsible for 20% of all American deaths every year, creating a $1.4 trillion drain globally in associated costs.
- Mydecine, Johns Hopkins, University of Alabama and NYU are participating in the first clinical research to receive funding from the NIH in more than 50 years.
- MYCOF will be supplying its MYCO-001 to the NIH-funded clinical trial as part of a smoking cessation treatment.
- The company expects to conduct two other clinical trials of MYCO-001 for smoking cessation and PTSD in veterans during 2020
Click here to view the custom infographic of the Mydecine Innovations Group editorial.
An Opportunity Case Study: Cigarette Smoking
Most people understand the deadly risks associated with cigarette smoking and that nicotine is highly addictive, as addictive as heroin by many accounts. The market is flooded with options (gums, herbals, patches, etc.) for those wanting to quit cigarettes, but these have proven mostly ineffective, leaving the nearly 70% of 34.1 million Americans who want to break their addiction with little in the way of safe and effective smoking-cessation options. Data lends color to the addressable market. Smoking is responsible for 20% of all U.S. deaths and associated healthcare costs and lost productivity of $1.4 trillion annually. According to the CDC, about 55% of smokers have tried to quit, but about 7 out of every 100 succeed.
Now, consider a small study by Johns Hopkins University comparing smokers trying to quit using cognitive behavioral therapy (CBT) plus varying doses of psilocybin (the active psychedelic ingredient in "magic" mushrooms) to abstinence rates typically observed in smokers using other medications or CBT alone. The results showed 67% of the participants remained nicotine free at a 12-month follow-up, a substantial increase over success rates for other methods (typically 10% to 35%). Johns Hopkins is following-up with larger efficacy study funded in part by the first National Institute of Health (NIH) grant in more than 50 years to directly investigate the therapeutic effect of psilocybin for tobacco addiction.
Mydecine Innovations Group (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) is an integral part of this landmark NIH-funded research led by Johns Hopkins in collaboration with University of Alabama at Birmingham and New York University. Mydecine is supplying its lead drug candidate, MYCO-001 (99% pure psilocybin), for use in the three-year, multisite smoking cessation clinical trial. The supply agreement has multiple benefits for Mydecine, cementing their position as a leader in the emerging psychedelic-assisted psychotherapy industry while allowing them to simultaneously advance MYCO-001 clinical development in collaboration with the biggest names in the business.
The new supply agreement builds upon an existing relationship between Colorado-based Mydecine and Johns Hopkins, considered the top university for psychedelic research globally. Among other things, Mydecine was working with Dr. Matthew Johnson, lead in the NIH clinical studies, professor of psychiatry and behavior sciences at Johns Hopkins and a world-renowned expert on psychedelics, on smoking cessation research and potential upcoming clinical work by Mydecine. Elsewhere, Mydecine in August penned a five-year master collaboration research agreement with Johns Hopkins to evaluate new treatments and compounds for a variety of addiction disorders and mental health conditions.
On Tap: Phase 2/3 Clinical Trial of MYCO-001
Mydecine is aligning for three clinical trials of MYCO-001 in 2022, any (or all) of which could serve as a catalyst for the company. The NIH-funded multi-center study with Johns Hopkins, NYU and UofA-Birmingham is one. Another is a company-sponsored seamless phase 2/3 clinical trial also evaluating the administration of MYCO-001 with a structured smoking-cessation treatment program in nicotine-dependent individuals. Dr. Johnson is serving as the PI (principal investigator) in both clinical studies.
A "seamless" clinical trial has become a buzz word in recent years thanks to FDA commissioner Dr. Scott Gottlieb supporting the format in 2017 as a means to accelerate drug development. The concept is an adaptive design combining at least two of the traditional phases of drug development, with modifications made if necessary following interim data readouts. The design can shave substantial time and costs compared to the conventional FDA pathway of separate phases. Mydecine is expecting an investigational new drug (IND) meeting with the FDA by the end of the year and to launch the trial in January 2022. The protocol for the trial is expected to involve weekly individual sessions for five weeks before the patient tries to quit smoking with endpoints including smoking abstinence at three, six and twelve months.
The company is hoping to penetrate a global smoking cessation market estimated by ResearchandMarkets.com growing at a 16.9% compound annual growth rate to $63.99 billion by 2026. This type of growth and market opportunity is likely contributing rationale to Roth Capital analyst Elemer Piros initiating coverage on Mydecine with a Buy rating and C$3 price target.
PTSD in the Underappreciated
While smoking cessation is a vital part of the pipeline, Mydecine is committed to exploring the diverse opportunities of psychedelics to offer relief where other drugs have failed or come with unpleasant side effects. An initial target outside of smoking is post-traumatic stress disorder (PTSD) in veterans, emergency medical service (EMS) and front-line workers, a group that as a whole goes grossly underappreciated for the day-to-day grind of the job.
There are no medications approved by the FDA specifically for PTSD, only those that are used to attempt to soften the symptoms; the medications are often highly addictive or have side effects of their own. Once again, Mydecine is looking to hold an IND meeting with the FDA this quarter for the purpose to initiate a Phase 2a clinical trial in the first quarter of 2022 evaluating a psychedelic regimen for veterans with PTSD, which it intends to host at three U.S. sites, two Canadian sites and one site in the Netherlands.
Providing a Complete Journey of Healing
As those three trials move forward, Mydecine is addressing other aspects of therapy, including a mindful approach to a holistic journey to recover. Frequently, patients undergoing psychedelic therapy refer to the process as an "experience" following adjectives such as "spiritual" or "religious" or even "out of body" where breakthroughs of the mind are achieved to set forth a durable course of healing by addressing the root issue, rather than just dulling symptoms. As part of this journey, Mydecine offers Mindleap Health, an inner wellness application and community that provides tools for self-discovery. The comprehensive platform introduces users to psychedelic integration, dream analysis and deepening awareness with top experts as a part of a whole healing approach.
Elsewhere, Mydecine has three other flagship drug candidates in its portfolio, including MYCO-003, a psilocybin formulation that combines a serotonin agonist with a serotonin-releasing agent. This formulation is meant to overcome obstacles related to a "bad trip" that can sometimes accompany ingesting psilocybin. This experience, which could be exacerbated in highly anxious patients, requires intervention by the attending physician. Mydecine believes it can mitigate without the need for extensive supportive care through its novel formulation. The company has recently reported positive preclinical data on MYCO-003 and filed a patent application as an anxiety-reducing product.
Don't Call It a Comeback
Believe it or not, there was a growing body of evidence supporting the therapeutic benefits of psychedelics ongoing in the mid-20th century. However, the emphasis on a counter-culture and President Richard Nixon signing into law the Controlled Substance Act in 1970 put the kibosh on psychedelic clinical research. A half century later, the stigma is fading, the data is becoming indisputable and investments are growing to bring new treatments to market.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) is one of the most recognizable names in the market. The company is assembling a drug-development pipeline of innovative treatments based on psychedelic substances including psilocybin, LSD, MDMA, DMT and an ibogaine derivative, 18-MC. Most recently, MindMed expanded its pipeline with the launch of a program to develop R(-)-MDMA for the treatment of social anxiety and functioning in diagnoses that include Autism Spectrum Disorder (ASD).
Seelos Therapeutics Inc. (NASDAQ: SEEL) is a clinical-stage biopharmaceutical company focused on the development and advancement of novel therapeutics to address unmet medical needs for the benefit of patients with central nervous system (CNS) disorders and other rare diseases. The company's portfolio includes several late-stage clinical assets targeting indications including acute suicidal ideation and behavior (ASIB) in major depressive disorder (MDD) or PTSD, amyotrophic lateral sclerosis (ALS), Sanfilippo syndrome, Parkinson's Disease, and other psychiatric and movement disorders plus orphan diseases.
AdvisorShares Trust (NYSE ARCA: PSIL) invests in the emerging psychedelic drugs sector, offering exposure to those biotechnology, pharmaceutical and life sciences companies the managers see as leading the way in this nascent industry. PSIL concentrates its portfolio on companies deriving the majority of their net revenue or devoting the majority of their assets to psychedelic drugs. PSIL is considered an alpha opportunity since it targets early growth in a nascent sector.
Horizons Psychedelic Stock Index ETF (NEO: PSKY) was launched in January 2021, making it the world's first exchange traded fund focused on the emerging psychedelics opportunity led by life science and pharmaceutical companies. The ETF was created in response to the a growing number of public companies in North America adding to the body of clinical research demonstrating the potential use of psychedelic compounds, such as psilocybin and ketamine, as treatment for mental illness, depression, addiction, PTSD, and other medical conditions.
On the back of strong investor appetite and hundreds of millions of dollars in funding, psychedelic research is gaining sustainable momentum and mainstream credibility. The days of viewing psychedelics as merely amusements of counterculture are fading and the very real possibility exists that novel psychedelic therapies are on the horizon to help so many people in need that have been failed by traditional drugs.
For more information about Mydecine Innovations, please visit Mydecine Innovations Group.
NetworkNewsWire ("NNW") is a financial news and content distribution company, one of 50+ brands within the InvestorBrandNetwork ("IBN"), that provides: (1) access to a network of wire solutions via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible; (2) article and editorial syndication to 5,000+ news outlets; (3) enhanced press release solutions to ensure maximum impact; (4) social media distribution via IBN millions of social media followers; and (5) a full array of corporate communications solutions. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience comprising investors, consumers, journalists and the general public. By cutting through the overload of information in today's market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text "STOCKS" to 77948 (U.S. Mobile Phones Only)
For more information, please visit: https://www.NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork
DISCLAIMER: NetworkNewsWire (NNW) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with NNW or any company mentioned herein. The commentary, views and opinions expressed in this release by NNW are solely those of NNW and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable NNW and FNM for any investment decisions by their readers or subscribers. NNW and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.
The Article and content related to the profiled company represent the personal and subjective views of the Author, and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author has not independently verified or otherwise investigated all such information. None of the Author, NNW, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment.
NNW & FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and NNW and FNM undertake no obligation to update such statements.
Corporate Communications Contact:
FN Media Group, LLC