U.S. Is Dominating Psychedelic Drugs Market Due To Growing Acceptance For Treating Depression & Rise In Product Approvals

PALM BEACH, Fla., Oct. 12, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - After being relegated to the margins of sincere scientific examination for about the last several decades, growing researchers and scientists are exploring the therapeutic value of psychedelic drugs and compounds that could be a new treatment option for people with depression. The psychedelic drugs market is growing rapidly due to the increasing prevalence of depression and other mental disorders worldwide. The need for handling environmental stress and enhanced and better quality of lifestyle is acting as a driver for the psychedelic drugs market. The treatment for psychedelic drugs dependency is expected to boost psychedelic market growth. According to Data Bridge Market Research, North America psychedelic drugs market is expected to gain market growth in the forecast period is growing with a CAGR of 13.3% in the forecast period of 2021 to 2028 and is expected to reach USD 7,567.52 million by 2028 from USD 2,823.67 million in 2020. Growing acceptance of psychedelic drugs for treating depression and increasing prevalence of depression and mental disorders are the factors for the market growth.  The report said: "Psychedelic drugs involve various types of chemical substances including LSD and chemical extracted from plants. Psychedelic drugs have the ability to change or enhance the sensory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences. Psychedelic drugs can be categorized into empathogens and dissociative drugs (such as PCP) and serotonergic (classic hallucinogens) such as LSD. Active Companies active today in markets include: Cybin Inc. (NYSE: CYBN) (NEO: CYBN), COMPASS Pathways plc (NASDAQ: CMPS), atai Life Sciences (NASDAQ: ATAI), Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), Merck & Co., Inc. (NYSE: MRK).

Data Bridge Market Research continued: "The awareness campaigns have encouraged people to select appropriate treatment for mental disorders, procedures and professionals which is increasing the demand of psychedelic drugs and the rising awareness towards mental health is acting as a driver for the psychedelic drugs market. Increasing research and development expenditure in the psychedelic drugs is creating new opportunities in the psychedelic drugs market, thus increasing R&D activities in psychedelic drugs is acting as an opportunity for the growth of the psychedelic drugs market. In North America, the U.S. is dominating the market due to growing acceptance of psychedelic drugs for treating depression and rise in product approvals. However, In Europe, Germany is dominating the market due to rising awareness towards mental health. Whereas, Saudi Arabia is dominating in Middle East and Africa due to ongoing clinical trials and increasing prevalence of depression and mental disorders in the country."

Cybin Inc. (NYSE AMERICAN: CYBN) (NEO: CYBN) BREAKING NEWS: Cybin Files an International Patent Application Covering Psychedelic Delivery Methods - Cybin Inc. ("Cybin" or the "Company"), a biotechnology company focused on progressing psychedelic therapeutics, today announced that it has filed an international patent application related to methods for the delivery of psychedelic medications by inhalation and devices for performing those methods.

The application, governed by the Patent Cooperation Treaty ("PCT"), brings the potential to obtain patent coverage in 153 countries.

The Company believes that the delivery of psychedelic medications using inhalation may overcome key obstacles encountered by traditional oral drug administration. Specifically, the Company expects inhalation delivery to facilitate optimized psychedelic session timing compared to oral administration of the same compounds, lower doses of psychedelic therapeutics while preserving efficacy, and providing health care providers with more control during psychedelic sessions. 

Filed in support of the Company's CYB004 pre-clinical development program, The PCT filing serves to increase the Company's library of drug delivery modalities directed to optimal delivery of psychedelics and further strengthens Cybin's growing IP portfolio.

The PCT filing also includes support for future research programs respecting various systems which seek to minimize negative side effects in psychedelic psychotherapy patients, methods that enable lower and sub-psychedelic doses without impacting treatment efficacy and increasing the long-term efficacy of psychedelic sessions.

"The continued progression of our research programs guides our discovery of new molecules and differentiating treatment approaches. Continued innovation, as demonstrated by our expanding IP portfolio, positions Cybin as a leading innovator in the development of putative psychedelic treatments for a variety of mental health conditions," said Doug Drysdale, the company's CEO.  CONTINUED… Read the full Press Release for Cybin at:  https://www.cybin.com/news 

In other active company biotech news in the markets this week: 

COMPASS Pathways plc (NASDAQ: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, recently announced that it has acquired an intellectual property (IP) portfolio including patent applications covering a variety of psychedelic and empathogenic substances. The IP was developed together with inventor Matthias Grill PhD, founder and CEO of MiHKAL GmbH in Basel, Switzerland, who will be working with COMPASS on an exclusive research project to develop new product candidates.

The substances covered in the IP portfolio include a variety of psychedelic and empathogenic compounds, some of which are prodrugs - pharmacologically inactive compounds which are metabolised inside the body to produce an active drug. The new substances include novel derivatives of known compounds, increasing the confidence in therapeutic effects and safety profile while offering optimised characteristics.

atai Life Sciences (NASDAQ: ATAI), a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders, recently announced the launch of PsyProtix, a new platform company formed with Chymia LLC, a Duke University biotechnology spinout. PsyProtix is a precision psychiatry company focused on developing therapeutics for treatment-resistant depression (TRD) and other mental health indications.

PsyProtix takes a precision psychiatry approach, an emerging field that aims to treat disorders by factoring each patient's variability in genes, metabolism, environment, and lifestyle. Traditionally, psychiatric patients are diagnosed and treated based on guidelines and protocols designed for the majority, which can often lead to trial and error as physicians attempt to best meet each individual patient's needs.

Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), a leading biotech company developing psychedelic-inspired therapies, has agreed to partner with Sphere Health – a physician-founded employee benefits provider targeting treatments for people with severe mental illness – to collect and analyze multimodal data in order to improve the understanding of a variety of biomarkers associated with mental illnesses including anxiety and affective disorders.

MindMed and Sphere Health are jointly launching MM061302, a study using existing consumer technology to provide a robust data set, which may be used to develop more accurate machine learning tools in order to identify biomarkers that show association with and prediction of symptoms of anxiety and depression.

Merck & Co., Inc. (NYSE: MRK) Merck KGaA, Darmstadt, Germany, a leading science and technology company, recently announced a three-year collaboration with the Transylvanian Institute of Neuroscience (TINS), based in Cluj-Napoca, Romania. The primary focus of this collaboration between the private non-profit research institute TINS and the Artificial Intelligence (AI) Research Team of Merck KGaA, Darmstadt, Germany, will be on improving the understanding of how information processing works in the human brain.

"A deeper understanding of the brain's computational mechanism will be key to overcoming many of the current limitations in existing artificial intelligence technologies," said Helmut Linde, Global Head of Data Science at Merck KGaA, Darmstadt, Germany. "With our academic research collaborations, we can ensure that we will be among the first companies to benefit from new outcomes in the rapidly evolving field of AI."

"If there is one key structure in the brain that holds the answer to intelligence, it's probably the neocortical microcircuit—a 1 cubic-millimeter building block of gray matter," said Raul C. Mureșan, President and Principal Investigator at TINS. "The project will investigate the structural and dynamic properties of this building block, inspired by experimental evidence gathered in past decades. We will attempt to extract the fundamental principles of the neocortical fabric and translate them into novel computational models. This research endeavor may have a deep impact on our understanding of the mechanisms supporting intelligence and could enable the technologies of tomorrow."

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