American Billionaire Entrepreneurs Bet Millions on Psychedelics

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NEW YORK, May 10, 2022 /PRNewswire/ -- Billionaire Bob Parsons, the founder of GoDaddy, believes psychedelics can heal trauma. The Marine infantryman says LSD and MDMA helped him alleviate symptoms related to PTSD, which he started suffering from after his Vietnam tour. Parsons and his wife have made several sizable donations in the space including $5 million to Mount Sinai's Psychedelic Research Center, and $2 million to the Multidisciplinary Association for Psychedelic Studies (MAPS), which will likely become the first company to win FDA approval for a therapy using MDMA to treat PTSD. Parsons isn't the only notable investor injecting money into the growing space. PayPal co-founder Peter Thiel has heavily invested in the psychedelics space. Tesla CEO Elon Musk also recently made news for tweeting about the benefits of psychedelics. Growing interest and investment in the space are helping advance research and development at companies like Cybin Inc. (NYSE: CYBN) (NEO: CYBN), Numinus Wellness (OTCQX: NUMIF) (TSX: NUMI), Mydecine Innovations Group (OTCPK: MYCOF), (NEO: MYCO) ATAI Life Sciences (NASDAQ: ATAI), and Enveric Biosciences Inc (NASDAQ: ENVB), who are developing psychedelics-based therapies to treat a range of illnesses.

Cybin Inc. (NEO:CYBN) (NYSEAmerican:CYBN) is a leading ethical biopharmaceutical company working with a network of world-class partners and internationally recognized scientists to create safe and effective psychedelic-based therapeutics that address mental health issues.

In January 2021, Cybin announced its partnership with neurotech pioneer Kernel to utilize its quantitative neuroimaging technology Kernel Flow^Ⓡ which will allow Cybin to measure and collect data on brain activity in real-time during psychedelic experiences. The absence of this data has been a limitation in the progression of psychedelics…until now.

Just recently, Cybin and Kernel initiated the world's first study measuring psychedelic effects on the brain.  The Cybin-sponsored study is utilizing Flow to measure ketamine's psychedelic effects on cerebral cortex hemodynamics.

On May 9th, Cybin and Kernel announced pilot results from this study, with preliminary data suggesting that ketamine-induced changes in functional connectivity persisted for several days after administration. Kernel Flow successfully measured the neuro-effect of ketamine over 11 days, and confirmed changes in functional connectivity that are consistent with current scientific research. The piloting was conducted to ensure the efficiency of the feasibility study design. Participants in the pilot received either a low dose of ketamine and/or a placebo while wearing the Flow headset.

"Kernel's Flow technology is revolutionary in the field of brain imaging as it is the first easy-to-use wearable that can collect real-time brain activity before, during and after a psychedelic experience. Previously, studies had to rely on subjective patient reporting. By utilizing Flow, we will now be able to quantifiably gather real-time functional brain activity during our clinical and research studies evaluating psychedelic-based therapeutics," said Doug Drysdale, CEO of Cybin. "Measuring where and how psychedelics work in the brain unlocks new frontiers of discovery in this space. Most importantly, Kernel Flow will enable us to measure the duration of effect during a psychedelic experience, which will be pivotal in developing the most accurate and effective treatment regimens for patients. This technology is precisely what we need to accelerate the development of psychedelics into therapeutics."

The Kernel Flow feasibility study received US FDA Investigational New Drug (IND) authorization in October 2021, as well as Institutional Review Board (IRB) approval in January 2022. 

Cybin also recently selected Clinilabs Drug Development Corporation to help support its Phase 1/2a clinical trial of CYB003. Clinilabs has extensive expertise in central nervous system drug development. Cybin's proprietary deuterated psilocybin analog is the first psilocybin analog to be evaluated in Phase 1/2a development for the treatment of major depressive disorder.

In multi-species preclinical studies, CYB003 showed significant advantages over conventional psilocybin, including less variability in plasma levels, faster onset of action, shorter duration of effect, and potentially better tolerance resulting in a better overall outcome for patients. Cybin intends to begin the Phase 1/2a trial in mid-2022.

For more information about Cybin Inc (NYSE: CYBN) (NEO: CYBN), click here.  

Biotech Companies Make Progress in Bringing New Psychedelics Treatments to Market

Mydecine Innovations Group Inc (NEO:MYCO) (OTC:MYCOF), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, has announced its financial results and provided an update on its activities for the year ended December 31, 2021. CEO Josh Bartch said that Mydecine made significant progress in creating and bringing to market new treatments for mental health and addiction disorders. The conditional IRB approval the company received is another positive signal that they will continue to advance their Phase 2b smoking cessation study, and they expect to receive full FDA IND approval in the second quarter of this year. Mydecine has worked hard to reduce its expenses and increase its efficiency to continue to advance its clinical trials its expand our intellectual property portfolio.

On April 12, Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) announced it will acquire all of the issued and outstanding common shares of Novamind Inc, in an all-share transaction. The total consideration is approximately C$26.2 million on a fully diluted in-the-money basis. The transaction will create a North American leader in psychedelic therapy and research with operations spanning 13 wellness clinics, four research sites, and a bioanalytical laboratory. The acquisition is expected to generate C$3 million in annual cost synergies. The combined company is leading its peer group in revenue with approximately C$10 million in annual pro-forma revenue based on the trailing four quarters. The transaction is expected to close in June 2022, following early shareholder approval. Numinus' revenue increased 240% year-over-year to $0.8 million in Q2 2022, primarily due to the Mindspace and Toronto Neurology Center acquisitions.

On March 30, atai Life Sciences N.V. (NASDAQ: ATAI) reported fourth-quarter and full-year 2021 financial results and R&D progress. The clinical-stage biopharma company also highlighted strategic areas of its innovative mental health platform. atai Life Sciences expects at least 14 drug and enabling technology development catalysts over the next two years, and Phase 2a proof-of-concept topline data from PCN-101 in TRD. atai also expects further advancements in its patient support technologies and precision approaches to mental health. Alongside its R&D activities, atai launched its philanthropic arm, atai Impact, in October 2021. The company ended 2021 with a strong cash position of $362 million.

On March 31, Enveric Biosciences Inc (NASDAQ: ENVB) announced its financial results for 2021 and gave an update on its activities. Enveric CEO Dr. Joseph Tucker said that with the acquisition of MagicMed in September 2021, the company immediately began moving forward with the clinical development strategy for its next-generation mental health treatments and therapies. He added that Enveric is strategically positioned with an experienced team of industry professionals, collaborative partners including the University of Calgary, a growing intellectual property portfolio, and a strong portfolio of promising central nervous system drug candidates. On March 29, Enveric filed a new provisional patent application based on 100 novel individual molecules. If the broadest claims are allowed, the application could protect more than 10,000 potential new drug development candidates.

Cybin CEO Doug Drysdale was recently a presenter at the KCSA Psychedelics Investor Conference and was also a featured panelist at the Benzinga's Psychedelic Capital Conference. To access the replays of each event, please click here.

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