PALM BEACH, Fla., Feb. 17, 2021 /PRNewswire/ -- Psychedelics are making their way out of the counterculture and back into the mainstream, with research and media interest in the mind-altering substances growing substantially. Some have even called psychedelics "psychiatry's brave new world." The revitalization of psychedelics has occurred alongside a shift away from the research and development of traditional psychiatric medications by leading pharmaceutical companies. A report from Data Bridge Market Research reported that the global psychedelic drugs market is rising gradually with a healthy CAGR in the forecast period of 2019-2026. Growing prevalence of depression worldwide and increase in special designation from the regulatory authorities to the company to expedite the development process are the key factors for market growth. It said that: "Psychedelic drugs market is growing due to increase in prevalence of depression worldwide, increase special designation from the regulatory authority; the effects of these factors are: Increase in prevalence of depression worldwide: Psychedelic drugs are used for the treatment of different variants of depression and other clinical indications, although the major focus is on the treatment of depression and other different types of mental disorders. This is due to their capability of invoking consciousness changes by altering the visual and auditory functioning of the consumers." Active companies in the markets this week include: Mind Cure Health Inc. (OTCQB: MCURF) (CSE: MCUR), MindMed (OTCQB: MMEDF) (NEO: MMED), Numinus Wellness Inc (OTCPK: LKYSF) (TSX-V: NUMI), Cybin Inc. (OTCPK: CLXPF) (NEO: CYBN), Field Trip Health Ltd (OTCPK: FTRPF) (CSE: FTRP).
Data Bridge Market Research continued: "Therefore, the growing volume of depression in patients is directly affecting the market's potential for growth; and Increase special designation from the regulatory authority: Another important factor behind the market's high growth potential is the different regional authorities providing specialized designation to these drug categories helping streamline the approval process by providing the specific requirements required from the drug for its approval in a timelier manner. With the focus of authorities to work alongside specialized research organizations and pharmaceutical manufacturers to reduce the time required for the development and commercialization of psychedelic drugs for the treatment of different indications. These partnerships between different authorities and market players are resulting in quicker drug developments, product approvals and subsequent commercialization helping solve a clinically unmet need of different patients."
Mind Cure Health Inc. (CSE: MCUR.CNQ) (OTCQB: MCURF) BREAKING NEWS: Mind Cure Engages Dr. Dan Engle as Primary Investigator for Research in Traumatic Brain Injury with Psychedelics - Celebrated neurologist, psychiatrist and plant-medicine expert Dr. Dan Engle brings years of understanding of psychedelic medicine into research with Mind Cure - Mind Cure Health Inc is pleased to announce the engagement of Dr. Dan Engle as Mind Cure's Primary Investigator Consultant. Dr. Engle is Board Certified in Psychiatry and Neurology, with a clinical practice that combines functional medicine, integrative psychiatry, neuro-cognitive restoration. He is celebrated for contribution to understanding of traumatic brain injury and concussion recovery with his book The Concussion Repair Manual. Dr. Engle is transitioning from his previous role as an advisor to Mind Cure.
Mind Cure has identified traumatic brain injury ("TBI") as a priority indication which shares important biological pathways associated to pain. Mind Cure will investigate the therapeutic potential of psychedelic compounds for TBI and related conditions. Dr. Engle will facilitate the translation of Mind Cure's traumatic brain injury research from pre-clinical to clinical.
"Mind Cure is fortunate that Dr. Engle has chosen to bring his expertise and clinical experience with trauma and head injury to lead Mind Cure's research efforts," said President and CEO Kelsey Ramsden. "Dr. Engle is a trusted resource whose guidance will be pivotal in leading this transformative research program. TBI issues not only affect individuals but also can have lasting effects on families and communities".
Traumatic brain injuries are a major cause of death and disability in North America and are increasing in number. From 2006 to 2014, the number of TBI-related emergency department visits, hospitalizations, and deaths increased by 53%. An average 32,000 people in the United States have died each day from injuries that include a traumatic brain injury. Those who survive can face effects that last a few days or the rest of their lives, and can include issues related to emotional functioning (e.g., personality changes, depression) along with impairments related to thinking or memory, movement and sensations, such as vision or hearing. To read this and more news for Mind Cure Health, please visit https://www.financialnewsmedia.com/news-mcur/
Other recent developments in the markets include:
MindMed (NEO: MMED) (OTCQB: MMEDF), a leading psychedelic medicine biotech company recently announced a new partnership with Swiss startup MindShift Compounds AG to develop and patent next-gen psychedelic compounds with psychedelic or empathogenic properties. As part of this partnership, MindMed and MindShift Compounds AG have agreed to develop next-gen psychedelic and empathogenic substances together. The first initial compounds have already been synthesized by MindShift Compounds AG and related patent applications were filed by MindMed. MindMed plans to begin first-in-human Phase 1 clinical trials as early as Q1 2022 through its existing clinical trial platform for psychedelic and empathogenic compounds in Switzerland.
The partnership on these initial targets will expand MindMed's current, well-established clinical pipeline with additional backup and expansion compounds with similar and potentially improved therapeutic properties. The related synthesis intellectual property and pharmaceutical technology will be owned outright by MindMed, and MindShift Compounds AG will provide all intellectual property related to the new psychedelic compounds exclusively to MindMed.
Numinus Inc (TSXV: NUMI), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), has recently closed its acquisition of Mindspace Psychology Services Inc , a leader and pioneer in psychedelic programming. The purchase agreement was previously announced.
Founded by Dr. Joe Flanders in 2011, Mindspace will continue under Dr. Flanders' leadership. The acquisition expands Numinus' presence into Quebec, building on its Vancouver office with two established locations and extensive virtual services as well as insights garnered from a decade of successful clinic management.
Cybin Inc. (OTCPK: CLXPF) (NEO: CYBN) (CYBN.AQN), a biotechnology company focused on progressing psychedelic therapeutics, recently announced that Doug Drysdale, Chief Executive Officer, will conduct a conference call and webcast to review its financial results and provide a business update on Wednesday, February 17, 2021 @ 10:AM ET.
A replay of the conference call will be available for two weeks after the call's completion by dialing (844) 512-2921 (U.S.) or (412) 317-6671 (International). The conference ID for the replay is 13716476. The archived webcast will be available for 30 days on: www.cybin.com/investor-relations.
Cybin is a leading biotechnology company focused on progressing psychedelic therapeutics by utilizing proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders.
Field Trip Health Ltd. (CSE: FTRP) (OTCQX: FTRPF), a leader in the development and delivery of psychedelic therapies, recently announced the official opening of the Field Trip Natural Products Limited Research and Development Laboratory for Psychedelic Fungi in Mona, Jamaica. The research facility, which is opening as part of Field Trip's previously announced strategic partnership with the University of West Indies, is the world's first legal research and cultivation facility dedicated exclusively to psilocybin-producing mushrooms and other plant-based psychedelics.
"Clinical studies on psilocybin and other plant-based psychedelic compounds have shown that they have great potential to produce profoundly positive changes in individuals, particularly those struggling from serious mental health conditions like anorexia, depression and PTSD," said Dr. Nathan Bryson, Field Trip's Chief Science Officer. "With the opening of this facility, Field Trip and UWI will be leaders in the understanding of psilocybin-producing fungi and how they can be best utilized in a treatment setting."
The work at the new facility will leverage the research and development efforts that have been conducted by Field Trip at a temporary facility at UWI since January 2020, and will be broad-ranging, from genetics, breeding and cultivation work on many of the 180+ plus recorded species of psilocybin-producing mushrooms, to developing analytical methods for quality control, identification of novel molecules, as well as extractions and formulations for drug development purposes. Research at the Facility will be led by Rupika Delgoda, Professor of Biochemical Pharmacology & Pharmacognosy and Director of the Natural Products Institute at UWI, who holds a D.Phil. from Oxford University (UK) in Pharmacology.
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