Rising Number of Mental Health Disorders Fuel Advancing Initiatives to Reduce Psychiatric and Neurological Conditions

PALM BEACH, Fla., March 8, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - According to a report from Grand View Research "High unmet medical needs and government initiatives to reduce the psychiatric and neurological disorders are driving the market for central nervous system (CNS) therapeutic. According to WHO, the global economy loses due to depression and anxiety is more than USD $1 trillion per year and rising patient base of mental health globally is expected to increase the economy loses by USD $16 trillion in 2030. The market holds strong future growth opportunities and major players are adopting different marketing strategies such as new product development, collaborations, geographic expansion, mergers and acquisitions, and new product approval, to strengthen their positions."  The report projected that the global central nervous system therapeutic market size is expected to reach USD 205.0 billion by 2028 and is expected to expand at a CAGR of 7.4% through 2028.  The report continued: "Presence of strong pipeline products by major pharmaceutical companies… and others are expected to accelerate market growth over the forecast period. Besides, other pharmaceutical companies are also actively involved in the development of novel therapies and investing heavily to develop effective therapeutics for the treatment of CNS associated diseases.  Active Biotechs in the markets today include:  Pasithea Therapeutics Corp. (NASDAQ: KTTA), Alkermes plc (NASDAQ: ALKS), Passage Bio, Inc. (NASDAQ: PASG), Acadia Healthcare Company, Inc. (NASDAQ: ACHC), atai Life Sciences (NASDAQ: ATAI).

Most of the late phase development drugs are for the treatment of neurodegenerative disorders such as Alzheimer's disease, multiple sclerosis, Parkinson's disease, and amyotrophic lateral sclerosis… some of the potential drugs that could be commercialized in the next five to eight years for the treatment of various indication of neurodegenerative disorders. Apart from neurodegenerative diseases, migraine, schizophrenia, and epilepsy are the major CNS disease indications that have potential drug candidates in pipeline.  Pharmaceutical companies are adopting strategies such as product development, merger and acquisition, and collaboration to strengthen their position in market."

Pasithea Therapeutics Corp. (NASDAQ: KTTA) Breaking News: Pasithea Therapeutics Announces Collaboration with The Glimpse Group - Partnership will allow Pasithea to co-develop VR environments for patients with psychiatric disorders  -  Pasithea erapeutics Corp. (Pasithea" or the "Company"), a novel biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders, today announced its partnership with The Glimpse Group, Inc. (Nasdaq:VRAR, FSE:9DR) ("Glimpse"), a Virtual Reality and Augmented Reality ("VR and AR") platform company and its subsidiary company Foretell Reality. Foretell Reality applies VR technology to various use cases of mental health therapy, support, and human interaction.

"We are thrilled to partner with Glimpse to bring VR and AR to patients suffering from mental health disorders. Among its many benefits, VR unites a patient and therapist in a shared environment, which is particularly important in situations where the therapist is remote, such as with our at-home treatment model. VR can also create scenarios to reflect specific traumatic experiences or simulate emotionally loaded conversations. VR is increasingly becoming an innovative clinical tool for patients with specific psychiatric symptoms, which leads to improved patient outcomes, and we look forward to co-developing the program alongside Glimpse," stated Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics.

Together with Glimpse, Pasithea will co-develop VR environments to support the treatment of patients with psychiatric disorders in a safe and effective manner.

Lyron Bentovim, President and CEO of Glimpse commented, "VR technology is becoming widely adopted in the healthcare industry, with a range of applications including mental health and psychological therapies, pain management, and robotic surgery. Glimpse, through its base of subsidiary companies, has direct experience in developing such solutions with leading companies, hospitals, and universities in the segment. We look forward to our collaboration with Pasithea."  CONTINUED…  Read the Pasithea Therapeutics full press release by going to:  https://ir.pasithea.com/

In other biotech news in the markets this week: 

Alkermes plc (NASDAQ: ALKS) recently announced plans to present data related to nemvaleukin alfa (nemvaleukin), the company's novel, investigational, engineered interleukin-2 (IL-2) variant immunotherapy, at the Society of Gynecologic Oncology (SGO) 2022 Annual Meeting on Women's Cancer, taking place March 18-21, 2022. New data in patients with platinum-resistant ovarian cancer from ARTISTRY-1, a phase 1/2 study evaluating the safety, tolerability and efficacy of intravenously administered (IV) nemvaleukin as a monotherapy and in combination with pembrolizumab (KEYTRUDA^®), will be presented in an oral plenary session. In addition, a trial-in-progress poster from the ongoing ARTISTRY-7 global phase 3 study will be presented. ARTISTRY-7 is evaluating the anti-tumor activity and safety of IV nemvaleukin in combination with pembrolizumab compared to investigator's choice chemotherapy, in patients with platinum-resistant epithelial ovarian, fallopian tube or primary peritoneal cancer.

Passage Bio, Inc. (NASDAQ: PASG), a clinical-stage genetic medicines company focused on developing transformative therapies for central nervous system (CNS) disorders, recently reported financial results for the fourth quarter and full year ended December 31, 2021 and provided recent business highlights.

"Our focus continues to be on executing across our three clinical programs, and we are pleased to report that we have already achieved one of our key goals with the dosing of the first patients in Cohorts 2 and 3 for the Imagine-1 clinical trial for GM1 gangliosidosis," said Bruce Goldsmith, Ph.D., president and chief executive officer, Passage Bio. "We advanced to the additional cohorts following positive interim safety, biomarker and efficacy data for Cohort 1. We look forward to enrolling additional patients across all our clinical studies and providing more data throughout 2022, including initial biomarker and safety data from Cohorts 2 and 3 in Imagine-1 in the second half of the year.

Acadia Healthcare Company, Inc. (NASDAQ: ACHC) recently announced financial results for the fourth quarter and year ended December 31, 2021.  The Company reported revenue of $593.5 million for the fourth quarter of 2021, compared with $541.3 million for the fourth quarter of 2020. Adjusted EBITDA was $156.1 million for the fourth quarter of 2021, compared with $157.9 million for the same period last year. The Company recorded income of $17.9 million and $32.8 million in the fourth quarters of 2021 and 2020, respectively, related to the PRF established under the CARES Act. Excluding these funds, Adjusted EBITDA was $138.2 million for the fourth quarter of 2021, compared with $125.1 million for the fourth quarter of 2020.

Net income attributable to Acadia stockholders for the fourth quarter of 2021 was $70.3 million, or $0.77 per diluted share, compared to net loss of $783.7 million, or $8.78 per diluted share, for the fourth quarter of 2020. The results for the fourth quarter of 2020 included a loss from discontinued operations of $842.2 million, net of income taxes, primarily related to the loss on sale of the U.K. business of $867.3 million. For the fourth quarter of 2021, adjusted income from continuing operations attributable to Acadia stockholders was $0.81 per diluted share. Excluding income from the PRF, adjusted income from continuing operations was $0.67 for the fourth quarter of 2021. Adjustments to income include transaction-related expenses and the income tax effect of adjustments to income.

atai Impact, the philanthropic program of atai Life Sciences (NASDAQ: ATAI) and the Multidisciplinary Association for Psychedelic Studies (MAPS) recently announced a $500,000 donation from atai Impact to MAPS. This donation is an important demonstration of the synergy and collaboration across the leading non-profit and commercial organizations to advance psychedelic medicine and tackle the escalating mental health crisis affecting over one billion people worldwide.

"We were already facing a global mental health crisis, but the pandemic has escalated this even further. To solve this crisis requires innovation, passion and collaboration," said Florian Brand, CEO and Co-Founder, atai Life Sciences. "MAPS has been the driving force of the psychedelic renaissance over the last 35 years, promoting healing and well-being through education and research into psychedelics and their potential to revolutionize mental health for those in need. Their work has been an incredible source of inspiration and motivation to all of us at atai, and we're pleased to work alongside them."

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