Published at PRnewswire.com
NEW YORK, Jan. 27, 2021 /PRNewswire/ -- The ongoing surge of development and investment into psychedelic medicine and psychedelic-assisted therapy is the direct result of newfound public support and legitimacy for these revolutionary treatments. That legitimacy is being built on the back of a growing body of research showing the benefits of these treatments and the intense need for alternatives to legacy approaches to mental healthcare. The flood of research is continuing, most recently with an ongoing study on psychosubstances as a potential treatment for veterans with PTSD. As more data supports the legitimacy of these treatments, companies that are commercializing psychedelic medicines, like Mydecine Innovations Group Inc. (CSE: MYCO) (MYCOF), Numinus Wellness Inc. (NEO: NUMI) (TSXV: NUMI) (OTCPK: LKYSF), Tonix Pharmaceuticals (NASDAQ: TNXP), Hollister Biosciences Inc. (OTCPK: HSTRF), and Mind Medicine (MindMed) Inc. (NEO: MMED) (OTCQB: MMEDF), are seeing increasing momentum.
Mydecine Innovations Group Moves the Psychedelics Space Forward
Mydecine Innovations Group Inc. (CSE: MYCO) (MYCOF) has been both a driver and a beneficiary of psychedelic medicine's many recent breakthroughs. As a leading company in the psychedelic biotech and life sciences space, Mydecine has had a large role on the research and development as well as the commercialization front.
Through the company's clinical trial branch, headed by Mydecine's Chief Medical Officer, Dr. Rakesh Jetly, the company has been working to develop safe and effective pharmaceutical and natural health products for people affected by PTSD. Last year, Mydecine partnered with the Leiden University Medical Center of The Netherlands and the ARQ National Psychotrauma Centre for a first-of-its-kind series of clinical trials examining psilocybin for the treatment of PTSD. Since that point, Mydecine has expanded its Phase 2A clinical trial globally to incorporate sites including University of Alberta, Royal Ottawa Hospital, and Western Ontario. Mydecine has also signed on for a partnership agreement with Applied Pharmaceutical Innovation to advance its research and development efforts for mental health care solutions.
Mydecine is a leader in developing the business side of psychedelic medicine. On January 21, Mydecine announced that the company would be included as part of the first-ever psychedelics-focused Exchanged Traded Fund (ETF). The fund includes 17 pioneering companies in the US and Canada and began trading on Tuesday, January 26 under the ticker PSYK on the NEO exchange.
"While medicinal psychedelics are certainly not new, the legal market and the ability to invest in these cutting-edge companies certainly is new," Mydecine Co-Founder & CEO Joshua Bartch said in the company's release. "Together, with these 17 companies, Mydecine is helping to build an industry that is investing in and researching innovative solutions for treating previously untreatable mental illness."
Also in January, Mydecine Innovations Group announced that it has filed an application to list on the NASDAQ. This potential uplisting to the NASDAQ will expose Mydecine to an increased number of retail and institutional investors.
Pharmaceutical and Biotechnology Companies Work to Advance Psychedelic Therapeutics
Psychedelic-focused health solutions company Numinus Wellness Inc. (NEO: NUMI) (TSXV: NUMI) (OTC: LKYSF) announced in January that the company has acquired an Orbitrap Exploris 120 Mass Spectrometer for use in the continued development of psilocybe mushroom related projects. Numinus says that this state-of-the-art instrument will accelerate the company's psychedelic standardized testing, as well as its research and development.
Clinical-stage biopharmaceutical company Tonix Pharmaceuticals (NASDAQ: TNXP) is focused on discovering, licensing, acquiring, and developing small molecules and biologics to treat a wide range of conditions, including pain, neurologic, psychiatric, and addiction conditions. In 2020, Tonix outlined a new statistical method to analyze future PTSD drug studies. With so much of the research on psychedelic-assisted psychotherapy focusing on treatment of PTSD, Tonix Pharmaceuticals' statistical method could play a significant role.
Hollister Biosciences Inc. (OTC: HSTRF) announced last year that the company planned to acquire psychedelic-focused company Alphamind Brands. Alphamind has been developing several psilocybin-based products in addition to conducting research and development for psilocybin pharmaceutical applications.
Mind Medicine (MindMed) Inc. (NEO: MMED) (OTCQB: MMEDF) announced in November that the company would be establishing a digital medicine division that will bring together a team of leading technologists, therapists, and clinical drug development experts to help the company with research and development of an integrated technical platform and comprehensive toolset for developing psychedelic medicines and experiential therapies combined with digital therapeutics.
Psychedelic medicines and therapies have the potential to not just be a huge market, but also a revolution in mental health care. Companies like Mydecine Innovations Group are making this revolution happen through research and development.
For more information on Mydecine Innovations Group, click here.
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