Roughly 700 million mental health cases are reported every year according to the World Health Organization (WHO). The scary statistics highlight a scary and growing mental health problem and one that is further exasperated by the fact that existing mental health treatments are inefficient.
Medical researchers have been looking into the potential use of psychedelics to address mental health issues. Numerous startups have been formed around the budding industry and some traditional companies have already taken up interest. For example, Johnson & Johnson’s (NYSE: JNJ) recently received the FDA’s approval for a psychedelic-based mental illness drug called Spravato. The latter is a rapid-acting therapy for patients that suffer from drug-resistant depression.
Several companies including Tonix Pharmaceuticals (NASDAQ: TNXP), COMPASS Pathways Plc (NASDAQ: CMPS), and Mydecine Innovations Group Inc. (CSE: MYCO) are exploring the therapeutic benefits that psychedelics have to offer. UK regulators recently approved the first clinical study to investigate the medicinal uses of psychedelics.
Mydecine is leading the charge as far as developments are concerned
Mydecine Innovations is currently one of the most active companies that are aggressively pushing into the budding industry. It is currently working on building a robust pipeline of therapies derived from psychedelics and has so far achieved various developmental milestones. Mydecine is also eying the FDA’s approval, which means that it is on the fast-track to become one of the leading companies in the psychedelics industry.
Mydecine Innovations recently announced a collaboration with ProPharma Group, through which they plan to submit an FDA filing for numerous clinical-stage trials and a new development platform. Mydecine has a Jamaican-based cultivation facility in which it grows psilocybin mushrooms also known as magic mushrooms. The company recently announced that it harvested its first 20 KG batch of mushrooms which will be used for research purposes.
The mushrooms will be sent to Mydecine’s cGMP Facility in Canada where psilocybin will be extracted and used to develop therapies. Mydecine Innovations is just one of the numerous companies that are working on psychedelics research for medicinal use. The promising research combined with increasing investor interest in the budding segment means that it is currently one of the most promising industries and one that is poised to grow faster in the coming year.