Life sciences company specializing in neuro-pharmaceutical drug development advancing medicines that include psychedelics compounds MYND Life Sciences (CSE: MYND) announced having filed provisional patent applications inked to various psilocybin analogs targeting clinical depression.
These patent applications capture two drugs in the development process, MYND-604 and MYND-778. MYND-604 is the lead candidate being developed as a novel oral dosage to cure Major Depressive Disorder (MDD).
The MYND-604 also brings along much needed innovation to the Selective Serotonin Reuptake Inhibitor (SSRI) in the market.
MYND Life Sciences is hoping to commence clinical trials of the two drugs in the fourth quarter of this year if not so it can happen early next year.
Through its CEO, Dr. Lyle Oberg, the company believes it has an obligation to develop therapies for persons suffering from depression.
“Traditional pharma has not taken an innovative approach to R&D as we have seen little innovation to SSRI’s and other anti-depressants in over 30 years. MYND’s drug discovery process utilizes specific psilocybin analogues that we believe have the ability to positively impact patients dealing with a variety of neuropsychiatric disorders. We have a tremendous opportunity to develop viable alternatives to the current suite of SSRIs for individuals living with depression,” said the CEO.