Psychedelic pharmaceutical company focused on developing new and better mental health therapies Diamond Therapeutics Inc. announced having received an approval letter from Heath Canada allowing the company to commence human clinical trials to evaluate low doses of psilocybin.
The company will no commence its phase 1 study 80 participants will take part, this study will be a placebo-controlled double-blind study aiming to evaluate the safety and pharmacokinetics of low doses of psilocybin in the healthy volunteers.
This study will be established on the results of the previous animal research conducted by the company which demonstrated with certainty that low non-hallucinogenic doses of psilocybin have a great potential for therapeutic use.
The company is certain that these finding will help in unlocking the use of low-dose to treat mental health conditions like depression, anxiety and psychiatric disorders.
The company is planning to launch a phase 2 trial to find out the efficacy rate of low-dose psilocybin in treating anxiety which is reported as the leading mental disorder across the United States.
“We are grateful to Health Canada for their support of this groundbreaking study. We’re very excited to commence our clinical program. It brings us one step closer to creating therapeutics that can help more people access effective and safe treatments for mental health conditions. It’s because of the hard work of our team, partners and advisors that we’ve been able to achieve this significant milestone,” said the company’s CEO, Judy Blumstock.