Neuropharmaceutical company focusing on developing rapid-active treatments for mental health conditions like anxiety and depression Small Pharma Inc. (TSVX: DMT) announced having successfully completed phase 1 clinical trial of DMT-assisted therapy (SLP026).

The company says that it used volunteers as participants in the phase 1 clinical trials. The company is now focusing on advancing to phase 2a clinical study to find out the effectiveness of SLP026 in combination with psychotherapy for the treatment of major depressive disorder (MDD).

The company’s chief executive officer, Peter Rands, says the phase 1 clinical trial was a swift and successful process which means that its lead candidate SLP026 has the potential of changing the mental health space.

We are delighted to have made such swift and excellent progress in the seven months since starting Phase I. The successful completion of Phase I means we can now truly assess SPL026 as a new potential treatment option for patients with MDD. There has been little innovation for patients suffering from MDD in the last few decades and SPL026 has the potential to change the mental health treatment landscape and provide a much-needed alternative therapy for patients,” said the CEO.

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