Biotechnology company focused on developing diagnostic and psychedelic based therapies Nova Mentis Life Sciences (CSE: NOVA) (OTCQB: NMLSF) has submitted an application seeking United Sates orphan drug status for its psychedelic therapy for fragile X syndrome.
Fragile X syndrome is a genetic condition which causes mild to severe intellectual disability. The condition affects both male and female and its symptoms include anxiety, hyperactive behavior and delays in talking.
Not long ago, psilocybin received an orphan drug designation approval from the European Medicines Agency (EMA). The agency also offers financial aid to for potential treatments of rare conditions.
Nova Mentis says that psilocybin enhances the plasticity of the brain, reduces anxiety, increases cognition and behavioral rigidity. Various results have also proven that psilocybin possesses therapeutic benefits without the side effects of psychedelics.
The company’s managing director, Marvin S. Hausman, says new clinical treatments for fragile X syndrome are needed further adding that psilocybin and other tryptamine derivatives are proving to be a potential solution.
“New clinical treatments for FXS are needed and we believe serotonergic agonists like psilocybin represent a promising option. Psilocybin and other tryptamine derivatives are expected to modulate the molecular and behavioural underpinnings of the disorder. Nova has successfully completed three preclinical studies confirming therapeutic efficacy, without apparent side effects, of Nova’s proprietary psilocybin drug,” said Hausman.