Welcome to TDRs review of the Top 5 Psychedelic developments for the week of May 9. Aside from presenting a synopsis of events, we provide market commentary to summarize the week that was for publicly-listed companies.
5. Biden Administration Announces $1.5 Billion Funding Opportunity for State Opioid Response Grant Program
The U.S. Department of Health and Human Services (HHS), through the Substance Abuse and Mental Health Services Administration (SAMHSA), is announcing a State Opioid Response (SOR) grant funding opportunity that will provide nearly $1.5 billion to states and territories to help address the Nations opioid addiction and overdose epidemic. In President Bidens State of the Union, he named beating the opioids epidemic as a pillar of his Unity Agenda. Todays announcement is a critical step forward in that work, and the SOR program, along with theTribal Opioid Responsegrant funding opportunity announced recently, are critical tools in President Bidens inaugural National Drug Control Strategy released last month and the Health and Human Services (HHS)Overdose Prevention Strategy.
The State Opioid Response grant program delivers crucial aid to states and territories to help address in the crisis of overdose and death in our nations communities, said HHS Secretary Xavier Becerra. And, in line with HHS Overdose Prevention Strategy, this funding helps facilitate state- and territory-level efforts to ensure the full continuum of prevention, harm reduction, treatment and long-term recovery supports are in place and accessible to all who need them.
TheSOR grant programprovides formula funding to states and territories for increasing access to FDA-approved medications for the treatment of Opioid Use Disorder (OUD), and for supporting prevention, harm reduction, treatment, and recovery support services for OUD and other concurrent substance use disorders (SUD). The SOR program also supports care for stimulant misuse and use disorders, including for cocaine and methamphetamine. The SOR program helps reduce overdose deaths and close the gap in treatment needs across America by giving states and territories flexibility in funding evidence-based practices and supports across different settings to meet local community needs.
4. Awakn Life Sciences Completes Worlds First Ketamine Treatment Study for a Range of Behavioral Addictions
Awakn Life Sciences Corp.(NEO: AWKN)(OTCMKTS:AWKNF) announced today the completion of the worlds first ketamine treatment study for behavioral addictions. The behavioral addictions included in the study were Gambling Disorder, Internet Gaming Disorder, Binge Eating Disorder and Compulsive Sexual Behavior.
Results from Awakn's #ketamine treatment study for behavioral #addictions indicate the desired effects via potentially novel mechanisms and these results merit a larger study and further exploration, which Awakn is now initiating. Learn more: https://t.co/7DW4Tu3RCF $AWKN $AWKNF
The study was led by Prof. Celia Morgan, Awakns Head of Ketamine-Assisted Therapy, Professor of Psychopharmacology at the University of Exeter, U.K., and an internationally respected expert in the therapeutic use of ketamine. The study investigated ketamine as a new treatment approach for these behavioral addictions by opening a window in which the brain can make new connections to change behavior.
The results from the study indicate the desired effects via potentially novel mechanisms and these results merit a larger study and further exploration, which Awakn is now initiating. The study also supports Awakns Intellectual Property (IP) strategy and existing filed patent applications, positioning Awakn as a leading company in the behavioral-addiction therapeutic research and development industry. The company expects to update investors further on its IP strategy in the coming weeks.
Antidepressants And Psychedelics Drug Interaction Chart
3. Big Rebound As Psychedelic Stocks Outperform BioPharma Indexes
The biggest psychedelic stocks mostly rose this past week, noticeable outperforming peer biopharma indexes. TheHorizon Psychedelic Stock Index ETF(PSYK) climbed12.80%, which was materially stronger than both theNasdaq Junior Biotechnology Index(2.42%) andNasdaq Biotechnology Ishares ETF(2.18%). This occurred despite broad markets which slumped for a seventh consecutive weekNASDAQ1004.40%andS&P 5002.93%. This was the seventh consecutive week of decline in both of these indexes, which hasnt occurred since the Great Financial Crisis of 2008. Heres how the Health Care (Biotechnology) sector performed:
Weekly technical snapshot, PSYK ETF:
In the news
atai Life Sciences reported financial results for the quarter ended March 31, 2022 and provided a business update. Ended the first quarter with $335 million cash, maintaining atais position as a well-funded, leading mental health company.
TDRs Take: Atai Life Sciences: Optimizing Drug Development By Avoiding Big Pharmas Past Missteps
Australias national science agency CSIRO is aiming to develop new psychedelics for a variety of mental health conditions including depression, addiction, end-of-life anxiety and PTSD.
Awakn Life Sciences announced that Dr. ArunDhandayudham is joining Awakn as its Chief Medical Officer. Dr. Ben Sessa is stepping back from his role as CMO to become Awakns Head of Psychedelic Medicine, allowing him to continue his work in research, academic and training activities, as well as a greater focus on the day-to-day treatment of his clients as the Lead Physiatrist for Awakn Clinics Bristol.
Braxia Scientific receives Special Access Program (SAP) approval for use of psilocybin inOntario. Health Canada approval is for patients with Major Depressive Disorder in the absence of terminal medical illness or end of life distress.
CB Therapeutics has been granted a new patent covering the use of microorganisms to produce tryptamines and their analogs, such as psilocybin and various other molecules found in magic mushrooms.
Clearmind Medicine announced positive safety results of its proprietary molecule, MEAI, to treat alcohol abuse.
Clerkenwell Health opening Europes first commercial psychedelic research facility.
Davos 2022: The first ever medical psychedelics series will be hosted by Energia Holdings Incorporated. The worlds most prominent psychedelic industry leaders, drug development experts, clinicians, nonprofit organizations, advocates, and influencers will gather separately inDavosat the inauguralMedical Psychedelic Seriesto help shape the future of mental health.
Havn Life Sciences announced a partnership withTheraPsil a non-profit coalition dedicated to helping Canadians in medical need access legal psilocybin-assisted psychotherapy and GMP-quality psilocybin. Under the Partnership, TheraPsil will support prescribing healthcare professionals in requesting psilocybin from HAVN Life, and other licensed dealers enrolled in TheraPsils Project Solace, through the Special Access Program. TDR interviews CEO Tim Moore:
Mind Medicine announced that the registration statement on Form S-3, filed onMay 4, 2022, was declared effective by the U.S. Securities and Exchange Commission, which includes a prospectus for an at-the-market equity offering under which the company may offer and sell its Subordinate Voting Shares or common shares re-designated from the Companys Subordinate Voting Shares for up to$100,000,000in aggregate sales proceeds.
Nirvana Life Sciences announced the appointment of Mr. Jakson Inwentash to the companys Board of Directors.
Optimi Health has completed the acquisition of a diverse catalog of psilocybin and functional mushroom strains intended for cultivation in its 20,000 square foot, EU-GMP compliant facility in Princeton, British Columbia.
Red Light Holland has completed the third export of psilocybe truffles, from the Netherlands to Canada, under a Health Canada psilocybin import permit awarded to CCrest Laboratories Inc. in partnership with Shaman Pharma Corp.
Silo Pharma announced that it in conjunction with the University of California San Francisco (UCSF), researchers have successfully dosed patients suffering from Parkinsons disease. As part of this study, the researchers are collecting blood samples to determine the effects of psilocybin on inflammatory markers of patients who have exhibited signs of Parkinsons.
2. MindMed Reports Topline Data From Phase 1 Trial of MM-110 in Development for the Treatment of Opioid Withdrawal
Mind Medicine (NASDAQ: MNMD), (NEO: MMED) announced topline results from the Phase 1 placebo-controlled trial designed to assess the safety, tolerability, pharmacokinetics and neurocognitive effects of MM-110 in 108 healthy volunteers. The results showed favorable safety and tolerability, support the advancement of MM-110, and have guided the Phase 2a dose, schedule, and design in individuals undergoing supervised opioid withdrawal. MM-110 (also known as zolunicant HCl or 18-MC) is an 34 nicotinic cholinergic receptor antagonist and non-hallucinogenic proprietary congener of ibogaine.
MindMed today announced topline results from the Phase 1 trial of MM-110. The results showed favorable safety and tolerability, and have guided the Phase 2a trial design in individuals undergoing supervised opioid withdrawal. https://t.co/ax7DSiDT1Q
A total of 72 participants received up to 325 mg of MM-110 (n=51) twice on a single day or placebo (n=21), and 36 participants were administered up to 90mg of MM-110 (n=26) twice daily for seven days or placebo (n=10). The topline results and observations include the following:
1. First Patient In Quebec Gets Approval From Health Canada For Magic Mushroom Therapy
In Montreal, meanwhile, a pioneering clinic in the emerging field of psychedelic-assisted psychotherapy is about to become the first health-care facility in Quebec to legally treat depression with psilocybin. Bui-Nguyen said his Mindspace by Numinus clinic received Health Canadas approval on May 5 to care for a patient who had undergone several unsuccessful treatments for depression.
Mindspace by Numinus CEO Payton Nyquvest said psychedelics have the potential to become a widespread treatment. As Health Canada continues to approve more requests, he hopes the recognition will make the treatment much more accessible.
Health Canada on Jan. 5 restored its Special Access Program abolished under former prime minister Stephen Harper in 2013 allowing health-care experts to request access to restricted drugs that have not yet been authorized for sale in the country.
Related: Numinus Wellness Receives Health Canada Special Access Program Applicant Approval to Provide Psychedelic-assisted Therapy Treatment
See more here:
TDR's Top 5 Psychedelic Developments For The Week Of May 16 - The Dales Report
- Psychedelic Treatment with Psilocybin Relieves Major Depression, Study ... - February 20th, 2023
- Johns Hopkins Launches Center For Psychedelic Research - February 20th, 2023
- Psilocybin Treatment for Major Depression Effective for Up to a Year ... - February 20th, 2023
- Inside the Johns Hopkins Psilocybin Playlist - Hopkins Medicine - February 20th, 2023
- Research Story Tip: Psychedelic Drug Psilocybin Tamps Down Brains Ego ... - February 20th, 2023
- Psychedelics: Risks, benefits, and more - Medical News Today - February 18th, 2023
- Psychedelic Drug Effects, Side Effects & Dangers - January 25th, 2023
- Psychedelics Decriminalization Project In Berkeley, Cal Includes ... - January 6th, 2023
- Ancient mummified child was drugged with psychedelics before ritual ... - December 14th, 2022
- The therapeutic potential of psychedelics - Science - December 14th, 2022
- Changing Lives with Psychedelics: How Connecticut researchers are using magic mushrooms to help people overcome depression, OCD - WTNH.com - November 19th, 2022
- Penis Envy Mushroom | Legal Psychedelics | Magic Mushroom - November 7th, 2022
- Psychedelics. Discussing natural and synthetic friends. Science, News ... - November 5th, 2022
- The Harms of Psychedelics Need to Be Put Into Context - WIRED - November 5th, 2022
- Packers' Aaron Rodgers says psychedelics led to his back-to-back MVP ... - October 28th, 2022
- With Promise of Legalization, Psychedelic Companies Joust Over Future Profits - The New York Times - October 25th, 2022
- How do psychedelics work? This brain region may explain their effects - PBS - October 21st, 2022
- Why is the American right suddenly so interested in psychedelic drugs? - The Guardian - October 19th, 2022
- Can Psychedelics Cure? Science Is on the Verge of Finding Out - Newsweek - October 19th, 2022
- Large national survey suggests that the use of psychedelics is not associated with lifetime cancer development - PsyPost - October 19th, 2022
- This Pharma Company Just Scored Another Psychedelics Patent And Set Its Sights On 70 More - Small Pharma - Benzinga - October 19th, 2022
- What Made the Mushrooms Magic: Psychedelic Study Explores the Odd Evolution of Mind-Altering Fungi - The Debrief - October 19th, 2022
- Psychedelics And Wellness: The Healing Company Buys PepsiCo-Backed Superfoods Company - (HLCO) - Benzinga - October 19th, 2022
- What's on the Colorado ballot? Housing, psychedelics, school meals, alcohol, taxes and more | FOX31 Denver - FOX 31 Denver - October 19th, 2022
- DoseConnect to Sponsor the Tech Stage at Wonderland Miami by Microdose - Benzinga - October 19th, 2022
- What Is Going on With Bright Minds (DRUG) Stock Today? - InvestorPlace - October 19th, 2022
- Psychedelics May Ease Fear of Death and Dying - October 17th, 2022
- TDR's Top 5 Psychedelic Developments For The Week Of October 10 - The Dales Report - October 17th, 2022
- DEA Wants To Boost Production Of Cannabis & Psychedelics For Research In 2023 - Benzinga - October 17th, 2022
- Talk set to explore psychedelics and mental health - Reading Today - October 17th, 2022
- Silo Wellness Closes Acquisition of Dyscovry Science and Its Psilocybin Pharmaceutical Biosynthesis and Research Portfolio - Yahoo Finance - October 17th, 2022
- How does psilocybin rewire the brain? - Open Access Government - October 17th, 2022
- HYTN Awarded Controlled Drugs and Substances Dealers License Allowing for Production and Sale of Psilocybin - Yahoo Finance - October 17th, 2022
- The Healing Company acquires leading superfoods business, Your Super, and lands $150M credit facility to expand community of brands - Yahoo Finance - October 17th, 2022
- 5 Things to Know About Colorados Psychedelics Ballot Initiative - Kaiser Health News - October 15th, 2022
- Psilocybin Retreats - a Focal Point of the Growing Psychedelic Market - The Hype Magazine - October 15th, 2022
- 10 must-read weed and psychedelics books from the last decade - Leafly - October 15th, 2022
- Treating Postpartum Depression with Psychedelics - Psychedelic Spotlight - October 15th, 2022
- Clerkenwell Health raises 2.1M to test the new wave of psychedelics treatments - TechCrunch - October 15th, 2022
- Toronto Psychedelic Exhibition features the Art and History of Psychedelics - Psychedelic Spotlight - October 15th, 2022
- Elon Musk's 'Exploratory Journeys' And Charts Explaining Benefits Of Psychedelics Over Alcohol - Tesla (N - Benzinga - October 15th, 2022
- ALTRD.TV's Open Minds Documentary Explores the Promising Future of Psychedelic Medicine - Business Wire - October 15th, 2022
- IntelGenxs Collaboration with atai Life Sciences Culminates in the Initiation of First-in-Human Clinical Study of an Oral Thin Film Psychedelic Drug... - October 15th, 2022
- Psychedelics Companies And IPs: An Extended Patent Application To Protect Multiple LSD Derivatives - Bett - Benzinga - September 29th, 2022
- Congressman Says Psychedelics Show 'Real Promise' As Alternative Therapies At Committee Hearing - Marijuana Moment - September 29th, 2022
- Psychedelics and mental health: the potential, risks and hype - WHYY - September 27th, 2022
- Is Now a Good Time to Invest In Psychedelics Stocks? - The Motley Fool - September 27th, 2022
- I went to the only psychedelic dispensary in North Americaheres how they do it - The Manual - September 27th, 2022
- Psychedelic drugs: how to tell good research from bad - The Conversation Indonesia - September 27th, 2022
- The Connection Between Psychedelics and Grief - Psychedelic Spotlight - September 27th, 2022
- Effects of LSD and Psilocybin in Healthy Participants - Psychiatric Times - September 27th, 2022
- Cannabis And Psilocybin May Have Helped This Woman's Breast Cancer Treatment - IFLScience - September 27th, 2022
- Ketamine, psilocybin and ecstasy are coming to the medicine cabinet - Yahoo Finance - September 27th, 2022
- American Legion and Reality Center Partner to Provide Patented, Drug-Free Psychedelic Experience to Veter - Benzinga - September 27th, 2022
- Let's Bring the Informed Consent Process Out of the Shadows - Undark Magazine - September 27th, 2022
- Nicole Krauss on Death, Birth, and Middle Age - The New Yorker - September 27th, 2022
- Daily Skimm: Psychedelics, The DOJ, and iMessages - theSkimm - September 15th, 2022
- Inside the UK's new psychedelic drug trial clinic trying to treat depression and anxiety - iNews - September 15th, 2022
- What A Trip: Delix Therapeutics is Treating Mental Health at Scale with Psychoplastogens - Genetic Engineering & Biotechnology News - September 15th, 2022
- HealingMaps Announces $1 Million in Seed Funding to Power Growth in Psychedelic Therapy Industry - Yahoo Finance - September 15th, 2022
- Nav Talks The Moment He Realized He Made It; It Involves Psychedelics - UPROXX - September 15th, 2022
- Psychedelics and Psychedelic-Assisted Psychotherapy - September 7th, 2022
- Preparing for a new era of psychedelic treatment - The Hub at Johns Hopkins - September 7th, 2022
- Toronto is getting a trippy psychedelics immersive exhibition this month - Curiocity - September 7th, 2022
- Xtalks to host upcoming webinar on psychedelic know-how - Mugglehead - September 7th, 2022
- An immersive psychedelic exhibition is opening in Toronto this month | Listed - Daily Hive - September 7th, 2022
- Netflixs How to Change Your Mind Says Drugs Are the Answer Are They Right? - Goalcast - September 7th, 2022
- Yeah, Mental Health, Bro, It Starts With Self-Love | Aaron Rodgers Says His Use Of Psychedelics Has Increased His Passion For Life And The Game Of... - September 7th, 2022
- Delic Executive Chairman Matt Stang Named to World Biz Magazine's Top 100 CEOs in Innovation - Yahoo Finance - September 7th, 2022
- Cannabis and Hallucinogens Are Being Consumed at the Highest Rates on Record by Today's Young Adults - Cannabis Science and Technology - September 7th, 2022
- Aspen considers the value of psychedelics for mental wellness - The Aspen Times - August 29th, 2022
- Oregon's Psychedelics Law Comes Down To Individuals: Which Counties Will Ban Them? - Benzinga - August 29th, 2022
- The Black mothers finding freedom in mushrooms: They give us our power back - The Guardian - August 29th, 2022
- Psychedelic Water CEO Pankaj Gogia Talks About The Future Of Psychedelics - Exclusive - Health Digest - August 2nd, 2022
- Biden Administration Says Task Force Is Needed to Advance Psychedelics Research - Green Entrepreneur - August 2nd, 2022
- Legalizing the trip: One 'shroom advocate's playbook - POLITICO - August 2nd, 2022
- 'The result was a rebirth. I finally got where I wanted to go': Celebs who have tried psychedelics - The Daily Post-Athenian - August 2nd, 2022
- Texas' first Ceremonial Psychedelic Treatment Center WITHIN opens in Austin - PR Web - August 2nd, 2022
- Postdoctoral Research Fellow in Psychedelics, Neurodevelopment and Electrophysiology job with UNIVERSITY OF SYDNEY | 303322 - Times Higher Education - August 2nd, 2022
- Unlimited Sciences Announces Groundbreaking New Study to Observe Ayahuasca's Effects on Trauma - Business Wire - August 2nd, 2022