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:
- VA Studying Psychedelics As Mental Health Treatment For Veterans - Forbes - June 29th, 2022
- 10 Psychedelics CEOs To Pay Attention To In 2022 - Yahoo Finance - June 29th, 2022
- Secret ancient Andean passageways may have been used in rituals involving psychedelics - Livescience.com - June 29th, 2022
- How psychedelics act on the brain to relieve depression - Daily Maverick - June 29th, 2022
- Magic mushrooms are all the rage. But are they Jewish? - The Guardian - June 29th, 2022
- Treating Stress with Wearable Technology - Psychedelic Spotlight - June 29th, 2022
- Numinus Applies for International Patent Filing of Psychedelics Production Process - PR Newswire - June 29th, 2022
- This Week in Psychedelic Stocks: Compass Pathways Wins Patent Battle, MindMed Patents Candy Flipping, and More! - Psychedelic Spotlight - June 29th, 2022
- Is there a future for psychedelic treatment in Saudi Arabia? - Arab News - June 29th, 2022
- Optimi Health Initiates Agreement With SABI Mind For Therapeutic Supplies Of Psilocybin, MDMA - Marketscreener.com - June 29th, 2022
- Braxia Scientific CEO to Deliver Keynote Address at HC Wainwright & Co. 1st Annual Mental Health Conference: Neuropsychiatry, Psychedelics, and... - June 29th, 2022
- Methylenedioxymethamphetamine (MDMA)-Assisted Therapy in Hawaii: A Brief Review - Cureus - June 29th, 2022
- How an NHL Enforcer Broke His Body and Turned to Psychedelics to Heal His Brain - Rolling Stone - June 22nd, 2022
- The top psychedelic drug developers leading the market - Labiotech.eu - June 22nd, 2022
- Numinus Applies for International Patent Filing of Psychedelics Production Process - Yahoo Finance - June 22nd, 2022
- Two psychedelic-related initiatives may be on the 2022 Colorado ballot - Denver 7 Colorado News - June 22nd, 2022
- Cybin Inc. Reports Fiscal Year 2022 Financial Results and Recent Business Highlights - Business Wire - June 22nd, 2022
- SPOTLIGHT IN FOCUS - The Rise of Psychedelic Therapy - Psychedelic Spotlight - June 22nd, 2022
- Rapper Vic Mensa has a more badass fitness routine than you thanks to martial arts, psychedelics and meditation - British GQ - June 22nd, 2022
- What is Ego Death And How Does it Work? - Benzinga - Benzinga - June 22nd, 2022
- Anecdotal Evidence and the Need for Trials of Psychedelics in Headache Disorders: Bryan Roth, MD, PhD - Neurology Live - June 11th, 2022
- Stephen Asma: My father's experience with morphine in hospice showed me the healing joy of altered states - Chicago Tribune - June 11th, 2022
- TDR's Top 5 Psychedelic Developments For The Week Of May 30 - The Dales Report - June 5th, 2022
- Psychedelic Wellness: 5 Magical Benefits of Magic Mushrooms - Longevity LIVE - Longevity LIVE - June 5th, 2022
- 'Magic mushrooms drug could help depression sufferers in the years to come' - Irish Mirror - June 5th, 2022
- Tripping over the potential of psychedelics for autism | Spectrum - Spectrum - June 3rd, 2022
- Can you take the trip out of psychedelics and still treat depression? - New Scientist - June 3rd, 2022
- We spark curiosity: how the psychedelics industry is taking on Davos - The Guardian - June 3rd, 2022
- Cybin Announces Publication in Frontiers in Psychology Journal Introducing EMBARK, an Integrative Model of Psychedelic Therapy - Business Wire - June 3rd, 2022
- Ketamine can treat depression but teletherapy could make it accessible - Inverse - June 3rd, 2022
- 2022-06-01 | PINL:EHVVF | Press Release | ehave Inc - Stockhouse - June 3rd, 2022
- VIDEO: The Weekly Weed Report (05-31-22) - Investing Daily - Investing Daily - June 3rd, 2022
- Psychedelics Companies in Oregon Will Have to Grapple With 280E - Business Insider - May 21st, 2022
- Psychedelics and Mindfulness: The Future of Mental Health? | Microdose - Microdose Psychedelic Insights - May 21st, 2022
- CATALYST Summit: 3 Psychedelic Speakers to Catch This Weekend - Psychedelic Spotlight - May 21st, 2022
- 'I took ketamine to treat my severe depression' - iNews - May 21st, 2022
- TDR's Top 5 Psychedelic Developments For The Week Of May 9 - The Dales Report - May 15th, 2022
- Psychedelic Patents are Broken Because the Patent System Is Broken - VICE - May 15th, 2022
- Magic mushrooms are on WeHos mind - WEHOville - May 15th, 2022
- Behind the Scenes on the First Study To Compare the Effects of LSD and Psilocybin - Technology Networks - May 15th, 2022
- Revitalist's Strategic Initiatives Continue to Exceed Expectations for Execution Giving Company Record High Revenues Since Opening in 2018. - Business... - May 15th, 2022
- MDMA as medicine: Stemming the tide of veteran suicides in Western North Carolina - Smoky Mountain News - May 15th, 2022
- Cybin's CYB0004 Shows Positive Preclinical Results Over ... - May 3rd, 2022
- Psychedelics played role in Wallace Falls hiker's death ... - May 3rd, 2022
- The Mainstream Healthcare VCs Dipping Their Toes Into Psychedelics - Business Insider - May 3rd, 2022
- LSD Is Back On Campus, But This Time It's Approved - Green Market Report - May 3rd, 2022
- Mixing mushrooms and alcohol: What you need to know - Medical News Today - May 3rd, 2022
- Mycotopia Therapies Partners with Public Policy Specialist PsychedelicsEUROPE to Explore Opportunities in the European Market - GlobeNewswire - May 3rd, 2022
- Pharmadrug Advances Opthalmology Program with Final Selection of Lead DMT-Analogue to Provide Sustained Control of Elevated Intraocular Pressure for... - May 3rd, 2022
- Bicycle Day: Honoring The Onset Of The Psychedelic Revolution As It Zooms Across The Globe - Forbes - April 15th, 2022
- Psilocybin Rewires the Brain for People with Depression - University of California, San Francisco - April 15th, 2022
- Field Trip Health Houston's psychedelic healing with ketamine helps patient with depressive anxiety - Houston Chronicle - April 15th, 2022
- Mental Health Week: Magnetic Stimulation, Psychedelics and Tai Chi How Treatments For Anxiety And Depression Are Growing - KPCC - April 15th, 2022
- Psychedelics Want To Win Over The Sleep Aid Market - Green Market Report - April 15th, 2022
- Terran Biosciences and Blumentech SL announce the acquisition of a patent portfolio covering the groundbreaking discoveries of prominent psychedelics... - April 15th, 2022
- Delic Labs Receives Health Canada 56 Exemption to Conduct Research on MDMA, LSD and Other Psychedelic Compounds - Yahoo Finance - April 15th, 2022
- Experts discuss the intersections of cannabis, health and food - CSU Pueblo Today - April 15th, 2022
- Psychedelics - PMC - April 11th, 2022
- Psychedelics - PubMed - April 11th, 2022
- Peace with psychedelics: Palestinians, Israelis took ayahuasca - Big Think - April 11th, 2022
- Study maps psychedelic-induced changes in consciousness to specific regions of the brain - PsyPost - April 11th, 2022
- The Next Big Addiction Treatment - The New York Times - April 11th, 2022
- SABI Mind and Reverie Psychedelics Partner To Expand Research Into Psychedelic-Assisted Therapies - Benzi - Benzinga - April 11th, 2022
- Jaden Smith on His Trippy Summer '22 Collection and the Power of Mushrooms - Complex - April 11th, 2022
- Biomind Labs to Present at Benzinga Psychedelics Capital Conference in the U.S. on April 19th 2022 - Business Wire - March 31st, 2022
- Psychedelics' Interaction With Psych Meds: More Q's Than A's - Medscape - March 31st, 2022
- The Insights Psychedelics Give You Arent Always True - March 18th, 2022
- Stage Set for Psychedelics Stock Boom: Here's Where ... - March 18th, 2022
- SXSW stage is a collision of weed, metaverse, NFTs, acid and saving the planet - PitchBook News & Analysis - March 18th, 2022
- Jaden Smith Recalls His Experience With Psychedelic Mushrooms: Everything Just Becomes So Beautiful - Koimoi - March 18th, 2022
- Michigan Activists Submit Psychedelics Decriminalization ... - March 17th, 2022
- Psychedelics and the Future of Psychiatry - March 17th, 2022
- Mind Cure Gives Up On Psychedelics, Fires C-Suite, And Reverts To Shell After Strategic Review - The Deep Dive - March 17th, 2022
- A Fully-Seated Audience Takes Post-Punk with the Psychedelic Furs - Cornell University The Cornell Daily Sun - March 17th, 2022
- 5 people who used psychedelics to treat PTSD describe their trips - Business Insider - March 15th, 2022
- What is Microdosing, and Does it Work? - The New York Times - March 15th, 2022
- Bolt's Breslow Teams With Psychedelics Founder on Crypto Pharma Startup - The Information - March 15th, 2022
- Enveric, University of Calgary to study psychedelic therapy - OutSourcing-Pharma.com - March 15th, 2022
- Psychedelic therapy integral to ancient societies may be coming to Pennsylvania - 90.5 WESA - March 15th, 2022
- The Bluntness Debuts The BLUNTNESS/100 Its Inaugural List of the 100 Most Influential People in Cannabis & Psychedelics - 69News WFMZ-TV - March 15th, 2022