Psilocybin has made major headlines over the last few days. Not only was it legalized in Oregon and Washington, D.C., a new study shows its useful in treating depressive disorders. In fact, a study from JAMA Psychiatry just found that psilocybin “worked better than the usual antidepressant medications,” as noted by NPR. In addition, researchers are finding the psychedelic may also help with anxiety, PTSD, opioid addictions, obsessive-compulsive disorder (OCD), and alcoholism. It may even be useful in treating eating disorders and obesity. That’s because psilocybin activates serotonin receptors, or “nature’s own appetite suppressant,” as noted by Psychology Today. “This powerful brain chemical curbs cravings and shuts off appetite. It makes you feel satisfied even if your stomach is not full. The result is eating less and losing weight.” That being the case, the story is creating a big opportunity for companies such as Better Plant Sciences Inc. (CSE:PLNT)(OTC:VEGGF), Cybin Inc. (NEO:CYBN), Mydecine Innovations Group Inc. (CSE:MYCO)(OTC:MYCOF), Revive Therapeutics Ltd. (CSE:RVV)(OTC:RVVTF), and Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF).
Better Plant Sciences Inc. (CSE:PLNT) (OTC:VEGGF) BREAKING NEWS: Better Plant Sciences Inc. announced that its majority owned subsidiary NeonMind Biosciences Inc. has obtained Health Canada approval to advance its preclinical trial on psilocybin-based research. The Trial is intended to determine the capacity of psilocybin to dose-dependently cause weight loss and prevent weight gain, measuring glucose metabolism, weight loss and effect on food cravings.
Before psilocybin, a restricted substance, can be used for a scientific purpose in Canada, the Canadian Minister of Health must grant authority or an exemption pursuant to Subsection 56 of the Controlled Drugs and Substances Act, S.C. 1996, c. 19. On July 27, 2020, an application regarding the NeonMind Trial was submitted to Health Canada and on October 7, 2020, pursuant to section J.01.059 of Part J of the Food and Drug Regulations (FDR), Health Canada granted authorization to the Principal Investigator to carry out the Trial using psilocybin at UBC.
Other related developments from around the markets include:
Cybin Inc. (NEO:CYBN) has made its debut on the global public markets today. Cybin is now trading on the NEO Exchange under the symbol NEO:CYBN. The Company recently closed a CDN$45 million subscription receipt financing in relation to its reverse takeover transaction, which marked the largest subscription receipt financing in the Canadian psychedelic sector. The Company focuses on psychedelic drug development, unique delivery mechanisms, improved novel compounds, and protocols that target psychiatric and neurological conditions. Supported by a management and advisory team with expertise in the psychedelic, pharmaceutical and nutraceutical sectors, Cybin is working alongside the Canadian Centre For Psychedelic Science to study the safety and efficacy of psilocybin-based microdosing.
Mydecine Innovations Group Inc. (CSE:MYCO)(OTC:MYCOF) is pleased to announce the appointment of UK-based Boustead Capital Markets LLP to commence the dual listing process on the London Stock Exchange for the admission of the Company’s common shares to the Standard Segment of the Official List’s Main Market. Among the factors considered by the Company in pursuing the dual listing, Mydecine noted that the LSE currently has a limited number of sizable psychedelics-focused biotech companies. Mydecine, as a contributing member to Drug Science UK, the only completely independent, science-led drugs charity, believes the LSE listing will provide UK and European investors with greater, more local exposure to a new high-quality investment choice of a business type not currently available on the Exchange.
Revive Therapeutics Ltd. (CSE:RVV)(OTC:RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to provide an update on its oral thin-film delivery system with psilocybin being developed under a research partnership agreement with Reed Research Group out of the University of Wisconsin-Madison. Following several months of prototyping on a wide range of dosage forms, the Company has completed an oral thin-film strip product with psilocybin with dosage forms ranging between 1 mg and 20 mg and demonstrating its versatility through physio-chemical characterization (e.g. tensile strength of films) of bio comparable tannin-chitosan composite materials, dissolution and disintegration testing, and rate of psilocybin release from composites. Currently technical and scientific data is being processed and finalized.
Field Trip Health Ltd. (CSE:FTRP)(OTC:FTRPF), one of the leaders in the development and delivery of psychedelic therapies, announced that it is in advanced stages of identifying potential sites for Field Trip Health centers to treat people in Oregon with psilocybin therapies following the passage of Measure 109. Measure 109, which was approved by voters in Oregon on November 3, 2020, requires the Oregon Health Authority to create a licensing system that will create a regulated program for the cultivation of psilocybin-producing mushrooms and the provision of supervised psilocybin therapy, effectively creating the first legal market for psilocybin therapies in North America.
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