Top Companies Racing to Treat Millions Suffering Mental Health Issues

Demand for mental healthcare is on the rise. In fact, “As the impact of the pandemic on mental health continues, psychologists are reporting a large increase in demand for treatment of anxiety and depression compared with last year, according to a new survey by the American Psychological Association. More than 8 in 10 (84%) psychologists who treat anxiety disorders said they have seen an increase in demand for anxiety treatment since the start of the pandemic, compared with 74% a year ago. Demand for treatment of depression is also up, with 72% of psychologists who treat depressive disorders saying they have seen an increase, compared with 60% in 2020.” Some of the companies racing to help with mental healthcare include NeonMind Biosciences (CSE:NEON)(OTC:NMDBF), COMPASS Pathways (NASDAQ:CMPS), Cybin Inc. (NEO:CYBN)(NYSE:CYBN), Field Trip Health Ltd. (TSX:FTRP)(NASDAQ:FTRP), and Mind Medicine Inc. (NASDAQ:MNMD)(NEO:MMED).

NeonMind Appoints Emergency and Addiction Expert Dr. Dinesh Bhayana, as Site Medical Director of its Inaugural Specialty Mental Health Clinic

NeonMind Biosciences, an integrated drug development and wellness company focused on bringing innovative psychedelic-based treatments to people suffering from obesity and mental health disorders, announced today the appointment of Dr. Dinesh Bhayana, MD, CCFP (EM), as the Site Medical Director of its recently announced inaugural specialty clinic for interventional psychiatry, located in Mississauga, Ontario. Dr. Bhayana is the Chief Medical Officer of the Centre for Compassionate Care (C3), which offers specialized psychological services including Integrative Ketamine-Enhanced Psychotherapy, served as a Board Member for the Multidisciplinary Association for Psychedelic Studies (MAPS) Canada, and an Emergency and Addiction Medicine physician in several communities within the Greater Toronto Area.

NeonMind and Dr. Bhayana will work closely with medical leaders in NeonMind’s Specialty Clinics Advisory Board to set up the Company’s inaugural NeonMind specialty mental health clinic in Mississauga and leverage their clinical experience to meet regulatory licensing requirements and initiate treatment services this year.

“We are excited to welcome Dr. Bhayana as Site Medical Director of our first specialty clinic. Dr. Bhayana’s extensive training and clinical expertise is particularly well suited for delivering innovative, safe and effective mental health treatments to patients suffering from mood and anxiety disorders,” said Robert Tessarolo, President & CEO of NeonMind.

Dr. Bhayana’s combination of training and experience is complementary for overseeing the administration of innovative mental health treatments. Dr. Bhayana works closely with patients suffering from mental health disorders in his current clinical roles within the emergency department, addiction medicine clinic, and ketamine-enhanced psychotherapy program.

Dr. Bhayana holds various positions including active staff hospital privileges in the departments of Emergency Medicine and Psychiatry. He completed medical school at the Schulich School of Medicine and Dentistry, followed by family medicine and emergency medicine training at the University of Toronto. Dr. Bhayana is certified by the Canadian College of Family Physicians with an Emergency Medicine specialty designation and holds an adjunct Assistant Clinical Professor faculty appointment at McMaster University. He has also completed training in Ketamine Assisted Psychotherapy at the Polaris Insight Center and Ketamine Medical Provider training with the Integrative Psychiatry Institute (IPI).

Dr. Bhayana commented, “I am honored to be appointed as Site Medical Director of NeonMind’s inaugural specialty clinic. Despite the strengths of our Canadian healthcare system, major gaps still remain in access to evidence-based treatments. NeonMind’s team has a strong track record of deploying new medical treatments and a detailed understanding of working in partnership with the healthcare system to address local community needs. I look forward to working with them to ensure access to high quality care that is safe and effective.”

NeonMind’s inaugural specialty mental health clinic is located at 89 Queensway West, Suite 604, Mississauga, Ontario, L5B 2V2. More details will be released closer to the opening of the clinic. For more information related to NeonMind’s specialty clinics, please email [email protected].

Other related developments from around the markets include:

COMPASS Pathways and Sermo, a global leader in physician insights, today announced findings from a survey of Sermo physician members that showed two thirds (66%) of doctors surveyed believe psilocybin therapy has potential therapeutic benefit for patients with treatment-resistant depression (TRD). More than 320 million people globally suffer with major depressive disorder (MDD), the leading cause of disability worldwide and one of the fastest growing mental health illnesses. About a third of these patients – 100 million people – aren’t helped by existing therapies and suffer with TRD. Psilocybin therapy is an approach being investigated for the treatment of mental health challenges, including TRD. It combines the pharmacological effects of a synthesised version of psilocybin, a psychoactive substance that is an active ingredient in some species of mushrooms, with psychological support.

The Chopra Foundation, a not-for-profit organization founded by Dr. Deepak Chopra, dedicated to improving health and well-being, today announced a partnership with Cybin Inc., a biopharmaceutical company focused on progressing “Psychedelics to Therapeutics™”. The Foundation is working closely with Cybin to support education and awareness about its groundbreaking research to harness the potential of psychedelic therapies in mental health. Emerging research shows that psychedelic-assisted therapy can potentially improve the quality of life for people suffering with mental illnesses, including those specific indications that Cybin is targeting, such as Major Depressive Disorder, Alcohol Use Disorder and Anxiety Disorders. “The need for new and more effective treatments across the mental health spectrum is more urgent today than ever. Through our NeverAlone movement, we aim to combine forces with the best and brightest across businesses, policymakers, mental health professionals, and others – all with the goal of building awareness, advancing scientific research, and creating a global community to ensure widespread access to well-being resources. As the number of companies pursuing psychedelic-based therapies continues to grow, the Foundation is particularly excited about partnering with Cybin based on its commitment to global well-being and mental health,” said Dr. Deepak Chopra, The Chopra Foundation Founder, Chairman of the Board and Director.

Field Trip Health Ltd., a global leader in the development and delivery of psychedelic therapies, announced that it will begin making applications for Canadians in need to access psilocybin-assisted and MDMA-assisted therapy through Health Canada’s Special Access Program (SAP). The announcement follows amendments to the SAP announced in the Canada Gazette on January 5, 2022, which have enabled physicians in Canada to make applications to Health Canada for access to “restricted drugs”, including psilocybin and MDMA.

Mind Medicine, a clinical-stage biopharmaceutical company developing psychedelic-inspired therapies for the treatment of brain-based disorders, announced that the U.S. Food and Drug Administration (FDA) has cleared MindMed’s Investigational New Drug (IND) application, allowing the Company’s Phase 2b dose-optimization trial of MM-120 for the treatment of generalized anxiety disorder (GAD) to proceed. The previously announced clinical hold on the IND was lifted following MindMed’s rapid responses for additional information related to the participant monitoring protocol in the upcoming study. The Company is working with study investigators and clinical trial sites to prepare for participant enrollment, which is expected to start in early 2022.

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