These Top Companies are Racing to Help Millions Struggling with Mental Health

Mental health is on the decline all over the world. In the U.S. for example, the White House noted, “Our country faces an unprecedented mental health crisis among people of all ages. Two out of five adults report symptoms of anxiety or depression. And, Black and Brown communities are disproportionately undertreated – even as their burden of mental illness has continued to rise. Even before the pandemic, rates of depression and anxiety were inching higher. But the grief, trauma, and physical isolation of the last two years have driven Americans to a breaking point.” In Canada, for example, more Canadians are struggling with mental health issues, especially with the pandemic. With mental health care never to be taken lightly, some of the companies racing to help 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 And BioScript Solutions Announce Strategic Partnership Expanding NeonMind’s Specialty Clinic Network for Interventional Psychiatry Treatments

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 a strategic partnership with BioScript Solutions, a Canadian leader in specialty care. Under the terms of the partnership, NeonMind and BioScript Solutions will leverage BioScript Solutions’ extensive national network of community-based infusion clinics to expand access to NeonMind’s interventional psychiatry and unique treatment programs for Canadians.

Since 2001, BioScript Solutions’ clinical network has been providing patients with a safe, comfortable environment to receive specialty therapies for chronic health conditions. With over 100 conveniently located clinics across the country, run by a team of highly experienced nurses, BioScript remains committed to being at the forefront of innovative patient care. NeonMind expects to select and announce its first location within BioScript Solutions’ network in the first half of 2022. The Company expects to provide care through additional clinic locations throughout 2022, expanding to further locations and services in 2023 and beyond.

“We are thrilled to advance the development of our specialty clinics division through our partnership with BioScript Solutions,” said Robert Tessarolo, President & CEO of NeonMind. “We now have multiple strategic partnerships in place with leading specialty care providers and have built an enhanced clinic network with greater reach. This positions us well to identify and open high-impact clinic locations that will serve local community needs and expedite our time to market. We look forward to working with BioScript Solutions to bring the therapeutic benefits of interventional psychiatry including evidence-based innovative therapies such as psychedelic modalities to mental health patients across the nation.”

Commenting on the partnership, Chris Dalseg, Vice-President Strategic Growth and Marketing of BioScript Solutions, said, “This partnership with NeonMind is part of our ongoing mission to simplify access to specialty care for Canadians from coast to coast, and directly within their own communities. Mental health continues to be a growing global health concern, and we are thrilled to be able to continue expanding the breadth of our services supporting NeonMind’s novel approach to mental health treatments.”

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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