Psychedelics could soon revolutionize the $2.5 trillion mental health market. In fact, according to co-CEO of the ATMA Journey Centers, David Harder, a quoted in a company press release,
“The surge in demand for alternative options to traditional mental health support have fueled interest and curiosity in the burgeoning field of psychedelic-assisted therapy. Mounting evidence suggests that when used in conjunction with therapeutic and medical protocols, psychedelics have the potential to bring relief to those whose conditions have been resistant to traditional approaches.” That’s opening doors for companies such as NeonMind Biosciences (CSE:NEON)(OTC:NMDBF), Cybin Inc. (NEO:CYBN)(OTC:CLXPF), Field Trip Health Ltd. (TSX:FTRP)(NASDAQ:FTRP), Mind Cure Health Inc. (CSE:MCUR)(OTC:MCURF), and ATAI Life Sciences (NASDAQ:ATAI).
In addition, according to Mad in America, “In an interview published in Nature, psychopharmacologist and psychedelic researcher, David Nutt, suggests that psychedelics ‘turn off parts of the brain that relate to depression’ and ‘reset the brain’s thinking processes’ via their actions on cortical 5-HT2A receptors. Others assert they enhance brain ‘connectivity.’” With more studies pointing to positive solutions for mental health issues, it may only be a matter of time before the psychedelics boom really takes off.
Look at NeonMind, For Example, Which Just Advanced ItsStrategy for Specialty Clinic Launch
NeonMind Biosciences (CSE:NEON)(OTC:NMDBF), an integrated drug development and wellness company, today provided an update on the Company’s medical services division, including its specialty clinics initiative to establish a national network of clinics offering interventional psychiatry treatments. The Company recently established a best-in-class Specialty Clinics Advisory Board to oversee the advancement of its medical services division and is currently in advanced negotiations with potential partners to launch locations in early 2022.
Specialty Mental Health Clinics Update
To continue its commitment in providing access to psychedelic-based treatments for mental health disorders, NeonMind is working to establish NeonMind-branded specialty mental health clinics. The Company is in ongoing discussions with a number of key opinion leaders and potential strategic partners, all of which are progressing successfully and are currently in late-stage assessments.
Based on the progress to-date, NeonMind expects its first clinic to go live by early 2022. Following the first clinic opening, the Company anticipates the launch of additional clinic locations throughout the course of 2022, continuing to expand locations and services in 2023 and beyond.
“We continue to be encouraged by the clinical promise and market potential for interventional psychiatry,” said Rob Tessarolo, President and CEO of NeonMind. “There is unprecedented demand for these innovative treatments and we have an opportunity to be the first major player in this space. We continue to have late stage discussions as we evaluate a series of potential opportunities and partnerships, which we believe will be transformational for NeonMind and the patients we aim to serve.”
Mr. Tessarolo added, “Our discussions are focused on operational partners with a proven track record of success in the medical treatment space to operate our national clinic network in a capital efficient manner. We are encouraged by the reception we have received and look forward to providing further updates as these discussions continue to advance.”
Strategic Opportunity in Interventional Psychiatry - Addressing a Major Medical Market
Mental health disorders have reached a crisis level, which has been compounded by the effects of the COVID-19 pandemic, in particular, depression and anxiety disorders. The economic burden is massive with an estimated cost of $51 billion annually to Canadians1. Traditional treatments such as pharmacotherapy and psychotherapy have varying degrees of effectiveness, but for the most part leave the crisis largely unaddressed.
A new and promising field of interventional psychiatry including ketamine/esketamine, neurostimulation, and psychedelic treatment modalities are showing unprecedented clinical efficacy. This new modality is establishing itself as a game changing and staple armamentarium for patients and clinicians. Despite this, broader access to these treatments remains extremely limited in Canada due to a lack of infrastructure and awareness.
Importantly, these treatments require specialized clinic models and treatment teams which is the focus of NeonMind’s medical services division: to establish NeonMind-branded, best-in-class, national specialty clinics network providing interventional psychiatry treatments tailored for local communities’ healthcare needs.
Strategically, NeonMind’s near-term focus is to scale its services to address the large demand for clinician-validated treatments including ketamine/esketamine and neurostimulation. With impending regulatory approvals for psychedelic modalities including MDMA for anxiety disorders, psilocybin for depression disorders and NeonMind’s proprietary psychedelic treatment for weight management, NeonMind’s clinics will also adopt these treatments and serve as future access points to psychedelic modalities, providing important strategic exposure to the psychedelics market.
World-Class Specialty Clinics Advisory Board to Guide Build-Out of National Clinic Network
To support a best-in-class integrated services platform and comprehensive set of programs, NeonMind has successfully built an industry-leading advisory board of top-rated clinicians, including Dr. Sagar Parikh, MD, Dr. Roumen Milev, MD/PhD, and Dr. Gustavo Vazquez, MD/PhD. These board members bring practical and scientific accolades in depression and anxiety disorders and interventional psychiatry which will help further our mission.
All three advisors are highly renowned and considered to be at the forefront of this transformational field with academic influence and significant involvement in national societies and initiatives such as the Canadian Network for Mood and Anxiety Treatments (CANMAT) and the Canadian Biomarker Integration Network for Depression (CAN-BIND). Moreover, they offer vast clinical and research experience from Canada, US and Latin America with hands-on success in setting up and managing interventional psychiatry practices that integrate psychedelics such as ketamine and esketamine. Combined, they have effectively provided thousands of interventional psychiatry treatments to patients.
Other related developments from around the markets include:
Cybin Inc. announced that it has filed two additional international patent applications that bring the potential to obtain patent coverage in 153 countries for each of the patent applications. The application, governed by the Patent Cooperation Treaty, grants the Company the right to file future national applications into treaty member jurisdictions, including important potential markets for the Company. The PCTs claim a library of phenethylamine and derivative drug development candidates and methods of use.
Field Trip Health Ltd., a global leader in the development and delivery of psychedelic therapies, announced the lead indications for FT-104, its novel psychedelic compound in development, will be Treatment Resistant Depression (TRD) and Postpartum Depression (PPD). Field Trip today also announced that Anita H. Clayton, MD, Chair of Psychiatry and Neurobehavioral Sciences at the School of Medicine at the University of Virginia, has joined its Scientific Advisory board. Through Field Trip Discovery, its drug development division, Field Trip is developing next-generation psychedelic molecules. Its first molecule in development, FT-104, a prodrug, is a synthetic serotonin-2A (5HT2A) agonist whose active component has serotonin-2A potency similar to psilocybin. Importantly, however, the active component of FT-104 is expected to produce a reliably shorter duration of psychoactivity (2-3 hours) than psilocybin, and has high bioavailability after administration.
Mind Cure Health Inc. introduced its "Desire Project," a clinical research program focused on the treatment of female hypoactive sexual desire disorder with MDMA-assisted psychotherapy. As part of MINDCURE's research and development, this research program will mark the first psychedelic-based treatment program targeted at addressing what is clinically known as Hypoactive Sexual Desire Disorder, a common sexual disorder characterized by persistent low sexual desire and emotional distress not attributable to an existing medical condition or relationship issue. According to current estimates, HSDD affects 10% of adult women1and 14% of premenopausal adult women, all reporting that their low desire results in a state of distress. In the U.S. alone, HSDD affects an estimated 9.5 million premenopausal women. HSDD is also present in men.
DemeRx IB, Inc. (DemeRx), an atai Life Sciences (atai)platform company focused on developing ibogaine for the treatment of opioid use disorder (OUD), today announced that the first subjects have been dosed in a Phase 1/2a clinical trial of ibogaine HCl (DMX-1002). The trial has commenced enrollment and dosing of recreational drug users and healthy volunteers in the Phase 1 segment of the study at the Manchester clinical unit of MAC Clinical Research (MAC) in the UK, one of Europe’s largest clinical development organizations. DMX-1002 is an oral formulation of ibogaine, a naturally occurring psychedelic product isolated from a West African shrub. In previously published non-controlled studies, ibogaine has demonstrated rapid and sustained efficacy in treating OUD and has the potential to be a disease modifying treatment for this vulnerable patient population seeking to end their intractable cycle of drug dependence.
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