Issue 171

Psychedelics in 2024: a year for investment

Following several transformative milestones in psychedelics, coupled with a surge in biotech investment, 2024 is set to see a profound shift for the sector as investors turn their attention toward solutions in mental health.

With a remarkable 48% surge in biotech investment in the UK recorded between June and August 2023, according to data from the UK BioIndustry Association (BIA) and Clarivate, the financial landscape is ripe for innovative ventures.

This increase in investment followed the introduction of a new pension reform package which includes the Mansion House Compact. This allows pension providers to allocate 5% of default pension allocations to unlisted equity, which could equate to a massive £50bn in investment for UK companies.

Specific sectors highlighted for allocation include fintech, life sciences, biotech, and clean technology in order to create growth and support jobs across the UK.

This development presents a unique opportunity for the UK’s psychedelics industry to thrive.

CYBIN RECEIVES FDA BREAKTHROUGH THERAPY DESIGNATION

Cybin has announced that the FDA has granted BTD to CYB003, its proprietary deuterated psilocybin analog in development for the adjunctive treatment of MDD. If approved, CYB003 would be the first known adjunctive psychedelic-based therapeutic for the treatment of MDD.

It has also announced that its Phase 2 trial of CYB003 in MDD demonstrated robust and sustained improvement in depression symptoms at four months.

RESEARCHERS ARE LOOKING AT PSYCHEDELICS FOR EATING DISORDERS

Psychology Today explores how a number of researchers are investigating psychedelics for the treatment of eating disorders.

“…determining whether psychedelic-assisted therapy will be beneficial for someone struggling with an eating disorder can depend on a few important factors, particularly client intrinsic motivation for self understanding.”

BUSINESS AND INVESTMENT

atai Life Sciences has announced it will be advancing VLS-01 for treatment-resistant depression.

Psyence Biomedical has received approval to initiate a Phase IIb study of nature-derived psilocybin for Adjustment Disorder due to a recent cancer diagnosis.

Apex Labs has filed a provisional patent application with USPTO for its uniquely formulated capsule.

MAPS has partnered with the City and County of Denver to provide comprehensive training on psychedelic crisis assessment and intervention to the city’s first responders.

SCIENCE AND RESEARCH

Pharmacy Times explores how investigators face a mosaic of regulations, false perceptions, and therapeutic potential in psychedelics.

A new study has shown that a single dose of MindMed’s LSD – MM120 – provides immediate and lasting relief from anxiety, writes CNN.

REGULATION AND LEGISLATION

Regulators in Colorado have unveiled the first rules regarding facilitator education, training and licensure for psychedelic therapies in the state.

Australia’s Mental Health Minister in NSW Rose Jackson says more needs to be done to allow people to access emerging therapies such as MDMA and psilocybin

ARTICLES OF INTEREST

A new report has found that the UK ranks second as the worst country for mental health, compared to 71 other countries. The report revealed the UK was ‘managing’ its mental wellbeing.

A 2023 Eurobarometer survey found that 46% of the EU population experienced emotional or psychosocial issues, such as depression and anxiety, within the past year.