Issue 124

The value of patents in psychedelic medicine

Regulatory reform to decriminalise the use of psilocybin is taking place in a dozen states across the US, and is no longer confined to the West Coast – with lawmakers proposing bills in New York, Connecticut and Virginia.

The patent portfolio of a pre-revenue pharma company with significant R&D burn can be its lifeblood. Absent an exclusionary right, to protect the fruits of the R&D, all the resources and talent in the world may not be enough for a company to prevent a less-endowed pirate from ripping off a future blockbuster – and capturing the profit for itself.

Enter psychedelic medicine patents. A patent does not guarantee a right to practise an invention. Rather, it bestows a right to exclude competitors. By excluding other players for a limited term, the theory goes, an inventor can capture the fruits of production for themselves over that term, thereby rewarding and incentivising innovation.

Thus, a patent’s value derives from what it excludes. Think of a patent like a fence surrounding a vineyard. The value of that fence comes not from the area it covers—the breadth of coverage—but from the value of the vines contained therein. A fence could cover very little property, but, if the enclosed vines yield many grapes, that fence could be quite valuable. Indeed, a small fence ensconcing a single productive vine could be far more valuable than a fence surrounding a vast, barren acreage.

READ MORE

FIRST FACILITATORS OF PSILOCYBIN SERVICES GRADUATE IN OREGON

The group becomes the first licensed to administer psilocybin in the United States outside clinical trials in over 50 years.

Read More

SMALL PHARMA RELEASES NEW DATA FROM PHASE II DMT STUDY

14 of 34 patients achieved remission from MDD within three months, with nine of those still in remission at six months.

Read More

BUSINESS AND INVESTMENT

Filament Health releases 2022 financial results. It had C$2.8m in cash and spent C$3.9m in operating costs last year.

Psyence closes private placement. The company upsized the placement and raised C$3m to fund its clinical trials.

Clearmind announces US$3.5m public offering. The NASDAQ listed company hopes to sell 4.5m shares at US$0.78.

Apex Labs meets endpoints in patient-administered psilocybin study. The trial showed stability of PTSD symptoms.

On Thursday, 6 July, industry leaders will converge at the iconic British Museum for PSYCH Symposium: London 2023. Second release tickets on sale for £329 + VAT.

TICKET REGISTRATION

SCIENCE AND RESEARCH

Cognitive neuroscientists bring new rigour to psychedelic research. The use of behavioural and clinical studies brings an enhanced precision to the field.

A recap of psychedelic research in March. Blossom provides a summary of 23 scientific papers.

Ayahuasca research review shows acute changes to brain connectivity. Recent studies indicate that ayahuasca may modulate neural networks.

REGULATION AND LEGISLATION

US bill with bipartisan support would enable access to psychedelic medicine. The Right to Try Act would allow the terminally ill to use Schedule 1 drugs.

Bill to legalise psilocybin progresses in Missouri. It has been through several committees and the final passage of the legislation could take place next week.

Psilocybin therapy legislation defeated in Montana. The measure was defeated 9 votes to 12 in The House Human Services Committee.

Bill to decriminalise psilocybin advances in Connecticut. Possession of small amounts of psilocybin-producing fungi would no longer be an arrestable offence.

Oregon lawmakers propose update to drug decriminalisation bill. The amendment would see greater support from the Oregon Health Authority.

ARTICLES OF INTEREST

Work-related stress costs the UK economy £28bn a year. New research highlights the financial toll of poor mental health.

NHS mental health services to face public inquiry. The investigation into mental health services is set to be upgraded to a statutory public inquiry.