Sep 22, 2021 Jay Jackson

Senate Bill Decriminalizing Psychedelics Could Help Reverse Some ‘War on Drugs’ Impacts

psychedelics

The global need for effective mental health treatment has led to the growing push for the legalization of psychedelic therapies, pushing the market into the mainstream. Last week, Michigan Senator Jeff Irwin introduced legislation that would decriminalize the use of mescaline and psilocybin. If passed, Senate Bill 631 would allow the possession, cultivation, and delivery of mescaline and psilocybin. In addition, the bill will allow practitioners to charge for counseling and spiritual guidance if they use an entheogenic plant or fungus. This legislation coupled with the growing body of research that proves the effectiveness of psychedelics against mental health conditions is among the reasons pushing the psychedelic market towards $69 billion by 2026 . As this happens, companies like Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF), Cybin Inc. (NEO:CYBN), Compass Pathways (NASDAQ:CMPS), PhamaTher (OTCQB:PHRRF) (CSE:PHRM), and Mind Medicine (MindMed) (NASDAQ:MNMD) (NEO:MMED) are pushing R&D efforts to develop and test psychedelic therapies for different health conditions. 

Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF) has submitted an Investigational New Drug (IND) application to the U.S. Food and Drug Administration to evaluate its clinical candidate TRP-8802 in a Phase 2a clinical study for the treatment of eating disorders. 

The pharmaceutical company, which develops psilocybin-based compounds for conditions with unmet medical needs, submitted the application weeks after the company completed psychotherapy training for the upcoming Phase 2a trial. The Phase 2a trial, which is being conducted at the University of Florida with Jennifer Miller, M.D, will evaluate Tryp’s oral formulation of synthetic psilocybin in combination with psychotherapy. 

Tryp’s IND application has details on the safety of the drug product, the study protocol, informed consent information for patients, and additional information. The Phase 2a study expects to enroll ten patients with a variety of overeating disorders including binge eating disorder, hypothalamic obesity, and Prader-Willi syndrome. The company expects that the psilocybin oral formulation will increase neuroplasticity and therefore, help create healthy neural patterns of hunger and eating. 

Tryp Therapeutics anticipates beginning the study in Q4 2021 following a favorable review from the FDA. Commenting on the IND submission, Jennifer Miller, M.D. said, “The submission of this IND represents hundreds of hours of preparation, design, and coordination as we pursue a leading-edge treatment of psilocybin with psychotherapy.” 

Greg McKee, Chairman and CEO of Tryp Therapeutics also commented, “This IND submission marks the most important milestone the company has achieved to date and will be critical to identifying patient responses to the active ingredient, consistent with that of our proprietary drug candidate, TRP-8803, that will be used in Phase 2b trials and beyond.” 

The company also intends to make additional IND submissions in the coming months for clinical trials in chronic pain and eating disorders with at least two Phase 2a clinical trials starting before the end of the year.

For more information on Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF), click here. 

These Companies are Advancing Psychedelic Research for Conditions with Unmet Needs

Cybin Inc. (NEO:CYBN) recently filed applications for two additional international patents which, once approved, will give the company patent coverage in 153 countries for each of the patents. The patent applications, according to the company, will strengthen the CYB005 program, which is focused on developing therapies for resistant psychiatric disorders and provide a basis for future research. In addition, the patent applications secure the company’s rights to apply for national patents in treaty member jurisdictions and key markets, thus supporting Cybin’s strategic objectives. 

Meanwhile, mental health company Compass Pathways (NASDAQ:CMPS), has acquired an IP portfolio that includes patent applications for various psychedelic and empathogenic substances. The IP portfolio was developed in collaboration with Dr. Matthias Grill PhD., CEO and Founder MiKHAL GmbH who has been involved in psychedelic chemistry research for over 15 years. Grill will be working with Compass on an exclusive research project to develop new product candidates. The agreement to work with Dr. Matthias and MiKHAL GmbH will strengthen Compass’ IP and development portfolio with new compounds that the company will move to clinical development towards helping patients with unmet mental healthcare needs. 

Clinical stage psychedelics biotech company PhamaTher (OTCQB:PHRRF) (CSE:PHRM) has received the Orphan Drug Designation from the U.S. Food and Drug Administration for ketamine in the treatment of Amytrophic Lateral Sclerosis (ALS). This designation allows the company to proceed to its Phase 2 clinical study on patients suffering from ALS and validates the effectiveness of ketamine as an effective therapy for neurologic disorders. The designation is a major milestone for the company, which is targeting a therapy that increases the survival rate for approximately 50,000 people in the US who are diagnosed with the life-threatening condition. 

Mind Medicine (MindMed) (NASDAQ:MNMD) (NEO:MMED), a biotech company involved in the development of psychedelic-based therapies, and BioXcel, a biopharmaceutical company published BioXcel’s international patent for detecting and preventing the early onset of agitation in patients susceptible to highly agitated behavior due to acute and chronic neurological illness. The patent covers a method for caregivers to detect signs of impending agitation, thus preparing them to treat the patient before these symptoms develop into agitation. Through this method, caregivers can reduce the need for intensive intervention by de-escalating the agitated behavior earlier. 

R&D initiatives will be important not only in developing therapies for unmet medical needs but in providing science-backed data that will inform future legislation. Companies like Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF) are making it possible for psychedelics to become recognized as therapies that can be used in the treatment of many conditions.

Please See Disclaimer

Featured Image: Megapixl  © Fermate 

If You Liked This Article Click To Share

STOCKS YOU MAY LIKE


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

2) The Article was issued on behalf of and sponsored by, TRYP Therapeutics Inc. Market Jar Media Inc. has or expects to receive from TRYP Therapeutics Inc.’s Digital Marketing Agency of Record (Native Ads Inc.) thirty-eight thousand CAD for 3 days (3 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on MicroCapWatch.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on MicroCapWatch.com.

5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.

6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding TRYP Therapeutics Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to TRYP Therapeutics Inc.’s industry; (b) market opportunity; (c) TRYP Therapeutics Inc.’s business plans and strategies; (d) services that TRYP Therapeutics Inc. intends to offer; (e) TRYP Therapeutics Inc.’s milestone projections and targets; (f) TRYP Therapeutics Inc.’s expectations regarding receipt of approval for regulatory applications; (g) TRYP Therapeutics Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) TRYP Therapeutics Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute TRYP Therapeutics Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) TRYP Therapeutics Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) TRYP Therapeutics Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) TRYP Therapeutics Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of TRYP Therapeutics Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) TRYP Therapeutics Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises may adversely impact TRYP Therapeutics Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing TRYP Therapeutics Inc.’s business operations (e) TRYP Therapeutics Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, TRYP Therapeutics Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does TRYP Therapeutics Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither TRYP Therapeutics Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of TRYP Therapeutics Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of TRYP Therapeutics Inc. or such entities and are not necessarily indicative of future performance of TRYP Therapeutics Inc. or such entities.