As per a study by Harvard, the medical cost of mental health conditions is estimated to rise to $6 trillion by 2030.
PALM BEACH, Fla., Oct. 14, 2021 /PRNewswire/ -- Mental disorders are an urgent health crisis worldwide, especially exacerbated by COVID-19. As per a study by Harvard, the medical cost of mental health conditions is estimated to rise to $6 trillion by 2030. The prevalence of mental health disorders has risen exponentially but the development of novel medications has not kept pace, precipitating a crisis in psychiatric medicine. A novel innovation is psychedelic drug-assisted psychotherapy - the medically approved use of MDMA, psilocybin, and LSD as a component of elevated psychotherapy programs. According to a report from Research And Markets the psychedelic drugs market is expected to grow at a robust rate of 14.5% CAGR during the forecast period and reach a value of $6330 Mn in 2026 from $3210 in 2021 as there is a large unmet need for treatment driving the adoption of psychedelic drugs. Some key insights of the report were: "Ketamine eyes CAGR of 16.0% amongst all products in terms of value as it has a robust clinical trials portfolio in multiple diseases viz. depression (MDD, TRD), bi-polar disorder, suicidal ideation, drug and alcohol dependence, and social anxiety; Products with natural origin are anticipated to gain 90 BPS in terms of value market share by the end of the forecast period. Active Biotechs in the markets today include: Pasithea Therapeutics Corp. (NASDAQ: KTTA), Seelos Therapeutics, Inc. (NASDAQ: SEEL), Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), Numinus Wellness Inc. (OTCPK: LKYSF) (TSXV: NUMI), Mydecine Innovations Group (OTCPK: MYCOF) (NEO: MYCO).
Research And Markets continued: "However, synthetic products will maintain their dominant market position with an 85% market share in 2026; Depression is estimated to hold the largest chunk of the disease indication segment with more than 40% market share in 2021; and Oral drugs are estimated to contribute more than 55% to the global psychedelic drugs market. The report added: "Ketamine is on track to record the highest CAGR in the psychedelic drugs market as it has been used for decades. It has proven efficacy in higher doses as an anaesthetic, while it can even induce changes in cognition and mood at lower doses. As per data from the NCBI, ketamine is in experimental intervention in 70 Phase 2 trials for psychiatric illnesses and two Phase 3 trials for clinical depression. In addition, it has been heavily studied in PTSD, obsessive-compulsive disorder (OCD), alcohol abuse, cocaine use, and suicide disorders."
Pasithea Therapeutics Corp. (NASDAQ: KTTA) Breaking News: Pasithea Therapeutics Opens its First Ketamine Therapy Clinic in the United Kingdom - Pasithea erapeutics Corp. (Pasithea" or the "Company"), a novel biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders, today announced that its wholly owned subsidiary, Pasithea Clinics, has partnered with ZEN Healthcare to offer intravenous ("IV") ketamine therapy to patients suffering from treatment-resistant mental health issues. Initially, the treatment will be offered in Knightsbridge, London, beginning October 2021.
Pasithea Therapeutics recently raised $24 million at its initial public offering ("IPO"). The Company's Common Stock began trading on The Nasdaq Capital Market on September 15, 2021, under the symbol "KTTA."
Pasithea Clinics has clinic partnerships both in the United States and in the United Kingdom to provide IV ketamine treatment. In the U.K., it has partnered with ZEN Healthcare – a network of health clinics in London. In the U.S., it has partnered with The IV Doc, Inc., to provide in-home IV ketamine infusions. Both partnerships offer rapid exposure and expansion opportunities.
"With mental health cases on the rise, fueled even more so by the pandemic, new treatment therapies are urgently needed for those patients who are not responding to traditional treatments. Evidence from dozens of trials over the past two decades consistently supports the efficacy of ketamine in improving symptoms in some mental health disorders. We are thrilled to be able to provide this new treatment approach in the U.K. for those patients who are deemed eligible to receive it," stated Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics.
"This launch marks a significant milestone for Pasithea Clinics and for patients in the U.K. suffering with mental health conditions. We look forward to growing our specialty clinics network while we simultaneously progress with our drug development program to move the needle forward for better mental health care," concluded Dr. Reis Marques.
"This is an exciting opportunity for Pasithea Clinics to offer ground-breaking therapies to those who can really benefit. Our highly trained professionals are taking an integrative approach that combines the IV ketamine infusion therapy with psychiatric support. Today, there is still much misunderstanding about ketamine and its application in a psychiatric setting, but the potentially rapid and potent antidepressant effects are beginning to be recognized within the regulatory and scientific communities. People struggling with their mental health ultimately deserve to explore every avenue to recovery without social stigmas. We believe we can become the best-in-class provider of IV ketamine treatments," said Dr. Yassine Bendiabdallah, Managing Director of Pasithea Clinics in the UK.
Ketamine is a U.S. Food and Drug Administration ("FDA") approved drug introduced to the medical community as an anesthetic more than 50 years ago. It has recently been repurposed for the treatment of psychiatric disorders using significantly lower doses than in anesthesia and is now gaining ground as a promising treatment for mental health disorders. In certain psychiatric conditions, such as treatment-resistant depression ("TRD") and post-traumatic stress disorder ("PTSD"), it has shown remarkable efficacy and a rapid and sustained effect. CONTINUED… Read the Pasithea Therapeutics full press release by going to: https://ir.pasithea.com/
In other biotech news in the markets this week:
Seelos Therapeutics, Inc. (NASDAQ: SEEL), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, recently announced that it has been selected to present a poster on SLS-002 (Intranasal Racemic Ketamine) at the IASR/AFSP International Summit on Suicide Research Virtual Conference, October 24-27th, 2021.
"We are highly encouraged by this open label data and are currently focused on the double-blind placebo-controlled portion of the study which began enrolling patients in July," said Raj Mehra, Ph.D., Chairman and CEO of Seelos. "We are grateful for this opportunity to present at this year's summit and excited to share these data plus some additional interim data from the open label study with the global community focused on the research and treatment of patients in this critically important field."
Numinus Wellness Inc. (OTCPK: LKYSF) (TSXV: NUMI), a leader in psychedelics-focused mental healthcare, recently announced the expansion of its psychedelics research facility with an additional lab and application for federal licensing, as it continues to broaden its services to support industry research and production while adding new revenue streams. As previously announced in a news release dated March 9, 2021, the expanded lab is housed in an existing Numinus-leased building adjacent to the current lab.
Numinus Bioscience, the Company's research vertical and a provider of contract services, has submitted its application to Health Canada for its second Dealer's License, for an additional 7,500 square feet. This facility will double the size of Numinus' research footprint and is slated for completion in Summer 2022.
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), a leading biotech company developing psychedelic-inspired therapies, has joined the Clinical Trials Transformation Initiative (CTTI) to contribute in developing and driving adoption of practices that increase the quality and efficiency of clinical trials.
MindMed joins CTTI as one of approximately 80 member organizations interested in advancing higher quality clinical trials and accelerating the path to new therapeutics and other medical products. CTTI convenes its members – along with nearly 500+ multi-stakeholder organizations and individuals from across the clinical trials ecosystem – to discuss issues, exchange ideas, and come to a consensus on solutions to the greatest challenges in clinical research. As a member of the Steering Committee, MindMed will contribute to setting project priorities within CTTI's agenda, as well as serving on the teams that create recommendations and resources to transform clinical trials globally.
Mydecine Innovations Group (OTCPK: MYCOF) (NEO: MYCO), a biopharmaceutical company focused on the treatment of mental health and addiction, recently announced that it has completed its previously announced spin-out transaction (the "Transaction") of ALT House Cannabis Inc. ("SpinCo"), a wholly-owned subsidiary of Mydecine which held the Company's U.S. cannabis assets.
SpinCo was incorporated on August 9, 2021 for the purposes of the Transaction, enabling Mydecine to transfer to SpinCo all of the Company's interests in: (i) 1176392 BC Ltd; (ii) Alternative Distribution Company, LLC; (iii) Drink Fresh Water, LLC; (iv) Tealief Brands, LLC; (v) Relyfe Brands, LLC; (vi) We are Kured, LLC; and (vii) Trellis Holdings Oregon OP, LLC (collectively, the "U.S. Cannabis Subsidiaries") in exchange for 2,500,000 common shares of SpinCo (the "SpinCo Shares"). Mydecine's current shareholders received for each common share of Mydecine held: (a) one new Mydecine common share; and (b) 0.010300 SpinCo Shares. The new Mydecine common shares are expected to continue trading on the NEO Exchange on October 1, 2021. Holders of Mydecine warrants (NEO: MYCO.WT) who validly exercise such warrants following the Transaction shall receive, for each warrant held, one whole Mydecine common share and, for no additional consideration, 0.010300 SpinCo Shares. The CUSIP numbers for the new Mydecine Shares and the SpinCo Shares will be 62849F101 and 021242102, respectively.
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