Forget Cannabis - Psilocybin May be the Next Big Opportunity

Forget Cannabis – Psilocybin May be the Next Big Opportunity

Psilocybin/magic mushrooms aka shrooms are becoming one of the hottest buzzwords of the year. Major studies are already showing it can help treat a range of mental health issues. For example, “A single experience, a single dose of psilocybin for many people, can create an immediate and sustained benefit for people suffering with depression,” says Compass Pathways’ CEO George Goldsmith.

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The US FDA even designated psilocybin as a “breakthrough therapy to treat major depressive disorder. All as psilocybin begins to show promise in the treatment of mental health issues. As we learn more about psilocybin and how it could impact mental and health issues, some of the top companies to watch include Mind Medicine Inc. (OTC:MMEDF), COMPASS Pathways (NASDAQ:CMPS), Cybin Inc. (NEO:CYBN)(OTC:CLXPF), and Seelos Therapeutics Inc. (NASDAQ:SEEL).

NeonMind Biosciences (CSE:NEON)(OTC:NMDBF) is Researching Psilocybin Impact with Weight Loss

NeonMind Biosciences just announced that it has purchased an initial order of GMP grade psilocybin from Psygen Labs Inc. for its planned phase 2 human clinical trial expected to begin in Canada later this year.

Psygen is a Calgary-based company specializing in the synthetic manufacture of psychedelic medicines. The company provides non-exclusive access to psychedelic drug products for clinical research, therapeutic applications and is a leading supplier for the emerging commercial market.

“NeonMind is focused intently on conducting innovative research in the vital public health field of weight loss and obesity, and we look forward to a rigorous, safe clinical trial as the next step,” said Rob Tessarolo, President & CEO of NeonMind Biosciences Inc. “The COVID-19 pandemic has sadly highlighted the existential risk and serious health threats posed by obesity, a precursor for a range of underlying conditions. Clearly additional study is needed to develop new effective strategies, and we aim to be on the forefront of this.”

The purchase is made pursuant to a restricted substance supply agreement between Psygen and NeonMind entered into on September 28, 2020. Last year NeonMind received supply under the agreement of non-GMP synthetic psilocybin for its preclinical trial which commenced last November. Now, with promising initial results from its preclinical trial, NeonMind has purchased the GMP grade synthetic psilocybin so it can move forward with an application to Health Canada for a phase 2 human clinical trial.

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The GMP grade synthetic psilocybin was manufactured through Psygen’s collaboration with Applied Pharmaceutical Innovation and a licensed dealer at the University of Alberta. All the future material will be manufactured at Psygen’s soon-to-be completed commercial facility in Calgary. NeonMind may not accept delivery of the psilocybin until it has received authorization from Health Canada.

NeonMind filed a provisional patent application in the US, later converted to a PCT patent application, for therapeutic administration of psilocybin alone or in combination with psychotherapy. The patent focuses on psilocybin’s potential health benefits for aiding weight loss, diet alterations, reducing food cravings, decreasing food intake, and related health complications. NeonMind plans to study the use of psilocybin alone and in combination with psychotherapy as a treatment for obesity.

“Psygen is dedicated to supporting the legal supply chain for clinic research on drug substances and other limited drug products,” said Danny Motyka, CEO of Psygen Labs Inc. “This latest announcement from NeonMind is another example of how our lab enables important scientific clinical research to move ahead despite regulatory hurdles. Psygen continues to expand a commercial manufacturing space as a leader in the expanding psychedelic medicine market.”

An Allied Market Research study found the weight loss and weight management diet market was projected to reach $295.3 billion by 2027 increasing by over 10 percent annually from 2021 to 2027. The market is expected to reach $92.6 billion in China by 2027.

A Harvard School of Public Health study indicated that 500 million adults globally are obese. The study found that by 2030 half of US men and women could be obese. The World Health Organization estimates that by 2025, 2.7 billion adults will be overweight and 1 billion will be affected by obesity.

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Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. NeonMind Biosciences Inc. has paid three thousand five hundred dollars for advertising and marketing services to be distributed by Winning Media. Winning Media is only compensated for its services in the form of cash-based compensation. Winning Media owns ZERO shares of NeonMind Biosciences Inc. Please click here for full disclaimer.

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