Psychedelics Gain More Traction as New Research Aims to Address Chronic Pain and Mental Illness – PRNewswire

NEW YORK, July 21, 2021 /PRNewswire/ -- The early 1970s saw psychedelics and psilocybin products made illegal in the US in the war on drugs. Decades later, new research indicates the medical potential of psilocybin and psychedelics in the treatment of chronic pain and mental illness, which affect approximately 20.4% and 20.6% of the adult population respectively. As psychedelics gain more recognition, companies such as Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF), Seelos Therapeutics (NASDAQ:SEEL), Numinus Wellness Inc. (TSXV:NUMI) (OTC:LKYSF), Mind Medicine (MindMed) (NASDAQ:MNMD) (NEO:MMED),and Mydecine Innovations Group Inc. (NEO:MYCO) (OTCPK:MYCOF)are engaging in research initiatives to develop psychedelic-assisted therapies for different mental illnesses and chronic pain conditions.

Fibromyalgia is a disease of the central nervous system that is estimated to affect as much as2% to 8% of the population. It can result in widespread pain, fatigue, memory problems, sleep disturbances, and generally reduced quality of life. The current treatment for the condition includes antidepressants, painkillers, and NSAIDs, although these interventions are often unsuccessful, resulting innearly 30% of patients turning to opioids for pain relief andless than 10% of patients adhering to approved treatments after one year.

Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF) BREAKING NEWS: Tryp Therapeutics to Launch World's First Phase 2a Clinical Trial for Fibromyalgia Using Psychedelics - In response to the unmet medical needs in fibromyalgia patients, Tryp Therapeutics seeks to provide psilocybin-based therapies for fibromyalgia. Tryp will be collaborating with the Chronic Pain & Fatigue Research Center in the Department of Anesthesiology at the University of Michigan Medical School, a leading center in chronic pain research. The upcoming Phase 2a trial is believed to be the world's first Phase 2 trial utilizing psilocybin for a chronic pain indication.

The primary objective of the clinical trial is to evaluate the effectiveness of TRYP-8802 8802 (an oral formulation of synthetic psilocybin) and accompanying psychotherapy for the treatment of fibromyalgia. The clinical trial seeks to apply the neuroplasticity benefits of psilocybin to address the source of pain signals in fibromyalgia patients.

The results from the trial will be used in designing a larger Phase 2b clinical trial for fibromyalgia to advance the treatment toward approved use. Tryp Therapeutics intends to submit its IND application to the FDA for the Phase 2a clinical trial in Q3 2021.

"We are thrilled to collaborate with such forward-looking clinicians and scientists to develop additional treatment options for fibromyalgia,"said Jim Gilligan, Ph.D., President, and Chief Science Officer at Tryp Therapeutics. "The Chronic Pain & Fatigue Research Center at the University of Michigan brings incomparable experience with evaluating treatments for fibromyalgia and other chronic pain indications, and there is nothing more important to our collective team than creating therapies that will address the daily distress of these patients."

Earlier in July, Tryp Therapeuticsannounced another partnership with the University of Michigan to evaluate its proprietary psilocybin-based formulation, TRP-8803, as part of its Psilocybin-for-Neuropsychiatric Disorders (PFNTM) program. The series of studies is designed to expand the company's intellectual property portfolio and to prepare TRP-8803 for use in Phase 2b clinical trials.

Companies Conduct Clinical Research into Psilocybin-based Therapies

Clinical stage biopharmaceutical company Seelos Therapeutics (NASDAQ:SEEL)announced that it dosed the first patient in its Part 2 of the registrational Proof of Concept study of SLS-002 for Acute Suicidal Ideation and Behavior in patients with major depressive disorder. Seelos Therapeutics, which develops therapies for central nervous systems disorders and rare diseases aims to change the current standard of care for suicidal patients, which could potentially allow patients to be discharged sooner and treated as outpatients. According to Seelos' Chairman and CEO, the company has gained invaluable information from Part 1 of the study that helped in the design and execution of Part 2. The company intends to continue its discussions with the FDA on the regulatory pathway for SLS-002 (intranasal racemic ketamine).

Numinus Wellness Inc. (TSXV:NUMI) is focused on providing innovative, safe, and evidence-based psychedelic-assisted therapies to promote health and wellness among people. The company recently announced the clearance of its MAPS-sponsored single-arm open-label safety and feasibility study evaluating MDMA-assisted therapy for post-traumatic stress disorder (PTSD). According to the CEO of Numinus, the approval of the study could "potentially advance Canada toward a legal, regulated system for MDMA assisted therapy." After receiving the "No Objection" letter from Health Canada, Numinus is preparing the study by training staff, importing medication, and obtaining ethical approval. During the study, Numinus intends to collect data on the safety and efficacy of MDMA-assisted therapy to support making these therapies available to PTSD patients in Canada.

Meanwhile, clinical-stage biotech company MindMed (NASDAQ:MNMD) (NEO:MMED) ispartnering with Datavant, Inc. where MindMed will use Datavant's linking technology to connect its clinical trial data to external data from other clinical trials and real-world uses. With Datavant's technology, MindMed hopes to prevent data fragmentation and facilitate a deeper understanding of real-world treatment, illnesses, and paths of care. MindMed seeks to gather and relate more data about patients' access to, use, and experience with different treatment modalities over time. Through the linked data, MindMed hopes to enhance clinical trial planning, execution, and commercialization of its psychedelic-inspired therapies.

Mydecine Innovations Group Inc. (NEO:MYCO) (OTCMKTS:MYCOF)is another company seeking to develop psilocybin-assisted psychotherapy for veterans with PTSD. The company announced itsplans to launch its Phase 2a clinical trial on psilocybin-assisted therapy for PTSD in veterans with the hope to achieve safer and accurate psychedelic-assisted psychotherapy results in a supervised setting. Mydecine is waiting for the final approval of its IND before launching the clinical trial, which is scheduled for late Q3 or early Q4 2021.

Psychedelic-assisted therapies are gaining recognition as a possible treatment for mental illnesses, and chronic pain, with companies such as Tryp Therapeutics (CSE:TRYP) (OTCQB:TRYPF) advancing their research into related therapies through upcoming human clinical trials.

For more information on Tryp Therapeutics, click here.

Disclaimer: Microsmallcap.com (MSC) is the source of the Article and content set forth above. References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Tryp Therapeutics.

FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.

Media Contact:

FN Media Group, LLC[emailprotected]+1(561)325-8757

SOURCE Microsmallcap.com

Visit link:

Psychedelics Gain More Traction as New Research Aims to Address Chronic Pain and Mental Illness - PRNewswire