One of the biggest publicly traded psychedelic biotech companies in the world wants to use psilocybin for something new: PTSD.
What’s happening:
- Psychedelic drug developer Compass Pathways (NASDAQ: CMPS) has announced early clinical validation for their novel synthetic psilocybin compound COMP360 reducing symptoms of Post Traumatic Stress Disorder in a new small study
By the numbers:
- Compass Pathways enrolled 22 patients in their Phase II clinical trial for COMP360 as a therapeutic treatment for Post Traumatic Stress Disorder
- Initial results of the clinical trial suggest 20-30% of patients saw a meaningful reduction in symptoms associated with Post Traumatic Stress Disorder after a single dose of COMP360
Why it matters:
- Post Traumatic Stress Disorder is notoriously difficult to treat and has very few approved drugs that are shown to effectively reduce symptoms
Going deeper:
- Compass Pathways is currently in a Phase III clinical trial to further validate COMP360 for Treatment Resistant Depression
- Compass Pathways has a number of notable early investors, including Christian Angermayer, Mike Novogratz and Peter Thiel
- Lykos Therapeutics currently is awaiting a decision from the FDA on a formal approval for MDMA assisted therapy as a therapeutic treatment for Post Traumatic Stress Disorder
The intrigue:
- Publicly traded psychedelic drug development companies have been attracting significant new investment, with Steve Cohen’s Point72 previously declaring their ownership stake in Cybin (NYSE: CYBN) and Mind Medicine recently completing a large institutional led financing after earning Breakthrough Therapy Designation from the FDA for LSD
