Who’s Who in Psychedelic Clinical Trials
Ryan Allway
October 8th, 2020
App, Exclusive, Psychedelics, Top Story
The psychedelic drug market could reach $6.85 billion by 2027, according to Data Bridge Market Research, which translates to a blistering 16.3% compound annual growth rate. As psychedelic treatments enter clinical trials, investors may want to keep an eye on the companies behind them as potentially coming first-to-market with revolutionary drugs.
Let’s take a look at the state of psychedelic clinical trials, what companies are leading the way and why Cybin Corp.’s business model is unique in the space.
Growing Clinical Trials
There are more than 50 clinical trials evaluating psilocybin for everything from basic pharmacokinetics to depressive symptoms along with more than 270 clinical trials mentioning broader psychedelics ranging from LSD to MDMA. While most of these clinical trials are run by universities and medical institutions, there are a handful of commercial sponsors.
COMPASS Pathways Inc. (NASDAQ: CMPS) is the best-known commercial sponsor for clinical trials in the psychedelic space. The company’s Phase IIB clinical trials evaluating psilocybin for the treatment of treatment-resistant depression received Breakthrough Therapy status from the FDA in 2018 and is active in 216 patients across 20 sites in North America and Europe. Since its IPO, the stock has soared nearly 40%, marking an extremely successful public debut.
Cybin Corp. is another advanced psychedelic firm with a Phase II clinical trial of psilocybin for the treatment of Major Depressive Disorder. The randomized, placebo-controlled study will evaluate the safety and efficacy of Cybin’s proprietary psilocybin sublingual film in 120 patients with Major Depressive Disorder.
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Unique Business Model
The commercialization of a natural compound has always been a challenge for biotech and pharmaceutical companies. While most pharmaceuticals are based on natural ingredients, they feature unique delivery mechanisms or novel compounds that enable patent protection and set the stage for long-term value creation and enhanced safety and/or efficacy for patients.
Learn more: Why Psychedelic Delivery Mechanisms Matter
Cybin Corp. has developed a proprietary sublingual delivery mechanism for psilocybin—and soon other psychedelic compounds. Using this format, the company can avoid first-pass metabolism and enhance the bioavailability of active ingredients. Sublingual strips may also be more convenient for patients to take than capsules and can have a faster onset of action.
In addition to its delivery mechanisms, the company is developing a substantial IP portfolio covering chemically synthesized compounds, screeners and protocols for new drug formulations. These new formulations could help improve the patient experience, such as potentially providing the benefits of psilocybin in less than the ususal 4-6 hours.
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Strong Management Team
Many companies in the psychedelics space—or any other nascent industry for that matter—are typically started by financiers that attempt to bolt-on scientific talent. When investors look at psychedelic opportunities, it’s important to consider the management team’s experience in the industry and their track record of creating value for shareholders.
Cybin Corp. has a unique combination of business and scientific acumen. CEO Doug Drysdale is a seasoned executive that built and turned around three pharmaceutical companies, raising over $4 billion in private and public capital throughout his career. With a deep interest in psychedelics, he’s well positioned to do the same for Cybin.
Chief Medical Officer, Jukka Karjalainen, Ph.D., M.D., has over 25 years of experience in the pharmaceutical industry, including clinical drug development from Phase I to Phase IV. In addition to holding leadership positions at leading companies, Karjalainen also has over 60 original publications in top-rated medical journals.
Looking Ahead
The psychedelic industry has experienced tremendous growth over the past few years and there are a number of clinical trials in various stages of development. With the potential to revolutionize mental health outcomes, there is blue sky potential for these treatment options to become blockbuster drugs in the future.
Cybin Corp. is one of the best positioned companies in the space with its tremendous leadership team, unique business model and Phase II clinical trials in progress. Investors may want to keep an eye on the company as it pursues a public listing over the coming months, opening the door for retail investors to participate.
The company has also seen strong interest in its current private financing round, including a commitment from a large U.S. biotech fund with $370 billion in assets under management. The company plans to list on the NEO exchange in Canada before listing on the NASDAQ thereafter, following in the footsteps of COMPASS Pathways Inc. (NASDAQ: CMPS).
For more information, visit the company’s website or download their investor presentation.
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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