NetworkNewsWire Editorial Coverage: It’s early on in a burgeoning market, but there is certainly reason to be optimistic about the future of psychedelic medicines as a promising treatment for a broad spectrum of diseases and conditions. In fact, some breakthroughs may be closer than initially anticipated. After decades of stigma from their recreational use, psychedelics are now gaining momentum for medical applications as the U.S. Food and Drug Administration has signaled its intent to evaluate the compounds based on the merit of their clinical efficacy. The range of target indications is widening, the number of studies for different types of psychedelics is growing and specialized clinics are cropping up, a trio of signals that approved medical applications of psychedelics may be here before long. The diversity of approaches makes the market particularly interesting for psychedelic market participants. For instance, Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF) (Profile) is studying how its novel technologies address chronic pain and eating disorders — two areas that have been particularly elusive for traditional drug makers. Seelos Therapeutics Inc. (NASDAQ: SEEL) is looking at a new spin on ketamine for certain types of depression, while Awakn Life Sciences Corp. (NEO: AWKN) and Field Trip Health Ltd. (TSX: FTRP) (OTCQX: FTRPF) are in the clinics and R&D businesses, and Small Pharma Inc. (TSX.V: DMT) is evaluating…
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