The Commonwealth Scientific and Industrial Research Organization (CSIRO), which is the national science agency of Australia, is planning to collaborate with local medical technology firms to develop new psychedelic products while also improving the existing products. The agency’s objective is to develop new psychedelics to help individuals suffering from various mental health conditions, including post-traumatic stress disorder, end-of-life anxiety, addiction and depression.
There are many psychedelics in existence, both synthetic and natural alike. CSIRO plans to work with local biomedical firms to extract, synthesize, improve and develop manufacturing processes for up to 15 different psychedelic compounds. Psilocybin is the active compound found in hallucinogenic mushrooms while MDMA (methylenedioxymethamphetamine), which is also known as ecstasy or molly, is a lab drug that is known to induce a high when consumed, similar to other psychedelics.
Currently, psychedelics such as psilocybin and MDMA are being tested by scientists in controlled clinical settings in Australia as well as globally to see if they could be effective in treating mental conditions when administered alongside psychotherapy. Thus far, the results have shown promise.
Estimates show that one in every five individuals in Australia will suffer from a mental health condition annually, with some studies suggesting that more than one-third of those with these illnesses may not benefit from existing treatments.
CSIRO researcher Peter Duggan stated that the agency was well-positioned to contribute to this evolving area of research, which could bring about life-changing advancements in mental-health treatment. Duggan, an adjunct professor, explained that clinical trials in Australia and globally have been using psychedelics such as psilocybin or MDMA with promising results; he noted, however, that there was still a lot to learn about how these drugs worked and how their chemical compositions could be enhanced to improve patient outcomes.
Duggan also highlighted that working with those involved in the local industry to improve patient experiences as well as drug design could help the agency push Australia into a leadership position in the development of these possibly life-altering drugs.
Natural MedTech, which is based in Melbourne, is one of the firms that will be working with CSIRO. Natural MedTech was awarded funding for research and development through the Kick Start program under CSIRO. The firm is planning to conduct research on the psychoactive properties of fungi and plants for medical use. Natural MedTech CEO Mark Hestermann revealed that the company was working toward developing psychedelic treatments for a range of neurological disorders.
As CSIRO gets its research efforts underway, the company’s findings and products could find those of other companies, such as Cybin Inc. (NYSE American: CYBN) (NEO: CYBN) already on the market, and the increased options will benefit patients and society in general.
NOTE TO INVESTORS: The latest news and updates relating to Cybin Inc. (NEO: CYBN) (NYSE American: CYBN) are available in the company’s newsroom at https://ibn.fm/CYBN
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