A first-of-a-kind global research institute aimed at developing psychedelic medicines and related therapies targeting mental health conditions has been launched in Australia. The network of researchers has so far secured planned investments amounting to AUD$40 million ($29.5 million) expected to be availed over the coming five years.
Psychae Institute, as the research institute is called, is the first global network through which leading psychedelics researchers will collaborate. The team includes members from King’s College London, University of Zurich, University of Toronto and the Federal University found in Rio Grande, Brazil. The Australia-based institutions that will participate in this collaboration include Swinburne University, Florey Institute of Neuroscience, and Agriculture Victoria Research among many others.
This not-for-profit entity intends to advance preclinical as well as clinical research of psychedelics. Products inspired by the South American ayahuasca brew, magic mushrooms and MDMA as well as many other psychotropic substances will be investigated by Psychae Institute. The focus of all this research will be to find remedies to mental health conditions.
While the existing psychological as well as pharmaceutical treatments for mental health challenges have registered some success, there exists an unmet need for additional interventions, which are more efficacious and come with minimal side effects, if any. It is estimated that mental treatment costs at least $2.5 trillion annually across the globe, and there are indications that the ongoing pandemic is worsening the mental health situation even more.
Psychae Institute aims to conduct research that will yield a new class of pharmaceutical-grade therapeutic drugs combined with their accompanying treatment modalities, which are approved for use in the mainstream mental health field so that patients and clinicians have more options to select from. The institute will also look into how cutting-edge technologies can be harnessed to enhance mental health treatment.
Speaking at the launch, associate professor Daniel Perkin, who is the co-director of Psychae Institute, remarked that he was glad that this global collaboration had been launched. He added that the launch comes at a time when more people are gaining access to the solid research pointing to the therapeutic benefits of various psychedelic compounds.
In desperation, those people are accessing those products via unlicensed sellers while others are flying overseas to places such as Peru in a bid to participate in ayahuasca healing ceremonies that aren’t supervised by trained clinicians. Perkin hopes that the work of the team at the institute will result in the development of proven remedies, which will attain regulatory approval from the U.S. Food and Drug Administration and other agencies so that patients who need those treatments can access them safely under medical supervision.
The institute plans to get to work immediately so that clinical trials can commence at different partner sites in the course of next year.
It looks like the momentum to develop psychedelic medicines is in high gear since several companies, including Cybin Inc. (NEO: CYBN) (NYSE American: CYBN), also have a variety of psychedelic drug formulation projects at different stages of development. The more options, the better for patients.
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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