On Thursday, the Multidisciplinary Association for Psychedelic Studies (“MAPS”) reported it had collected $30 million in donations, which will be used in the completion of a study on the use of MDMA to help remedy PTSD, or post-traumatic stress disorder.
MAPS stated that the funds would be used in the MDMA trials, which is a Phase 3 study, in a bid to secure approval from the FDA. The FDA had before identified MDMA, commonly referred to as ecstasy, as “breakthrough therapy” using earlier trials as their basis.
In total, an estimated 2,500 individuals donated to help MAPS get to their fundraising objective in six months. Tim Ferriss, an author, podcaster and tech investor, contributed significantly to the success of the fundraising campaign, as he helped secure philanthropic contributions worth $10 million.
MAPS hopes to be given FDA approval by the year 2022.
Rick Doblin, the founder of MAPS, stated that decriminalization efforts helped to destigmatize as well as make the study and research easier and more comfortable while helping people feel more at ease with looking into therapy with psychedelics as an option for treatment.
He also notes that the decriminalization movement took place only after they had made significant progress in their research. The movement changed peoples’ perspectives and attitudes towards MDMA.
The Multidisciplinary Association for Psychedelic Studies had partnered with the Psychedelic Science Funders Collaborative on the fundraising initiative.
The cofounder of Psychedelic Science Funders Collaborative, Joe Green, stated that the study would be a breakthrough for psychedelic medicine generally, which would lead to more understanding about psychedelic therapy, potentially helping treat a lot of the existing mental health disorders.
Additionally, other studies that show therapeutic potential helped expand psychedelics access. For instance, a scientific study that was published in 2019 discussed psychotherapy using MDMA and its various benefits.
A report was released earlier in the year, from a government commission that was tasked with expanding recommendations on how to better mental health treatments for veterans. The report advised the Executive and Congress to encourage further research of the therapeutic possibilities of marijuana as well as psychedelics such as MDMA and psilocybin mushrooms.
Additionally, a proposal to decriminalize an extensive variety of psychedelics has formally qualified for the November ballot in Washington, D.C.
Also, the health minister for Canada recently gave 4 cancer patients an exemption that allowed them to legally utilize psilocybin for supportive care. All these developments give sector players like Cybin Corp. a lot of encouragement regarding the future of the industry.
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