Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) (DE: MMQ) is set to present preliminary topline effectiveness and safety results from its phase IIa study, which involves the treatment of anxiety disorder using LSD in conjunction with therapy. Many, including investors, expect the trial’s results to be a turning point for the company.
LSD (lysergic acid diethylamide) is a potent hallucinogen that is synthetically manufactured from lysergic acid. It’s commonly known as acid, mellow yellow, doses and trips. When ingested in small doses, this hallucinogen produces mild changes in mood, thought and perception.
The company has many projects using LSD, including its use in treating ADHD, depression, chronic pain, suicide and headaches. However, while other psychedelics such as MDMA and psilocybin have recent human clinical trial data on their effectiveness in treating PTSD and depression respectively, there currently exists no data on the effectiveness of LSD in the treatment of any mental health disorder.
In the late ‘60s, dozens of trials using LSD were carried out, with many posting positive results. However, while this evidence exists, the standards held decades ago don’t meet current standards, hence the need to begin anew.
This brings us to this recent MindMed trial. The company announced that it would be releasing its results in May, at the PSYCH Symposium Conference to be held in London. Positive data from the trial will increase confidence in the company’s phase IIb trial, which has already received approval from the FDA to proceed. It will also provide hope to the millions of Americans suffering from generalized anxiety disorder.
Truly positive data will also bolster Mind Medicine’s success over the long term, with its current stock price expected to increase, which will benefit the company’s shareholders. However, it should be noted that this isn’t set in stone, as positive news may end up doing the opposite to its current stock price. This is unlikely, however, given that extremely positive data brings the company one step closer to solving one of the biggest issues in the society.
Projections also show that if LSD therapy becomes a standard treatment for depression and anxiety, this market will balloon to reach a market value of $13 billion by 2027.
It should be noted that currently LSD remains classified as a Schedule I drug under the Controlled Substances Act. This classification means that the drug has no accepted medical use and has a high potential for abuse. This is despite its numerous therapeutic uses as a treatment for depression and alcoholism.
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