This Week in Psychedelics

Psychedelics industry bounces back with massive fundraising month, and now JP Morgan wants to get in on the action.

March 1, 2024

This Week...

Analysts at J.P. Morgan announced that they’re actively “looking and are in constant dialogue with several companies developing psychedelic treatments for mental health conditions.”

Managing partner of the Life Sciences Private Capital team Dr. Gaurav Gupta called psychedelics “an important space to be tracking.”  

Of course, investment banks aren’t new to the world of psychedelics, but following the news of Lykos’ Therapeutics’ FDA submission for MDMA-assisted therapy, fundraising has picked up. According to the Financial Times, January was the second-highest fundraising month on record for the psychedelic sector. Here’s more:

Incannex, a cannabinoid and psychedelic medicine biotechnology company, announced positive topline results from its Phase 2 Psi-GAD1 clinical trial of psilocybin in generalized anxiety disorder (GAD). The trial met its primary endpoint, demonstrating a large clinical effect in the psilocybin treatment group over the placebo group.

The company has designed the follow-up Phase 2B clinical trial, PsiGAD2, with the assistance of Clerkenwell Health, a UK based contract research organization specializing in psychiatry and CNS treatments. This trial will be conducted at multiple sites in the United States and the United Kingdom. Check it out:

A Missouri Senate committee approved a bill to legalize the medical use of psilocybin by military veterans and fund studies exploring the therapeutic potential of the psychedelic.

More specifically, the bill would allow military veterans who are at least 21 and are diagnosed with a qualifying condition, such as post-traumatic stress disorder or substance use disorders, to legally access laboratory-tested psilocybin. Here’s more:

Did You Know?

Did you know that Saskatchewan was once a hub for psychedelics research?

In the 1950s, at the Weyburn Mental Hospital in Saskatchewan, research on LSD was actually tasked to find a cause and a cure for schizophrenia, although schizophrenic patients were not given dosages. Instead, doctors and nurses took the drug in order to feel what it was like to have hallucinations that could lead to more empathy or even, possibly, a cure. Here’s what happened: