Skip to main content

American Billionaire Entrepreneurs Bet Millions on Psychedelics

FN Media Group Presents Market Commentary


New York, NY – May 10, 2022 – Billionaire Bob Parsons, the founder of GoDaddy, believes psychedelics can heal trauma. The Marine infantryman says LSD and MDMA helped him alleviate symptoms related to PTSD, which he started suffering from after his Vietnam tour. Parsons and his wife have made several sizable donations in the space including $5 million to Mount Sinai’s Psychedelic Research Center, and $2 million to the Multidisciplinary Association for Psychedelic Studies (MAPS), which will likely become the first company to win FDA approval for a therapy using MDMA to treat PTSD. Parsons isn’t the only notable investor injecting money into the growing space. PayPal co-founder Peter Thiel has heavily invested in the psychedelics space. Tesla CEO Elon Musk also recently made news for tweeting about the benefits of psychedelics. Growing interest and investment in the space are helping advance research and development at companies like Cybin Inc. (NYSE:CYBN) (NEO:CYBN), Numinus Wellness (OTCQX:NUMIF) (TSX:NUMI), Mydecine Innovations Group (OTCPK:MYCOF), (NEO:MYCO) ATAI Life Sciences (NASDAQ:ATAI), and Enveric Biosciences Inc (NASDAQ:ENVB), who are developing psychedelics-based therapies to treat a range of illnesses.


Cybin Inc. (NEO:CYBN) (NYSEAmerican:CYBN) is a leading ethical biopharmaceutical company working with a network of world-class partners and internationally recognized scientists to create safe and effective psychedelic-based therapeutics that address mental health issues.


In January 2021, Cybin announced its partnership with neurotech pioneer Kernel to utilize its quantitative neuroimaging technology Kernel Flow which will allow Cybin to measure and collect data on brain activity in real-time during psychedelic experiences. The absence of this data has been a limitation in the progression of psychedelics…until now.


Just recently, Cybin and Kernel initiated the world’s first study measuring psychedelic effects on the brain.  The Cybin-sponsored study is utilizing Flow to measure ketamine’s psychedelic effects on cerebral cortex hemodynamics.


On May 9th, Cybin and Kernel announced pilot results from this study, with preliminary data suggesting that ketamine-induced changes in functional connectivity persisted for several days after administration. Kernel Flow successfully measured the neuro-effect of ketamine over 11 days, and confirmed changes in functional connectivity that are consistent with current scientific research. The piloting was conducted to ensure the efficiency of the feasibility study design. Participants in the pilot received either a low dose of ketamine and/or a placebo while wearing the Flow headset.


“Kernel’s Flow technology is revolutionary in the field of brain imaging as it is the first easy-to-use wearable that can collect real-time brain activity before, during and after a psychedelic experience. Previously, studies had to rely on subjective patient reporting. By utilizing Flow, we will now be able to quantifiably gather real-time functional brain activity during our clinical and research studies evaluating psychedelic-based therapeutics,” said Doug Drysdale, CEO of Cybin. “Measuring where and how psychedelics work in the brain unlocks new frontiers of discovery in this space. Most importantly, Kernel Flow will enable us to measure the duration of effect during a psychedelic experience, which will be pivotal in developing the most accurate and effective treatment regimens for patients. This technology is precisely what we need to accelerate the development of psychedelics into therapeutics.”


The Kernel Flow feasibility study received US FDA Investigational New Drug (IND) authorization in October 2021, as well as Institutional Review Board (IRB) approval in January 2022.


Cybin also recently selected Clinilabs Drug Development Corporation to help support its Phase 1/2a clinical trial of CYB003. Clinilabs has extensive expertise in central nervous system drug development. Cybin’s proprietary deuterated psilocybin analog is the first psilocybin analog to be evaluated in Phase 1/2a development for the treatment of major depressive disorder.


In multi-species preclinical studies, CYB003 showed significant advantages over conventional psilocybin, including less variability in plasma levels, faster onset of action, shorter duration of effect, and potentially better tolerance resulting in a better overall outcome for patients. Cybin intends to begin the Phase 1/2a trial in mid-2022.


For more information about Cybin Inc (NYSE:CYBN) (NEO:CYBN), click here.


Biotech Companies Make Progress in Bringing New Psychedelics Treatments to Market


Mydecine Innovations Group Inc (NEO:MYCO) (OTC:MYCOF), a biotechnology company aiming to transform the treatment of mental health and addiction disorders, has announced its financial results and provided an update on its activities for the year ended December 31, 2021. CEO Josh Bartch said that Mydecine made significant progress in creating and bringing to market new treatments for mental health and addiction disorders. The conditional IRB approval the company received is another positive signal that they will continue to advance their Phase 2b smoking cessation study, and they expect to receive full FDA IND approval in the second quarter of this year. Mydecine has worked hard to reduce its expenses and increase its efficiency to continue to advance its clinical trials its expand our intellectual property portfolio.


On April 12, Numinus Wellness (TSX:NUMI) (OTCQX:NUMIF) announced it will acquire all of the issued and outstanding common shares of Novamind Inc, in an all-share transaction. The total consideration is approximately C$26.2 million on a fully diluted in-the-money basis. The transaction will create a North American leader in psychedelic therapy and research with operations spanning 13 wellness clinics, four research sites, and a bioanalytical laboratory. The acquisition is expected to generate C$3 million in annual cost synergies. The combined company is leading its peer group in revenue with approximately C$10 million in annual pro-forma revenue based on the trailing four quarters. The transaction is expected to close in June 2022, following early shareholder approval. Numinus’ revenue increased 240% year-over-year to $0.8 million in Q2 2022, primarily due to the Mindspace and Toronto Neurology Center acquisitions.


On March 30, atai Life Sciences N.V. (NASDAQ:ATAI) reported fourth-quarter and full-year 2021 financial results and R&D progress. The clinical-stage biopharma company also highlighted strategic areas of its innovative mental health platform. atai Life Sciences expects at least 14 drug and enabling technology development catalysts over the next two years, and Phase 2a proof-of-concept topline data from PCN-101 in TRD. atai also expects further advancements in its patient support technologies and precision approaches to mental health. Alongside its R&D activities, atai launched its philanthropic arm, atai Impact, in October 2021. The company ended 2021 with a strong cash position of $362 million.


On March 31, Enveric Biosciences Inc (NASDAQ:ENVB) announced its financial results for 2021 and gave an update on its activities. Enveric CEO Dr. Joseph Tucker said that with the acquisition of MagicMed in September 2021, the company immediately began moving forward with the clinical development strategy for its next-generation mental health treatments and therapies. He added that Enveric is strategically positioned with an experienced team of industry professionals, collaborative partners including the University of Calgary, a growing intellectual property portfolio, and a strong portfolio of promising central nervous system drug candidates. On March 29, Enveric filed a new provisional patent application based on 100 novel individual molecules. If the broadest claims are allowed, the application could protect more than 10,000 potential new drug development candidates.


Cybin CEO Doug Drysdale was recently a presenter at the KCSA Psychedelics Investor Conference and was also a featured panelist at the Benzinga’s Psychedelic Capital Conference. To access the replays of each event, please click here.


DISCLAIMER: (MSC) is the source of the Article and content set forth above.  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.


The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer’s filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer’s securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Cybin Inc




This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.


Media Contact:
FN Media Group, LLC



The post American Billionaire Entrepreneurs Bet Millions on Psychedelics appeared first on Financial News Media.

Data & News supplied by
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.