Weekly Psychedelic News – Week 9, 2023

Stay up-to-date with the latest in the world of psychedelics with our weekly news roundup for week 9 of 2023. Read about the latest research, policy updates, and industry developments in the rapidly growing field of psychedelic science.

Cybin Announced Positive Data from its CYB003 Phase 1/2a Trial

Interim findings from the Company’s ongoing Phase 1/2a clinical trial evaluating CYB003 demonstrated positive observations, including a rapid and short-acting psychedelic response in participants. Participants received single oral doses of CYB003 at 1 milligram (“mg”), 3mg, 8mg, and 10mg, respectively, and all doses were well-tolerated with no serious adverse events reported. Most notably, participants reported meaningful and robust psychedelic effects at the 8mg and 10mg doses, confirming a complete mystical experience was achieved.

“It is incredibly gratifying that our findings from the interim readout of the CYB003 Phase 1/2a clinical trial align with the results observed in preclinical studies. Robust psychedelic effects were observed at low doses, absorption was rapid with low variability, and effects were short lasting – all desired outcomes. These findings give us confidence in the potential efficacy of the underlying active agent, which may ultimately reduce symptoms of depression after just one or two doses. This would be a remarkable improvement over chronic treatments that are available today,” said Doug Drysdale, CEO of Cybin.

New Bill Introduced to Decriminalize Psychedelic Mushrooms in Rhode Island

New bill has been introduced by two state reps to decriminalize psilocybin mushrooms would allow people to posess up to an ounce of psychedelic mushrooms and allow people to grow them at home.

“Veterans and many others in our community are struggling with chronic [Post Traumatic Stress Disorder], depression and other mental health disorders that can be totally debilitating,” Potter said. “We should give them the freedom to try every tool available and not criminalize a natural, effective remedy.”

“It is only illegal because, over 50 years ago, President Nixon associated it with his political opponents,” she continued. “It’s time to undo that mistake and give our neighbors struggling with chronic mental illness, and all Rhode Islanders, the freedom to use psilocybin responsibly.”

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Psychedelic Market Update – February 27th –March 3rd

TickerCurrent PriceWeek To DateYear to Date

PharmAla Biotech ($MDMA) announced that the company has been named exclusive MDMA supply partner to Awakn Life Sciences ($AWKN). “We’ve been working with the Awakn team for several months now, to ensure they have all the material needed for their development efforts,” said Nick Kadysh, CEO of PharmAla. $MDMA gained close to 37% on the week while being up 420% YTD.

PharmAla is the first publicly traded company to manufacture GMP MDMA, and is the first company to make available to researchers two clinical-grade Psychedelic APIs. On March 8th PharmAla will be hosting a webinar for researchers and clinicians on the recent changes announced by the Australian Therapeutic Goods Agency for the use of its products in upcoming clinical trials.

Awakn Life Sciences ($AWKN) announced the signing of their fourth partnership in North America. The agreement with Ken Starr MD Wellness Group an addiction treatment facility in California is the first Licensing Partnership Awakn has signed with a dedicated addiction treatment provider. Awakn will provide access and training for its proprietary therapeutics package ‘Awakn Kare’ to Ken Starr practitioners. Ken Starr MD Wellness Group will pay Awakn a fee and a revenue share per treatment. $AWKN is up 16.22% for the week and 43.33% YTD.

Optimi Health ($OPTI) announced the signing of first purchase order and Longer term distribution agreement with Mind Medicine Australia. The agreement will  ensure that patients with treatment resistant post-traumatic stress disorder (PTSD) have access to medical grade GMP MDMA (using Optimi Health’s MDMA formulation, OPTI-MHCL) and patients with treatment resistant depression have access to GMP encapsulated psilocybin as part of therapy through their authorized treating psychiatrists when rescheduling becomes effective on July 1, 2023. This is Optimi Health’s first international MDMA and psilocybin sale. The stock gained 22.50% this week.

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