Psyched: 5-MeO-DMT For Depression, Utah Hospitals Providing Therapy, Elon Musk And Meta's Influence

Intranasal 5-MeO-DMT Clinical Trial Offers Hope For Treatment-Resistant Depression

Partners Beckley Psytech and atai Life Sciences ATAI have jointly announced positive initial results from a Phase 2a study of Beckley’s novel formulation of 5-MeO-DMT in Treatment Resistant Depression (TRD.) 

BPL-003 is a synthetic and patent-protected benzoate salt formulation of 5-MeO-DMT (aka mebufotenin) designed for intranasal administration. The open-label study assessed safety, tolerability and efficacy of the compound at a single 10mg dose, alongside psychological support, in patients with moderate-to-severe TRD (who withdrew from concomitant antidepressants.) Learn more.

Utah Hospitals Will Soon Provide Psilocybin And MDMA Therapy For Mental Health Conditions

Providers at Utah’s two largest healthcare systems may now treat patients with psilocybin and MDMA as part of a pilot program created by a proposal-turned-law that will take effect as early as May 1, 2024. 

The program, open to providers at the University of Utah Health and Intermountain Health, will last three years. Next, the Legislature will decide whether or not to resume it. Learn more.

Elon Musk On Ketamine And Investors’ Value: ‘If There Is Something I’m Taking, I Should Keep Taking It’

Elon Musk once again made the case for using psychedelics. In a new interview with former CNN anchor Don Lemon, the business magnate said prescription ketamine has helped him with occasional depressive episodes. He also suggested that taking the ketamine has also been beneficial for investors in his companies.

The Tesla TSLA and SpaceX chief executive says he takes “a small amount once every other week,” and sometimes less frequently, to treat the “chemical tides” that can trigger his depression. “Ketamine is helpful for getting one out of a negative frame of mind,” Musk told Lemon. Keep reading.

Do Meta And Other Platforms Play A Role In Illicit Drug Sales? US Prosecutors Intend To Find Out

Prosecutors in Virginia are probing whether Facebook-parent Meta’s social media platforms Facebook and Instagram are facilitating and profiting from the illegal sale of drugs, according to a Saturday Wall Street Journal report.

Led by Assistant U.S. Attorney Randy Ramseyer, the investigation includes delving into whether Meta META failed to adequately remove drug-related content from its platforms. Read more.

Podcast: LSD ‘Deserves To Reclaim Its Spot At The Lead Of The Path For Psychedelics’ Says MindMed’s R. Barrow

Welcome to a new episode of the Benzinga Psychedelics Podcast where we're joined by Robert Barrow, CEO of Mind Medicine (MindMed) MNMD, which has taken the development of LSD-based therapy to new heights. The biopharma company recently obtained a “breakthrough therapy” designation for the treatment of generalized anxiety from the U.S. Food and Drug Administration (FDA.) 

Find out more and listen here.

The Milestone Round

• PharmAla’s MDXXF novel MDMA mixture awarded US patent, enabling IP protection and further development.
• Two top biotechs forge MDMA supply deals for an expanding research field.
• Enveric Biosciences ENVB optimistic on Q4 and full-year results: ‘Psychedelic-inspired’ meds for future growth.
• Congress discusses remaining FY2024 spending bill with provisions on cannabis sales and psychedelic clinical trials.
• VA calls for amending medical marijuana bill, rejects psychedelics proposal.
• Reform update: Task forces in three states, decrim no-go, Arizona psilocybin centers, Utah and more.
• Goodbye to weed posts in Colorado? Lawmakers target social media promotion of cannabis and psychedelics.
• Psychedelic-assisted therapy advancements create a new horizon for mental health in Colorado.
• At 77, cannabis champion Dana Beal fights Idaho laws to push legalization in hostile territory.
• This biotech is creating targeted radiotherapeutics for some of the deadliest cancers.

See Also: Prior Edition Of ‘Psyched’

Psychedelics ETF's Weekly Performance

AdvisorShares Psychedelics ETF PSIL opened Monday, March 25 at $1.45, following openings at $1.50, $1.65 and $1.58 (March 18, 11 and 4, respectively.)

On Thursday, March 28, it closed at $1.49, following prior closings at $1.44, $1.53 and $1.64 (March 22, 15 and 8, respectively.)

The week's highest within open market hours was $1.49, vs. prior highest points $1.55, $1.65 and $1.78.

Week's lowest (open market hours) was $1.42, vs. prior lowest points $1.41, $1.46 and $1.44. 

Highest Trading Psychedelics Stocks Thursday, March 28 Close

• GH Research GHRS closed at $10.66, similar to the immediately prior week closings $10.54 and $10.91 (March 22 and 15) and jumping from and $8.08 on March 8.
• Mind Medicine (MindMed) MNMD closed at $9.53, up and running as per prior closings at $9.85, $9.10 and $9.50.
• COMPASS Pathways CMPS closed at $8.33, sustaining the descending trend as per prior closings at $8.99, $9.90 and $10.88.
• Incannex Healthcare IXHL closed at $3.60, a recovery from prior closings at $2.82 and $3.25, yet still not at $4.20 as three weeks ago.  
• Atai Life Sciences ATAI closed at $1.93, vs. prior closings at $1.63, $1.75 and $2.11.
• Silo Pharma SILO closed at $1.92, sustaining the trend as per prior closings at $1.86, $1.84 and $1.61.
• Lucy Scientific LSDI closed at $1.39, a similar trend as per prior closings at $1.38, $1.25 and $1.70.
• Bright Minds Biosciences DRUG closed at $1.20, still falling as per prior closings at $1.22, $1.31 and $1.58.
• Clearmind Medicine CMND closed at $1.15, also still falling vs. prior closings at $1.18, $1.27 and $1.38.
• Enveric Biosciences ENVB closed at $1.03, vs. prior closings at $ 1.13, $1.07 and $1.46.

Stock trading numbers above according to Benzinga Pro, our all-the-information-you-need streaming platform helping you invest smarter – Come join us and see for yourself!