Psychedelic Therapy Execs On Latest Developments In Space, Remaining Hurdles

Assisted psychedelic treatment executives came together at the two-day, virtual Benzinga Global Small Cap Conference on Thursday to discuss recent lab developments and the significant hurdles ahead in mental health and addiction treatment.

Forbes' Will Yakowicz moderated the digital panel featuring:

• Joshua Bartch, CEO and co-founder, Mydecine Innovations Group Inc MYCOF
• Doug Drysdale, CEO, Cybin Inc CLXPF
• Payton Nyquvest, chairman & CEO, Numinus Wellness Inc LKYSF

There is a need for a paradigm shift in mental health treatment and psychedelics could be part of the plan, said Nyquvest. The current landscape of the market is filled with promise but still faces hardships in government approval and patient access, he said. 

The Psychedelic Renaissance Is Underway: Panelists agreed that data like MAPS Phase 3 trial data for MDMA serves as a validator for psychedelic treatment. However, it falls short of being the turning point in the conversation.

Bartch said the MAPS results are refreshing and help move the industry forward. Nyquvest added that the results show further signs of promise, as the subjects in the study proved resistant to other forms of treatment.

"To continue to post those numbers is staggering," Nyquvest said of the results.

Still, issues remain in the space, including the half-life of drugs and the cost of patient access. Drysdale believes these concerns will decrease as the market matures.

Drug Access, Approval: When asked what the blue sky moment is for the space, Drysdale said that getting government approval for one substance may be it for now. He supports the hypotheticals of mass approval and improving half-lives, but "you're talking about leaps and bounds of current therapy today."

Patient access and cost are a primary concern, according to the panelists.

Bartch noted that cost reimbursement is a central component as is improving molecules so that drugs can scale and treat larger populations. "All of these are being addressed in second generations of the medicine," said Bartch, noting that progress will "take some time."