Psyched: California Psychedelics Bill Passes Second Committee, GH Research Closes $125M Series B, Study Shows Psilocybin Could Equal SSRI Results In Depression

A bill that would remove penalties for the possession, personal use and social sharing of certain natural and synthetic psychedelics in California passed the state Senate Health Committee.

The bill will now be reviewed by the Senate Appropriations Committee, after which it would move to a Senate floor vote if approved.

SB 519 would decriminalize psilocybin, psilocyn, DMT, ibogaine, mescaline, LSD, ketamine and MDMA while expunging the criminal records of those convicted with low-level psychedelics charges.

“It'll still be illegal to sell it. And the bill does not legalize in a regulatory way,” state Sen. Scott Wiener, the bill’s main backer, told Benzinga. 

The legislation also “sets up a working group to evaluate whether to fully legalize and regulate psychedelics in the future, and the working group will make a recommendation to the legislature,” he said. 

The working group could make recommendations for the creation of a licensed medical program focused on the use of psychedelics in a therapeutic setting, Wiener said. 

The senator also commented on the bill’s chances of becoming law. 

“This idea has never been introduced in the legislature before, so for many of my colleagues, this is the first time that they're seeing it. So there's a lot of education and a learning curve, and so we may not be able to pass it this year, but if not this year we'll keep trying. I think it’s an important issue and I’m committed to it,” said Wiener.

GH Research Closes $125M Series B For 5-Meo-DMT Research

The Dublin-based biotech company GH Research announced the closing of a Series B financing round for $125 million.

The company focuses on researching 5-MeO-DMT, a very potent psychedelic compound naturally produced by the Sonoran Desert frog. In November, the company completed a Phase 1 clinical trial using GH001, its main drug candidate, which is an inhalable version of 5-MeO-DMT.

The study showed the compound was well-tolerated in healthy subjects, which allowed the company to move to a Phase 1/2 clinical trial testing the product in patients with treatment-resistant depression.

GH Research said its goal is to develop a way of administering GH001 in single-day, individualized interventions, leading to a possible fast and durable remission of depression symptoms. 

The company stated plans to continue research of GH001 into other psychiatric and neurological conditions, as well as researching GH002, an injectable version of 5-MeO-DMT that is in preclinical stages.

New Head-To-Head Trial Shows Psilocybin Could Be At Least As Effective As SSRIs In Depression Treatment

A study published Thursday in the New England Journal of Medicine did not find a significant difference in antidepressant effects between psilocybin and escitalopram, a commonly used antidepressant of the selective serotonin reuptake inhibitor class.

The trial was led by Robin Carhart-Harris, head of the Centre for Psychedelic Research at the Imperial College London.

The Phase 2, double-blind, randomized, controlled trial examined 59 participants with major depressive disorder who were divided into two groups.

A first group received a dose of 25 milligrams of psilocybin on two occasions with a space of three weeks, as well as a placebo for the SSRI during six weeks.

The other group received a very small (1-milligram) dose of psilocybin in two occasions and six weeks of real escitalopram.

All patients received psychological support.

The psilocybin used in the study was COMP360, Compass Pathways’ CMPS proprietary crystalline psilocybin formulation.

Results were measured using a 16-item depressive symptomatology self-report questionnaire.

The mean scores for the psilocybin group were slightly more positive.

The paper stated that nonetheless, “larger and longer trials are required to compare psilocybin with established antidepressants.”

Maine Lawmakers Look Into All-Drug Decriminalization

State Rep. Anne Perry has introduced a bill in the Maine legislature that intends to decriminalize the possession of all illicit drugs in an effort to correct some of the harms caused by the war on drugs.

The measure would make low-level possession of scheduled substances a civil violation punishable with a $100 fine. The individuals charged would also be referred to a drug treatment program.

The measure is similar to a legislation that passed in November in Oregon by a ballot vote, by which simple possession of illegal drugs became a low-level offense in the Beaver State. 

The bill will first head over to the Maine legislature’s Criminal Justice and Public Safety Committee for consideration.

The Milestone Round

• Silo Wellness announced the inking of a binding letter of intent with Jungle Med Inc. for the commercialization of Silo’s patent-pending psilocybin nasal spray in Brazil and Colombia.

The letter proposes a five-year licensing contract with an upfront licensing fee of $250,000.

• Red Light Holland Corp. TRUFF entered a non-binding letter of intent to purchase 80% of Happy Caps Farm, a Canadian mushroom farm that specializes in the sale of “grow your own” mushroom kits.
• Cybin CLXPF announced plans to commence preclinical work on two novel tryptamine formulations: CYB003, an orally dissolving tablet, and CYB004, an inhaled version of the same compound.