Psyched: Steve Cohen Goes Big On Cybin, Fed Intervention On Psilocybin, Ketamine Insurance And More

Billionaire Steve Cohen Buys 19M Shares Of Cybin Stock For Psychedelics R&D, Blake Mycoskie $100M Pledge

Billionaire hedge fund and NY Mets owner, Steve Cohen amped up his support for psychedelics R&D through a new investment of nearly $19 million in beneficially owned shares of Cybin Inc. CYBN. 

The large acquisition puts Cybin in the limelight with credibility status in ongoing and future work - see Cybin’s recent acquisition announcement of DMT therapeutics developer Small Pharma DMTTF. More HERE.

Congressional Bill Would Ban Federal Intervention Where Psilocybin Is Legal, KE's $42M Ibogaine Budget Plan, OR's Drug Decrim Law 

Democrat Reps. Robert Garcia and Earl Blumenauer filed a new bill in Congress that would discourage federal law enforcement and general intervention in states and localities that legalize or decriminalize psilocybin mushrooms.

The Validating Independence for State Initiatives on Organic Natural Substances (VISIONS) Act calls for no federal funds to be used to “prevent any state or unit of local government from implementing such state’s or unit of local government’s own laws that authorize the use, distribution, sale, possession, research, or cultivation of psilocybin.” Read more HERE.

At the state level, Kentucky’s Opioid Abatement Advisory Commission (KYOAAC) held the second of two public hearings and general information sessions regarding its plan to allocate $42 million from state funds for ibogaine research to support the treatment of addictions and to help stem opioid overdoses. Read more HERE. 

Meanwhile, two petitions are circulating in Oregon to overturn the 2020 voter-approved Measure 110 that decriminalized the simple possession of drugs. The group behind the move, the “Coalition to Fix and Improve Ballot Measure 110, includes Oregonians such as Nike NKE co-founder Bill Knight and Columbia Sportswear CEO Tim Boyle. Read more HERE. 

Healthcare Providers Can Offer Ketamine Treatment On Employee Insurance Plans

The reportedly first and only licensed provider of health benefit plans that include psychedelic-assisted therapies, third-party healthcare benefits administrator Enthea, has expanded its national network capabilities and is now able to serve U.S. employees nationwide in need of mental health treatments.

The company has a rapidly growing list of premium partners and employers that will be onboarded on a regular basis. Its stated mission is to ensure access to safe, affordable and effective “medication-assisted therapies,” starting with legal ketamine therapy (KAT) and later MDMA and psilocybin, once approved. Read more HERE.

Peru's Coca Leaf Will Be Used For Research For Treating ADHD

Magdalena Biosciences, Jaguar Health JAGX and Filament Health FLHLF recently formed a joint venture to develop novel plant-based medicines for mental health indications. They completed the import of Peruvian coca leaf to Canada to be assessed for the potential treatment of ADHD in adults. More HERE.

The Milestone Round

• Cybin CYBN has completed enrollment of the last cohort on its Phase 2 study of novel deuterated psilocybin compound CYB003 for MDD treatment, testing its highest dose so far. 

• Reunion Neuroscience has gained FDA approval for a new Phase 2 study assessing a next-gen psychedelic compound for the treatment of Postpartum Depression.

• Seelos Therapeutics SEEL announced results from its Phase 2 study of proprietary intranasal ketamine for acute suicidal ideation & behavior in adults with MDD, and the market didn’t take long to react.

• Enveric Biosciences ENVB nabbed issuance of a new U.S. patent covering the composition of matter and methods of use around its psilocybin molecules series EVM301.

• Conservative anchor blamed Aaron Rodgers' injury on psychedelics: 'How about going to church…Ayahuasca tea is a crummy substitute for God.'

• Psychedelics researchers and industry leaders weigh in on MAPS’ latest news on MDMA treatment for PTSD.

• Mixing psychedelics and opioids for chronic pain: What are the risks?

• Unlocking the brain's secrets: How psychedelics redefine self and social understanding.

See Also: Last Week's Edition Of 'Psyched'

Psychedelics ETF Weekly Performance

AdvisorShares Psychedelics ETF PSIL opened Monday, Sept. 18 at $1.70, slightly below Monday 11’s opening at $1.75 and Tuesday 5’s at $1.79.

Pre-close price on Friday 22 is around $1.68, lower than prior weeks’ closings at $1.74 and $1.78, respectively.

Week’s highest was $1.74 on Tuesday 19 opening, still short from prior weeks’ peaks at $1.77 and $1.8.

Week’s lowest was $1.62 on Thursday 21, below former weeks’ lowests at $1.71 and $1.73.

The ETF’s yearly price range has again been changed, now set between $3.24 and $1.62. A considerable drop from just last week’s $3.64 highest and keeping the low at $1.62.

Highest Trading Psychedelics Stocks Friday, September 22 Pre-Close

• GH Research GHRS is trading at $10.29, a bit behind last Friday 15’s close at $10.50, yet still from the prior Friday 8 closing at $10.00.

• COMPASS Pathways CMPS is trading at $7.95, seeing a weekly considerable fall from the past three Fridays close at $9.41.

• Mind Medicine (MindMed) MNMD is trading at $3.64, also down from past Friday's closings at $4.17, $4.00 and $4.09, respectively.

• Enveric Biosciences ENVB is trading at $2.36, an uptake from prior weeks’ closings at $2.28, $2.22 and $2.12.

• Bright Minds Biosciences DRUG trades at $1.8, upgrading from the prior week’s closing at $1.57, yet still down from Friday 8’s at $1.92 and Friday 1’s at $2.19.

• Silo Pharma SILO is trading at $1.79, confirming the descending trend as of prior weeks, with closings at $1.85, $1.98 and $2.02. 

• FSD Pharma HUGE is trading at $1.26, down from past week’s close at $1.5, and closer to Friday's 8 and 1 closings at $1.23 and $1.28, respectively.

• Atai Life Sciences ATAI trades at $1.3, down from past three weeks’ closings at $1.45, $1.43 and $1.53.

• Incannex Healthcare IXHL trades at $1.18, also down from past weeks’ closings at $1.40, $1.33 and $1.45.

• Lucy Scientific Discovery LSDI is trading at $0.68, somehow between Friday 15’s close at $0.65 and Friday 8’s close at $0.72. 

• Cybin Inc. CYBN is trading at $0.55, certainly up from the past two Fridays’ close at $0.33. 

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