First Movers in the Psychedelics Space Position Themselves as Industry Leaders
NEW YORK, February 25, 2021 / PRNewswire / – The emergence of psychedelics as a mental health solution and as a legitimate industry has been one of the most radical market developments we’ve seen in decades. The global market for psychedelics is not a fleeting trend, but is expected to grow at a healthy CAGR of 16.3% through 2027 $ 6.85 billion. This market is being driven by changing public attitudes and perceptions about psychedelics, accelerated research and understanding of medical care for these substances, and the urgent need for more effective mental health solutions. These are all trends that are likely to propel this market further in the years to come as companies like Pure Extracts Technologies Corp. (CSE: PULL) (OTCPK: PRXTF) (XFRA: A2QJAJ), Revive Therapeutics (CSE: RVV) (OTCPK: RVVTF), Mydecine Innovations Group Inc. (CSE: MYCO) (OTCPK: MYCOF), Aikido Pharma Inc. ( NASDAQ: AIKI) and Compass Pathways (NASDAQ: CMPS) are striving to become leaders in this emerging field.
Pure extracts are preparing for a dealer license with Psychedelic Drug Research
Canadian extraction company Pure Extracts Technologies Corp. (CSE: PULL) (OTC: PRXTF) (XFRA: A2QJAJ) is about to become a leader in pharmaceutical psychedelic innovation. The company is currently filing an application with Health Canada for a Controlled Drugs and Substances Act distributor license with plans to produce pharmaceutical-grade psilocybin extracts from the company’s fully expanded EU-GMP-compliant extraction laboratory north of Whistler, British Columbia. Pure Extracts’ state-of-the-art CO² and ethanol extraction technology is ideal for creating precisely dosed and reliable psilocybin products for use with psychedelic-assisted psychotherapy.
Once Pure Extracts is granted the Health Canada distributor license, the company will be able to manufacture, distribute and sell commercial psilocybin and psilocin products Canada. In the meantime, the company is working to advance research into psilocybin extracts for pharmaceutical use. On January 14thThe company set the schedule and milestones for a previously announced study to formulate and manufacture psilocybin-based active treatments for oral tablets, capsules, and a nasal gel. The study is being conducted at the Toronto Institute of Pharmaceutical Technology by Pure Extracts Scientific Advisor Dr. Alexander MacGregor and focus on the formulation, manufacture, and clinical bioavailability testing of fast-acting psilocybin dosage forms.
“We are excited about the R&D advances we will make with TIPT over the next 6 to 8 months as we wait to receive our reseller license from Health Canada,” said Pure Extracts, CEO Ben Nikolaevsky said in the company’s publication. “We will be well prepared for our entry into the world of controlled substances of psychedelics and will have advanced knowledge of psilocybin and its associated novel delivery mechanisms.”
Biotech companies are positioning themselves in the emerging market for psychedelics
As the psychedelics industry gains momentum, biotech and life science companies are rushing to position themselves in the emerging market. Revive Therapeutics (CSE: RVV) (OTCPK: RVVTF) was announced on February 17th that the company has entered into an asset purchase agreement to acquire the psilocybin-related intellectual property from PharmaTher Inc. The company says the acquisition will cement its position in the psychedelics industry with a leading psychedelic pharmaceutical platform and that the company will use this technology to advance its psilocybin program for the treatment of clinical needs in mental health, cancer and neurological disorders .
On too February 17thMydecine Innovations Group Inc. (CSE: MYCO) (OTC: MYCOF) announced that the company’s subsidiary, Mindleap Health, has a provisional patent for its technology platform in both the U.S. Patent and Trademark Office and the Canadian Intellectual Property Office registered. Mindleap Health is the world’s first telemedical application to support psychedelic medicine.
On 6th JanuaryBiotechnology development company Aikido Pharma Inc (NASDAQ: AIKI) announced that it has entered into a patent license agreement for psilocybin technologies for cancer treatment and treatment of cancer side effects. The announcement of Aikido is noteworthy for the psychedelics sector, as Aikido has been an established player in cancer treatment for decades and the company’s interest in psychedelics signals a momentum for these treatments in the broader biotech space. The company’s CEO says the company sees psychedelics as a growing area of treatment.
Compass Pathways (NASDAQ: CMPS) was announced on February 9 that the company has expanded its Discovery Center through collaborations with laboratories at UC San Diego, the School of Medicine, and Wisconsin Medical School. The Compass Discovery Center is a research network dedicated to developing new, optimized psychedelic compounds to meet unmet medical needs. The company intends to expand its research network nationwide.
The psychedelics market is just getting started, and as the industry grows and matures, first movers like Pure Extracts could be formed to become leaders in a game-changing pharmaceutical space.
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