Fresh off their acquisition of new OVR technology for virtual therapy enhancement; Vancouver based Ketamine One is rolling out more good news for investors. KGK Science Inc., a subsidiary of Ketamine One, recently signed four new clinical research contracts. These new contracts provide a strong base for KGK to exceed past financial milestones.
- KGK has also been selected to conduct clinical trials for four other organizations.
- These new clients operate in cannabis, food, non-profit, and pharmaceuticals.
The acquisition of KGK has proven to be a well-timed move. It has been a recent highlight for K1 and their investors. Adam Deffet, interim CEO of K1, believes KGK has has helped accelerate the financial and strategic position of K1 in the market.
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Is the Market Ready for Legal Psychedelics?
When your 65 year old dad is talking to you about psychedelics; wondering what companies he should invest in, it’s probably fair to admit that they are officially in the public eye. There are more companies (seemingly everyday) emerging out of the woodwork. The question has to be asked, are they ready for the regulatory hoops that they are going to need to jump through?
Things you need to know about psychedelic therapeutics
- Psychedelic medicines are not standalone treatments. They help patients “reset” their brain as they work with therapists to overcome their ailments.
- The FDA is unsure of how to classify the psychedelic therapeutic approach. Or how to create a system of control for the industry.
- Psychedelics are considered public domain; Companies have to create new business models if they hope to treat clients and turn a profit.
What is the path forward?
Federal law has hindered research in the field of psychedelics in the past. But the tide is rapidly turning for the new therapeutic industry. Traditional mental health drugs manage symptoms. While psychedelics are helping patients develop internal fortitude and tools to prevent future issues. There is a hope that psychedelics can achieve what previous approaches have failed to do.
- Translating psychedelic therapies into a modern healthcare includes developing synthetic versions of the drugs and new delivery methods. The goal of this is to create a standardized experience. Something that, to this point, has been incredibly difficult to do.
- Synthetics and novel delivery methods could help address the IP issue.
- Due to the fact that all psychedelic companies have to focus on development of novel IP. There is the chance that their competition develops cheaper, more efficient methodologies without them knowing.
Another method of approaching IP is developing new business models. Such as using Jazz during therapy, designing different therapy approaches, incorporating VR, etc.
The question remains on whether psychedelics need a new regulatory pathway to the market.
Beckley Psytech, a UK based psychedelics company. Just received a $100m injection of funding led by Integrated, a healthcare focused venture capitalist firm. Cosmo Feilding Mellen, the Beckley CEO quoted, “As we embark on our next phase of growth; our strong syndicate of expert investors will support us in bringing much-needed innovative treatments. Which we can bring to patients suffering from neurological and psychiatric conditions”.
Where is the money going?
- Finishing Beckley’s Phase 1b trial of a low-dose, sub-hallucinogenic psilocybin in patients suffering from a rare, debilitating headache condition.
- Initiating a Phase 1 dose-ranging study on a psychedelic compound found in the gland of a Sonoran Desert Toad.
- Continue to Phase 2 trial in treatment-resistant depression.
- Support the expansion of the company’s development pipeline with new and unique proprietary psychedelic compounds.
Beckley is focused on developing the Sonoran Toad compound. Due to its decreased duration it could pave the way for shorter, cheaper treatments. Early reports show similar levels of treatment response to psilocybin. And the hope is that with the differentiated approach, they are accelerating their market access timelines.
Mydecine Innovations Group has just signed a five-year agreement with Johns Hopkins University School of Medicine to study the application of psychedelic therapy for smoking cessation. The research will be led by Dr. Matthew Johnson, professor of Psychiatry and Behavioural Sciences at JHU.
The study
- The two parties will collaborate their efforts on novel therapies to treat mental health and addiction disorders, focusing on nicotine dependence.
- It was noted that there is a lot of important work happening in the world of psychedelics and mental health trauma. Mental health trauma research is incredibly important, but Dr. Rakesh Jetly, CMO of Mydecine noted that “sometimes we forget about the incredible burden that nicotine dependence has on our society”
According to the CDC, cigarette smoking is the leading cause of preventable disease and death in the United states. As a result of smoking, more than 480,000 Americans every year die. More than all other substances combined.
- Working on nicotine dependency is a big step for Mydecine and is an attractive announcement for potential investors.
- The collaborative team has extensive experience working on clinical research related to the therapeutic use of psychedelics.
Mydecine’s chief scientific officer Rob Roscow hailed the long-term potential of the research agreement, saying it “demonstrates our commitment to advancing psychedelic medicine by exploring multiple molecules and medicines for a variety of indications.”
A Senate-passed bill to legalize possession of certain psychedelics in California cleared a procedural hurdle on Monday. But now it faces another critical challenge in the Assembly next week that could decide its fate.
- The legislation put forward by Senator Scott Wiener passed through the Senate earlier this year. It has moved through 2 Assembly committees so far.
- Advocates are now focusing on what happens next. The next step for the bill is on August 26th, when the measure is expected to be considered by the panel during a “suspense hearing”. Depending on the result, it will go to one last reading passage.
- There are more hurdles to overcome before it can reach the Governor’s desk But optimistically it could be happen by the end of 2021.
The worst case scenario for advocates of the bill is that it gets held on suspense next week. Which could effectively kill the bill.
About the bill
Scott Wiener spent significant energy building support for the reform proposal. Hoping it will help turn the tide of “The War On Drugs” in California.
- The bill would remove criminal penalties for possession of mushrooms, DMT, LSD, and MDMA for anyone 21 and over.
- Decriminalize Nature has called to table the legislation. DN claims to have have a neutral position, but are requesting a removal for natural plant medicine limits.
- The limits are quoted as: 2g of DMT, .01g of LSD, 4g of mescaline, 2g of psilocyin or 4 ounces of plants or fungi that contain psilocyn, and 4g of MDMA.
- Ketamine was removed from the list included in the reform.
Wiener has described its prospects going forward as “very challenging,”. He made the case at a recent press event that it is a necessary policy change to advance mental health reform and end criminalization.
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