Psyence Biomed Advances Clinical Trials in Psilocybin for Mental Health Treatments

LOS ANGELES- Psyence Biomedical Ltd. a life science biotechnology company focused on natural psychedelics for mental health, has issued updates on its progress in clinical research and corporate development. The company is leading efforts to develop natural psilocybin products for palliative care, with a focus on addressing psychological trauma and mental health challenges.

Psyence is currently conducting a double-blind, placebo-controlled Phase IIb clinical trial in Australia, testing nature-derived psilocybin in three doses (25mg, 10mg, and 1mg) combined with psychotherapy. The trial aims to improve the quality of life for patients suffering from Adjustment Disorder, particularly those with life-limiting illnesses. The study’s primary endpoint is the change in the Hamilton Anxiety Rating Scale (HAM-A). The first patient enrollment is expected in Q2 2024, with trial results anticipated in 2025.

Psyence Biomed’s recent approval from Australia’s Human Research Ethics Committee (HREC) marks a key milestone, enabling the company to proceed with this pivotal study. CEO Dr. Neil Maresky highlighted the potential of psilocybin-assisted psychotherapy to offer clinical and economic benefits for patients with severe mental health conditions.

Psyence Biomed also cultivates natural psilocybin mushrooms at its ISO22000 certified facility in Southern Africa. The company produces standardized encapsulated psilocybin products for export to global partners. Its research efforts have been supported by independent studies, including one from Hebrew University, which suggests that natural psilocybin may have more potent and sustained effects compared to synthetic alternatives.

Financially, Psyence Biomed is well-positioned with up to $10 million in cash and equivalents, sufficient to fund the completion of its Phase IIb study. The company’s strategic merger with Newcourt Acquisition Corp. and its subsequent NASDAQ listing have bolstered its financial stability and access to capital.

With its strong pipeline of clinical trials, robust financial foundation, and strategic partnerships, Psyence Biomed is positioned to make significant advancements in the field of mental health and palliative care through its natural psilocybin-based therapies.