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Psychedelics Are On The Verge Of Creating A Biotech Revolution

March 21, 2024
x min read

Psychedelics have long been seen as the potential next big breakthrough in biotech. But for the first time ever, psychedelic therapeutics are finally getting closer to being approved drugs.

What’s happening:

  • Psychedelic drug developers have been on a rapid rise lately, with multiple new Breakthrough Therapy designations from the FDA being announced and recent significant venture capital raises

Why it matters:

  • Psychedelic medicines have seen overwhelming evidence for therapeutic potential in research experiments and university led studies, but have not yet had a formal drug approval in North America
  • With recent announcements from the FDA, psychedelic medicines are now closer than ever to being officially cleared to administer and prescribe to patients

Who is making moves:

Going deeper:

  • Lykos Therapeutics, which was formerly the MAPS Public Benefit Corporation, recently raised $100M USD in venture capital funding to prepare to commercialize MDMA assisted therapy for PTSD
  • The FDA has given Lykos a Priority Review which means they have committed to fast tracking their decision on an official approval for MDMA assisted therapy
  • Prior to the recent announcements from Cybin and MindMed, COMPASS Pathways (NASDAQ: CMPS) was the only publicly traded psychedelic biotechnology company to have a Breakthrough Therapy designation from the FDA

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