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News You Might Have Missed: July 10th, 2023

Welcome to the Psychedelic Medicine Weekly Roundup, your source for the latest news and updates in the field of psychedelic therapies.

Key Takeaways:

  • COMPASS Pathways has secured $50 million in capital through a term loan agreement with Hercules Capital.
  • Small Pharma has announced an update to its SPL028 R&D strategy to expedite its clinical program.
  • The American Medical Association has released the language of the first new Current Procedural Terminology Code for psychedelic therapies.
  • Psylo has entered into a Sponsored Research Agreement with Daiichi Sankyo to develop non-hallucinogenic psychiatric therapies.

COMPASS Pathways Secures $50 Million in Capital

COMPASS Pathways, a leading psychedelic medicine company, has announced a significant financial milestone. The company has secured $50 million in capital through a term loan agreement with Hercules Capital.

This capital infusion will support COMPASS Pathways’ COMP360 phase 3 program, focused on developing innovative treatment options for individuals with treatment-resistant depression. The company expects to release initial data from the program in the summer of 2024.

In addition to the funds raised through this agreement, COMPASS Pathways has also benefited from proceeds generated by its ATM facility, enhancing the company’s financial position and extending its cash runway.

Small Pharma Announces SPL028 R&D Strategy Update

Small Pharma, a pharmaceutical company dedicated to advancing novel psychedelic therapies, has shared an update on its SPL028 research and development strategy. SPL028 is the company’s innovative deuterated N, N-dimethyltryptamine (DMT) asset.

Preliminary findings from the ongoing Phase I trial of SPL028 have revealed a unique therapeutic profile, highlighting its potential as a groundbreaking treatment option.

Small Pharma’s native DMT program, SPL026, has also shown promising proof-of-concept data, suggesting the possibility of expediting an international, multi-site Phase II study with SPL028 in 2024.

To streamline operations and increase efficiency, Small Pharma has implemented measures that include a reduction in headcount by approximately one-third.

American Medical Association Releases New CPT Code for Psychedelic Therapies

The American Medical Association (AMA) has taken a significant step in promoting the accessibility and recognition of psychedelic therapies.

The organization has released the language for the first new Current Procedural Terminology (CPT) Code specifically designed for psychedelic therapies.

This development is crucial in ensuring accurate tracking and appropriate reimbursement for these innovative treatments.

Kabir Nath, CEO of COMPASS Pathways, expressed his enthusiasm for the new CPT Code, stating that it will facilitate equitable access to psychedelic therapies for individuals in urgent need of alternative mental health treatments.

The code will play a vital role in supporting effective, regulated, and reimbursed delivery of these potential treatments.

Psylo Partners with Daiichi Sankyo for Non-Hallucinogenic Psychiatric Therapies

Psylo, a biotech start-up focused on psychiatric medicines, has entered into a Sponsored Research Agreement with Daiichi Sankyo, a leading global pharmaceutical company based in Japan.

This collaboration aims to advance the development of non-hallucinogenic psychiatric therapies for patients dealing with chronic mental illness.

As part of this partnership, Psylo will establish an office at the prestigious B+labs incubation space in Philadelphia, granting the company access to state-of-the-art research and development resources.

Psylo’s CEO, Josh Ismin, expressed his excitement about the support from Daiichi Sankyo and emphasized the partnership’s significance in harnessing the therapeutic potential of compounds to address mental health challenges.

FAQs

Q: What is COMPASS Pathways’ focus?
A: COMPASS Pathways is dedicated to developing treatment options for individuals with treatment-resistant depression.

Q: What is the significance of the new CPT Code released by the American Medical Association?
A: The new CPT Code is crucial in ensuring accurate tracking and appropriate reimbursement for psychedelic therapies.

Q: What is Psylo’s partnership with Daiichi Sankyo aiming to achieve?
A: The partnership aims to advance the development of non-hallucinogenic psychiatric therapies for patients with chronic mental illness.

Q: Where will Psylo establish its office as part of the collaboration with Daiichi Sankyo?
A: Psylo will establish its office at the B+labs incubation space in Philadelphia, providing access to cutting-edge research and development resources.

The recent developments in the field of psychedelic medicine have been noteworthy.

COMPASS Pathways securing $50 million in capital, Small Pharma expediting its clinical program, the American Medical Association introducing a new CPT Code, and Psylo partnering with Daiichi Sankyo all contribute to the advancement of innovative treatments for mental health conditions.

These milestones bring hope for improved therapeutic options and a brighter future for individuals struggling with mental illness.

Dr. Jen Chalmers
Dr. Jen Chalmers
Dr. Jen Chalmers is an accomplished writer and cannabis enthusiast. With a Ph.D. in Botany and years of experience as a researcher, she brings a scientific perspective to her captivating articles on cannabis news, recipes, and the fascinating world of psychedelics.

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