NEW YORK, Dec. 21, 2020 /PRNewswire/ — Investments continued flowing into the psychedelic medicine sector this year and will likely continue in 2021 as mental illness cases rise across the globe. The World Health Organization (WHO) estimates that 700 million cases of mental and neurological disorders are reported annually, accounting for 13% of global disease burden. Of course, these are only reported cases, so the number is likely much higher and will likely rise further due to the ongoing health crisis. Luckily, growing awareness around mental illness has led to a slew of research and development for effective novel treatments to help combat the growing mental health crisis.
Psychedelic medicine for mental illness is one area that has gained the spotlight after Johnson & Johnson’s (NYSE: JNJ) severe depression drug was handed approval. Now, a number of psychedelic-focused companies like Mydecine Innovations Group Inc. (CSE: MYCO) (MYCOF), COMPASS Pathways Plc (NASDAQ: CMPS), Tonix Pharmaceuticals (NASDAQ: TNXP), and Numinus Wellness Inc. (NEO: NUMI) (TSXV: NUMI) (OTCPK: LKYSF) are joining the fight against mental illness with a variety of promising, psychedelic-based treatments.
Biopharma and life sciences company Mydecine Innovations Group is focused on developing and commercializing innovative solutions to treat mental health problems and enhance well being. Since the beginning of 2020, the company has hit several significant milestones to help progress its robust pipeline of psychedelic derived therapeutics, novel compounds, therapies, and controlled drug delivery systems.
Mydecine Innovations Edges Towards FDA Filing