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The Business of Magic Mushrooms: Companies Working With Psilocybin

The post The Business of Magic Mushrooms: Companies Working With Psilocybin appeared first on Microdose.

Microdose is continuing our Meet The Molecule…

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The post The Business of Magic Mushrooms: Companies Working With Psilocybin appeared first on Microdose. Microdose is continuing our Meet The Molecule series, where we take deep dives into some of psychedelic medicine’s more popular compounds. We’ve looked at MDMA and LSD, with detailed reviews of the compounds, followed by looks at the business side of the drug. Check them out here and here. Now we set our sights on psilocybin. Our science specialist Gaurav Dubey has given us a feature look at psilocybin with What are Magic Mushrooms? Exploring the Science & Secrets of Psilocybin. And today we’ll expand on this with a look at the business side of the compound, giving you a summary of who’s working with psilocybin and what the future prospects may hold.

Which companies are working with psilocybin?

Which companies are working with psilocybin?

Ends up that it’s quite a few. Psilocybin is the current star of psychedelic medicine development, with firms across the sector working on harnessing the therapeutic potential of the magic mushroom.
Compass Pathways
Compass Pathways was the first psychedelic medicine company to list on the NASDAQ and are one of the industry’s current market-cap leaders. Compass received FDA Breakthrough Therapy designation in 2018 for its program of psilocybin therapy in treatment-resistant depression, and its clinical trial for COMP360 is the most advanced in the industry, planned to complete Phase 2b this year. This psilocybin trial is the largest ever conducted to date. Note: COMP360 is a synthetically derived form of psilocybin, not natural.
Cybin
Cybin is a Toronto-based psychedelic medicine firm. Going public in November 2020 on the NEO exchange, the firm has been steadily growing its market cap and development pipeline. Cybin has several drugs in their development pipeline, including CYB001 a psilocybin treatment for Major Depressive Disorder currently in Phase 2A/2B clinical trials. The company has been consistently making moves and garnering attention from analysts on Wall Street. CYB001 could potentially be the first all-natural psilocybin to get approval for treatment of a major indication.
Mydecine
Mydecine Innovations has been flying slightly under the radar, with others in the space-hogging much of the attention and investment dollars. But Mydecine is one of the most advanced companies in the clinical trial process and has tons of R&D around the magic mushroom. MYCO-001 is Mydecine’s natural psilocybin compound currently in Phase 2 trials for the treatment of PTSD, with plans to move on and complete Phase 3 within 18-24 months; MYCO-003 is a psilocybin-based formula being studied to reduce anxiety and remove “bad trips”, and the company has announced groundbreaking advances in psilocybin research with the discovery of over 40 compounds with pharmacological potential in mushrooms. Mydecine also holds a Dealer’s Licence to legally produce, import/export, and study psilocybin mushrooms, and has a major mycology laboratory in Denver, Co.
Revive Therapeutics
Revive originally was focused on their cannabinoid pharmaceutical portfolio, but with the acquisition of Psilocin Pharma, Revive has now shifted some attention to psilocybin-based therapies. Psilocin Pharma has developed product solutions for psilocybin and their intellectual property cover methods of production of psilocybin formulations. Revise has several psilocybin patent applications and 3 psilocybin-based products currently in Phase 1 and preclinical stages, looking at substance abuse, neurological disorders, and mental health issues like depression and anxiety.
Filament Health
New on the scene is Filament Health. Focused on psilocybin and naturally-derived substances, the company went public in the NEO in late June and has been quietly building an impressive start to its business life. Here are some company highlights:
  • They’ve earned their Health Canada Dealer’s License for psilocybin (with plans to expand the license to other substances)
  • Built an in-house GMP 3500 sq ft manufacturing facility, currently growing and extracting magic mushrooms, with 20 strains being studied for yields, etc.
  • A natural psychedelics IP portfolio with several patents filed
  • 2 FDA-registered clinical trials, in partnership with the University of California, San Francisco (these trials both focus on the magic mushroom in novel ways)
There’s still lots of work to be done, but Filament might be one to keep an eye on. See our profile and CEO interview here. And that’s just the tip of the mushroom iceberg. With so many companies working with psilocybin, we’re splitting the list up and will come back with a psychedelic part two. Stay tuned.

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