NEW YORK, Jan. 7, 2021 /PRNewswire/ -- Among the popular fields of study for biotech companies in recent years are gene editing, tissue engineering and regeneration, nanobiotechnology and others. In addition, new segments under the biotech umbrella are constantly being developed. For example, the medical cannabis segment has rapidly emerged in recent years, and the continuously growing acceptance of psychedelic drugs is further evidence. The perceptions about psychedelics and their possible uses have also started to shift from a potentially dangerous party drug to an approachable medicinal product. For example, earlier in 2019, the U.S. Food and Drug Administration (FDA) approved Spravato (esketamine) a nasal spray, in conjunction with an oral antidepressant, for the treatment of depression in adults who have tried other antidepressant medicines but have not benefited from them (treatment-resistant depression).
Also, in 2019, the FDA awarded the second Breakthrough Therapy designation to non-profit Usona Institute, which is studying the effects of psilocybin as an anti-depressant. Psilocybin is a naturally occurring psychedelic compound produced by more than 200 species of mushrooms, collectively known as psilocybin mushrooms. Mydecine Innovations Group Inc. (OTC: MYCOF) (CSE: MYCO), Eli Lilly and Company (NYSE: LLY), Revive Therapeutics Ltd. (OTC: RVVTF), Hollister Biosciences Inc. (OTC: HSTRF), Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
James Kuo, the CEO and co-founder of California-based Tryp Therapeutics, explained, according to a report by Forbes, that while psilocybin remains among the most restricted drugs in North America, recent changes in regulations are enabling more clinical research and trials of the substance to be carried out. "These substances [including psilocybin] will become more available with their safety being demonstrated over time … Over-the-counter happened with some of the older medications — they were initially available at drugstores for prescriptions only… but I think people with very specific medical problems, such as pain or eating disorders, will be the most likely to adopt the type of functional food with psychiatric care components."