Specifically, one key acquisition and one high-profile appointment have elevated the company’s status in the psychedelics industry.
Acquisition of NeuroPharm Inc
On June 10th, Mydecine announced the acquisition of NeuroPharm Inc. A definitive agreement was signed on July 14, 2020.
Much of the new clinical research on the medicinal potential of psychedelic drugs has focused on depression (and anxiety) or addiction.
However, another significant mental health issue where psychedelics are showing great potential is in the treatment of Post-Traumatic Stress Disorder (PTSD). This is the focus of NeuroPharm.
NeuroPharm’s management is comprised of research scientists and military personnel.
In other words, it’s a team divided between experts on the issue of PTSD (military personnel) and experts on treating it (the scientists).
A recent article on NeuroPharm in High Times provides additional details here.
“Our mission is to develop and bring to market treatments addressing the mental health conditions frequently experienced by veterans, including PTSD, depression and anxiety,” said Colonel (Ret’d) Pucci, CEO of NeuroPharm. “We understand the unique circumstances of the veteran community and are devoted to treating these substantial unmet needs. Our collaborative partnership with Mydecine will accelerate our ability to address the enormous challenge of restoring the overall wellness in the veteran, EMS and frontline personnel communities. We are most pleased to be part of the Mydecine family of companies.”
NeuroPharm itself is based in Canada, so that is where this PTSD research is originating. But the big market for any PTSD treatment is obviously the United States.
In the U.S. military, an estimated 11 – 20% of veterans are affected by PTSD in any given year. Currently, over 8 million Americans suffer from PTSD.
Globally, a 2018 article projected that the PTSD treatment market would reach $10.7 billion by 2026. That is based upon an estimated CAGR of 4.5%.
NeuroPharm isn’t Mydecine’s only recent acquisition.
The company has also completed its acquisition of MindLeap. MindLeap is developing a digital health platform dedicated to psychedelic drug applications.
Mydecine Health Sciences is the company’s original psychedelics division. Based in Denver, it operates out of a 7,500 square foot research center.
Stellar appointment to research team
On July 7, 2020, Mydecine announced the appointment of Dr. M.S. Reddy to its Scientific Advisory Board.
To most people, Dr. Reddy will be known as a 7-time nominee for the Nobel Peace Prize. Factoids like that will help to immediately put Mydecine on the map for new investors.
However, this is not the mere appointment of some high-profile figurehead.
Dr. Reddy is also an internationally renowned biotech research scientist.
- Holder of over 150 U.S. and international patents
- More than 100 of these patents have already been commercialized
Dubbed “the Cheese King” because of his success in dairy and cheese biotechnology, Reddy is also a best-selling author. In addition, Dr. Reddy boasts a long list of research honors and awards on his illustrious resume.
This is far from Mydecine’s only significant management appointment.
The company has recently announced other notable additions on May 26th, June 23rd, and June 30th.
At this early stage of evolution in the psychedelics industry, most publicly-listed companies are still at the stage of simply laying out their future intentions with respect to psychedelics-based operations. Mydecine Innovations Group has already established a strong operational foundation from which it can move forward on its psychedelics-based initiatives.
For psychedelics investors, Mydecine appears to be one of the new contenders in this emerging industry.