Psychedelics stocks were buoyed on Thursday by positive results from the MAPS Public Benefit Corporation (MAPS PBC)'s Phase 3 study of MDMA-assisted therapy for post-traumatic stress disorder (PTSD).
MAPS PBC, a subsidiary of the non-profit organization the Multidisciplinary Association for Psychedelic Studies (MAPS), is focused on developing and commercializing prescription psychedelics to bring better treatments to those living with mental health conditions.
With this marking its second positive Phase 3 study published, MAPS PBC now intends to pull together its data for a new drug application for MDMA-assisted therapy to the Food and Drug Administration (FDA) later this year.
The study showed that MDMA-assisted therapy resulted in 86.5% of participants experiencing a clinically meaningful improvement in their PTSD symptoms at 18 weeks post-baseline, compared to 69% in the placebo with therapy group.
It also showed that 71.2% of participants who received MDMA-assisted therapy compared to 47.6% of participants who received a placebo plus therapy no longer met the DSM-5 diagnostic criteria for PTSD at the end of the study.
The news sent shares of Canadian biotechnology company PharmAla Biotech (CSE:MDMA), which is focused on the research, development and manufacturing of clinical-grade MDMA and novel MDXX compounds, 30% higher to C$0.26.
Other psychedelics companies that moved higher included Havn Life (CSE:HAVN), up 14.3% to $0.04, Numinus Wellness Inc. (TSX:NUMI, OTC:LKYSF), up 10.5% to C$0.21, and MindMed (NASDAQ:MNMD, NEO:MMED), which rose 4.9% to US$4.25.
Compass Pathways (NASDAQ:CMPS) gained 4.2% to US$9.93, Seelos Therapeutics (NASDAQ:SEEL) was up 3.3%, atai Life Sciences (NASDAQ:ATAI) was up 2.1%, Filament Health Corp (OTCQB:FLHLF) gained 2.1%, Revive Therapeutics Ltd (CSE:RVV, OTCQB:RVVTF) was up 1.5%, Red Light Holland Corp. (CSE:TRIP, OTC:TRUFF) added 0.9%, Cybin Inc. (NYSE-A:CYBN, NEO:CYBN) added 0.4% and Mindset Pharma Inc (CSE:MSET, OTCQB:MSSTF) gained 0.3%.
Contact the author at emily.jarvie@proactiveinvestors.com
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