The success of a Phase 3 trial of MDMA for post-traumatic stress disorder (PTSD) which has put the therapy on track for U.S. Food and Drug Administration (FDA) approval in 2024 has been celebrated by the broader psychedelics sector.
The confirmatory trial, which was carried out by the Multidisciplinary Association for Psychedelic Studies (MAPS) subsidiary MAPS Public Benefit Corporation, showed that MDMA-assisted therapy was an effective treatment for PTSD.
The results were hailed by Canadian psychedelics drug research and formulation firm Optimi Health Corp (CSE:OPTI, OTCQB:OPTHF), with CEO Bill Ciprick noting that they could “open new doors and foster hope where it is much needed.”
“We are truly heartened by the indications from the trial that MDMA-AT stands as a beacon of hope, potentially serving as a transformative tool in alleviating the distress and impairment witnessed in individuals battling moderate to severe PTSD,” Ciprick said in a statement.
Numinus Wellness Inc. (TSX:NUMI, OTC:LKYSF) CEO Payton Nyquvest also welcomed the results, telling Psychedelic Spotlight that the study “represents a significant milestone not just for the healthcare and psychedelic industries, but also for humanity as a whole.”
“These positive Phase 3 results represent a genuine and promising leap toward formally acknowledging this treatment and providing universal access,” he said. “It goes without saying that the industry tips its hat to [MAPS founder] Rick Doblin and the entire MAPS team.”
Psychedelics stocks largely maintained their momentum after moving higher on the news of the positive Phase 3 trial results on Thursday.
There was a pullback on Canadian MDMA manufacturer PharmAla Biotech (CSE:MDMA)'s Toronto-listed stock, which had shed 13.5% in the early afternoon on Friday after gaining 30% at Thursday’s close.
However, its United States-listed shares gained 40% to US$0.20 in the early afternoon on Friday.
Among the other stocks lifted was Small Pharma Inc (TSX-V:DMT, OTCQB:DMTTF), up 11%, Filament Health Corp (OTCQB:FLHLF), up 4.9%, and PharmaTher, up 4%.
Numinus Wellness gained 2.2%, Optimi Health was up 1.7%, Mindset Pharma Inc (CSE:MSET, OTCQB:MSSTF) and atai Life Sciences (NASDAQ:ATAI) both added 1.4%, and Cybin Inc. (NYSE-A:CYBN, NEO:CYBN) gained 0.2%.
Contact the author at emily.jarvie@proactiveinvestors.com
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