An innovative Vancouver-based pharmaceutical company has been receiving media attention over a recent accomplishment in the field of Veterans’ mental health, its primary focus.
On Tuesday, Apex Labs Ltd. announced that it had received approval from Health Canada for what it believes is the first multi-dose take-home psilocybin clinical trial in North America.
The company got the green light from the government on October 24 by way of a no objection letter and the study will evaluate the safety and efficacy of the company’s synthetic psilocybin drug “APEX-52” for the treatment of Veterans suffering from PTSD and depression.
$APEX is working to develop the standard of mental health care for #Veterans. We leverage #psychedelic compounds to develop data-supported, clinically evaluated pharmaceuticals for depression in Veterans with PTSD. pic.twitter.com/ws0cAPyXbv
— Apex Labs Ltd. (@ApexLabsLtd) September 15, 2022
The orally administered drug is GMP certified and currently produced, packaged and labeled for in-home consumption by patients.
According to Veterans Affairs Canada, approximately 50 per cent of males and 25 per cent of females who suffer from chronic PTSD have severe problems with alcohol and drugs and the percentage of Veterans suffering from substance abuse disorder linked to PTSD is even higher. Statistics like this highlight the importance of innovative new treatments like APEX-52.
“This approval signals a willingness from Health Canada to allow APEX to move forward with a clinical pipeline focused on Veteran patients with PTSD and a comorbid diagnosis of depression,” said Tyler Powell, CEO of Apex Labs.
“Veterans are already self-medicating with micro-doses of unregulated psilocybin products without knowing the potency and safety of the product they are consuming,” added Powell.
“Our goal is to expand access to pharmaceutical grade drug products through regulated systems, providing transparency and support for patients in need.”
The psychedelic outfit says it has reserved the ticker symbol “APEX” with the NEO Exchange and that it currently has the NEO private company ticker symbol “APEXL.” The company has a private shareholder base of over 300 investors and an investor deck available for those interested.
“It is beyond satisfying to know that our team’s hard work has led to the first Canadian Veteran patient taking APEX-52 in the comfort of their own home,” said Powell.