Psychedelic medicine developer Mydecine Innovations Group Inc. (NEO: MYCO) (OTC: MYCOF) (FSE: 0NFA) has had positive results in a study examining MDMA compounds that retain the desired effects of the drug while having a significantly shorter duration and improved onset time.
The biotech company announced the results of its preclinical mice studies on Monday examining its proprietary MDMA drug family MYCO-006.
Mydecine expects that the enhanced features of MYCO-006 drugs will greatly enhance their usability in medical and clinical environments. Compared to standard MDMA, the drugs could result in significant cost savings in physician hours and enable more patients to receive treatment within a given timeframe.
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MYCO-006 compounds have the same therapeutic effect as standard MDMA but have demonstrated a shorter half-life duration in animal research. The projected duration of the MYCO-006 compounds is around one to two hours, which is approximately one-third the length of the conventional six to eight hours for regular MDMA.
Additionally, the onset of MYCO-006 compounds is expected to be four times faster than Gen-1 or regular MDMA. The drugs are intended to treat conditions such as PTSD, chronic pain, depression and addiction.
Mydecine has intellectual property rights to the drug family consisting of several layers of pending patent claims protecting the composition of matter and granting the company exclusive rights to the compounds for the next 20 years.
“Mydecine is happy to have met our development target of developing shorter acting MDMA-like compounds and looks forward to delivering these medications in human trials in the near future. This medication family has tremendous potential to aid people in need,” said Robert Roscow, Chief Science Officer of Mydecine.
The company has research and development partnerships with the University of Alberta and John Hopkins University.
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Interest in MDMA continues to increase internationally
The demand for MDMA is expected to increase dramatically in the coming years as more countries begin to regulate its use for therapeutic purposes.
Mydecine believes the Multidisciplinary Association for Psychedelic Studies will receive approval from the United States Food and Drug Administration to use MDMA in the near future.
“We are confident that MAPS will receive FDA clearance for Gen-1 MDMA as soon as this year, making MDMA the first approved substance in the psychedelic realm,” said Joshua Bartch, CEO of Mydecine.
Physicians in Australia will be able to prescribe MDMA and psilocybin for the treatment of certain mental health conditions starting in July and other nations like the Netherlands have been contributing to its research as well. The country’s government recently established a commission to research the drug and its potential uses.
Mydecine’s shares dropped by 9.53 per cent Monday to US$0.39 on the OTC Markets.
rowan@mugglehead.com
