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Saturday, Jun 15, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Psychedelics

Phillips Lytle announces the inception of its Psychedelic & Mental Health Therapies Practice

New York law firm forms multidisciplinary association intended to serve the psychedelic industry

Phillips Lytle announces the inception of its Psychedelic & Mental Health Therapies Practice
Photo via Phillips Lytle LLP

A team of experts equipped to assist pharmaceutical companies, research organizations and stakeholders to maneuver their way through the ever-changing regulatory and legal domain associated with psychoactive medications have established a new practice in New York.

On Thursday, Phillips Lytle LLP announced the launch of its Psychedelics & Mental Health Therapies Practice.

The law firm says that it will combine a broad knowledge of pharmaceutical science, FDA regulations and risk management to address the legal needs of developing biotechnology sectors.

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Phillips Lytle is a law firm with offices in New York, Illinois, Washington D.C. and Canada. The firm says that its attorneys serve a multinational client base, including Fortune 1000 companies, non-profit organizations, international financial institutions and even entrepreneurs and startups.

The new practice will be led by Phillips Lytle Special Counsel, Kyle W. Mack (who possesses a doctorate degree in pharmacy); and Lisa L. Smith, a firm partner and Co-Leader of the organization’s Life Sciences & Health Effects team.

Together, the two leaders say they will bring together a combination of knowledgeable litigators and scientist-attorneys to assist clients that are pioneering mental health treatments.

“We are at the beginning of a revolution in how mental health conditions are medically treated. As research into the use of psychedelic therapies continues to expand and additional data demonstrates significant positive outcomes in the treatment of mental health conditions, the benefits that psychedelics offer will continue to gain acceptance and understanding across the medical community. Our multidisciplinary team is well prepared to serve clients in this evolving and exciting space,” said Dr. Mack.

Philips Lytle says that despite the vast amount of research documenting the efficacy of substances such as LSD, Ketamine, MDMA, psilocybin and DMT for the treatment of mental health conditions — those substances are still listed as Schedule I drugs by the DEA. However, it is now anticipated that MDMA will be granted FDA approval for the treatment of PTSD by the end of next year, and that psilocybin and other substances will follow suit afterwards.

“The number of companies seeking to bring FDA-approved psychedelic medications to the market has exploded in the last few years. Psychedelics present a new potential path to relief for patients who continue to struggle with mental health conditions despite conventional therapies,” added Dr. Mack.

“It also creates new opportunities for researchers, entrepreneurs, investors and pharmaceutical companies. With rapid change expected in state and federal laws and regulations governing the industry, we understood the urgency of launching a practice team that provides sophisticated legal counsel bolstered by deep knowledge of science and the pace of innovation,” he concluded.

 

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