Psyence Group Headed for Phase 2 with Psilocybin Therapeutic for Adjustment Disorder Following Cancer Diagnosis

The therapeutic use of nature-derived psilocybin in mental health and wellbeing continues to rise in popularity. Psyence Group (CSE: PSYG) has announced this week that its associate, Psyence Biomedical Ltd (Nasdaq: PBM)has received full approval from the Australian Health Research Ethics Committee (HREC) to initiate a Phase 2b study in Melbourne, Australia.

Psyence’s study will examine the use of nature-derived psilocybin as a treatment for Adjustment Disorder due to a recent cancer diagnosis in the palliative care context. Adjustment Disorder is a serious condition affecting around 19% of patients with a life-limiting diagnosis.

Dr. Neil Maresky, Psyence Biomedical Ltd Chief Executive Officer, commented, “It is a privilege to conduct this pioneering research with nature-derived psilocybin that may result in significant improvements in patients’ lives. HREC approval represents an important milestone for [PBM], and we can now proceed to initiate this important trial as expeditiously as possible.”

Psyence’s trial will be a double-blind, placebo-controlled Phase IIb study testing three doses (25mg, 10mg and 1mg) of nature-derived psilocybin in 84 patients in conjunction with psychotherapy.

An estimated 56.8 million people worldwide require palliative care annually, with a substantial number of these patients exhibiting a high burden of psychosocial distress after diagnosis.

Psycence believes that psilocybin assisted psychotherapy may offer an opportunity to both improve patient quality of life while also reducing health care costs associated with palliative care.

About Psyence Group and Psyence Biomed

Psyence Group is a life science biotechnology company listed on the Canadian Securities Exchange (CSE: PSYG), with a focus on natural psychedelics. Psyence Biomed (now trading on the NASDAQ under the ticker symbol “PBM”) works with natural psilocybin products for the healing of psychological trauma and its mental health consequences in the context of palliative care. Our name “Psyence” combines the words psychedelic and science to affirm our commitment to producing psychedelic medicines developed through evidence-based research.

Informed by nature and guided by science, we built and operate one of the world’s first federally licensed commercial psilocybin mushroom cultivation and production facilities in Southern Africa. Our team brings international experience in both business and science and includes experts in mycology, neurology, palliative care, and drug development. We work to develop advanced natural psilocybin products for clinical research and development. Our divisions, Psyence Production and Psyence Function, and minority stake in Psyence Biomed (the former therapeutics division), anchor an international collaboration, with operations in Canada, the United Kingdom, Southern Africa, Australia and a presence in the United States.

Learn more at www.psyence.com and on Twitter, Instagram and LinkedIn.