Psyched: Psychedelics For Brain Injury, Kentucky Initiative Stalled, DEA Quotas, Insurance Codes, $50M For Atai And More

Ibogaine Therapy Shows Promising Outcomes For Veterans With Trauma Brain Injury

Results of a first-in-class clinical trial on ibogaine-magnesium therapy for Special Operations Veterans (SOV) with repeated blast exposure have been published in the journal Nature. Although preliminary, outcomes have long been awaited as they provide evidence of ibogaine’s neuro-restorative effects.

Led by Stanford University’s Brain Stimulation Lab director Dr. Nolan Williams, the study is the first prospective clinician-rated ibogaine trial as compared to prior published studies on ibogaine, with results based on self-reports. Keep reading HERE.

Kentucky's Promising Opioid Addiction Treatment Initiative Stalls As New AG Ousts Leading Advocate

Once a promising pioneer state in ibogaine research for the treatment of opioid use disorder, Kentucky’s appointment of Attorney General Russell Coleman has brought about the removal of Bryan Hubbard.

As chair and executive director of the Kentucky Opioid Abatement Advisory Commission (KYOAAC), Hubbard led the proposal to use 5% (or $42 million) of the $900 million from the state’s opioid settlements to fund the ibogaine studies. Keep reading HERE.

DEA Raises THC, Psilocybin And DMT Production Quotas For Scientific Research Purposes

The DEA is proposing the production of higher amounts of THC, psilocybin and DMR for research in 2024. In a notice scheduled to be published in the Federal Register on Wednesday, the agency said it is raising the proposed amounts as a response to a request from registered producers, writes Marijuana Moment.

This shows a continuous trend, as the DEA previously increased the manufacturing quotas for these substances in 2021, 2022 and 2023. Keep reading HERE.

AMA's Reimbursement Codes For Psychedelic-Assisted Therapies Take Effect: Here's What To Expect

The American Medical Association’s new coverage and reimbursement codes for FDA-legalized psychedelic-assisted therapies, the current procedural terminology (CPT) III codes, have become active for physicians and other qualified healthcare providers to apply.

These are temporary codes assigned to emerging technologies, services and procedures, to facilitate reimbursement and support access to psychedelic therapies in the U.S. Keep reading HERE.

Atai Invests $50M In Beckley Psytech For Short-Duration Psychedelics Development

Biopharma and resources-pooling company Atai Life Sciences ATAI has invested a total of $50 million in Beckley Psytech Ltd., a U.K.-based clinical-stage biotech advancing short-duration psychedelics for neuropsychiatric conditions.

Following the investment -$40 million direct and an additional $10 million in secondary share purchases from existing shareholders. Beckley Psytech will remain an independent, private company, with Atai owning 35.5% of it. Details HERE.

The Milestone Round

• Could ayahuasca be the key to better corporate leadership? This company has an interesting approach.

• Atai Life Sciences shows positive results in a Phase 1 clinical study for PTSD treatment.

• Fibromyalgia care breakthrough: DEA green-lighted a biotech partnership exploring ketamine implant therapy.

• How magic mushrooms affect each of the 5 senses.

See Also: Last Week's Edition Of 'Psyched'

Psychedelics ETF’s Weekly Performance

AdvisorShares Psychedelics ETF PSIL opened Tuesday, Jan. 2 at $1.42, following prior openings at $1.42, $1.34 and $1.31 (Dec. 26, 18 and 11, respectively.)

On Friday, Jan. 5 it closed at $1.44, following prior closings at $1.39, $1.42 and $1.38 (Dec. 29, 22 and 15, respectively.) 

Week’s highest was $1.62 on Wednesday, Jan. 3, vs. prior weeks’ highest at $1.45, $1.43 and $1.41.

Week’s lowest was $1.35 on Thursday, Jan 4, vs. prior weeks’ lowests at $1.32, $1.32 and $1.29.

Highest Trading Psychedelics Stocks Friday, Jan. 5 At Close

• COMPASS Pathways CMPS closed at $8.76, almost evening the two immediately prior closings at ($8.75) and way ahead of the past three weeks' closing at $7.95. 

• GH Research GHRS closed at $5.37, slightly behind prior weeks’ closings at $5.80, $5.49 and $5.71.

• Mind Medicine (MindMed) MNMD closed at $4.13, jumping from prior closings at $3.69, $3.57 and $3.40. 

• Incannex Healthcare IXHL closed at $4.10, behind immediately prior closing at $4.64, yet still ahead of two and three-weeks-past ones at $3.92 and $3.84.

• Clearmind Medicine CMND closed at $2.28, falling from prior closings at $2.85, $2.95 and $2.77.

• Bright Minds Biosciences DRUG closed at $1.68, an uptake as of prior closings at $1.43, $1.50 and $1.49.

• Atai Life Sciences ATAI closed at $1.64, an uptake as of prior closings at $1.41, 1.40 and $1.27. 

• Silo Pharma SILO closed at $1.46, a mixed trend as compared to prior closings at $1.44, $1.60 and $1.47. 

• Seelos Therapeutics SEEL closed at $1.34, falling from all prior closings at $1.43, $1.56 and $1.59.

• Enveric Biosciences ENVB closed at $1.27, similar to prior closings at $1.30, $1.32 and $1.36.

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