Pharmaceutical company Tryp Therapeutics Inc (OTCMKTS:TRYPF), on July 30, 2021 announced availability of broadcast “Psychedelics — Not Just for Mental Health Anymore.” Though psychedelic medicines like psilocybin and peyote produce healing effects that have been known for thousands of years, modern research was stuck due to the Controlled Substances Act of 1970 classifying them as Schedule I drugs with no utility.
However, in last few years, there has been lifting of stigma with acceleration in research and results like Johns Hopkins Medicine demonstrating reduction in major depression through psilocybin, the psychoactive compound. This psychoactive compound in “magic” mushrooms us utilised along with psychotherapy.
The company is confident that psilocybin will be really effective in treatment of many other underserved indications, such as eating disorders as well as chronic pain.
Based out of San Diego, the firm has assembled a seasonal management as well as group of world-class advisors who can give their expertise in development of fresh drug candidates for eating disorders and chronic pain. This will form a part of the company’s Psilocybin-for-Neuropsychiatric Disorders, or PFN program.
Pharmaceutical company Trypis focused on development of compounds with known activity besides safety profiles for treating rare and other diseases with unmet medical conditions.
TRYPF stock moved up 4% to $0.49 in the morning session.