Cybin Inc, a publicly traded Canadian company that has partnered with the Mona campus of the University of the West Indies, UWI, said it plans to spend millions to participate in second-stage trials for drug development based on of psychedelic mushrooms.

It is the second company after Field Trip Limited to report a partnership in some capacity with The UWI Mona and at least the fourth listed Canadian company engaged in local mushroom research. Other North American players in the local space include New Wave Holdings Limited and Ehave Inc.

Cybin has said in market papers that in “partnering with UWI” he wants to create a drug that will treat major depressive disorder or MDD. The trials, he said, would involve 120 patients and cover Jamaica, Canada and the United States, and “expects to spend C $ 1.95 million to complete the Phase IIb study of here the second quarter of 2022, a change from the previous estimate for the fourth quarter. 2021 ”. The investment would translate into approximately $ 246 million in local currency.

Cybin said he has already received approval from the institutional review board and ethics committee of the Ministry of Health and Welfare, but is awaiting further regulatory approval from the ministry. He wants to lead the second round of testing before the end of the year.

“Ministry of Health approval is required to begin the process of exporting study material to the study site and any delay in export / import clearance or logistics may impact on the study launch schedule. There is no guarantee that Ministry of Health approval will be [issued] in time to allow the end of studies in December 2021, or not at all, ”he said.

In July 2020, Cybin and the Caribbean Institute for Health Research, a subsidiary of UWI, signed a memorandum of understanding to engage in research and development of psychedelic pharmaceuticals with the intention of registering with from Jamaica’s Department of Health, the company said. .

“The results of these clinical trials are intended to be submitted to the relevant Jamaican regulatory authorities for marketing authorization,” the company said.

Cybin’s team in Jamaica is made up of business consultants, legal advisers, and local post-doctoral research students. In addition, its research and development activities are led by the company’s North American director of research and development, Dr. Michael G. Palfreyman, who holds a doctorate in neuroscience and neuropharmacology.

Cybin is a biotechnology company with one area of ​​interest in magic mushrooms and psychedelics. The company, listed in 2020 on the NEO Exchange in Canada, has been busy seeking approvals and funding for its trials. He expects that over time the global psychedelic market will grow from its current limited base. He argues that the market is “still in its infancy” and over time general acceptance will increase. This will leave room for the emergence of numerous and important opportunities for market players.

“The company believes that there is currently a significant legal market for psychedelic pharmaceuticals and nutraceuticals and, further, believes that there is a promising prospect for the emergence of a strong and legal psychedelic pharmaceutical and nutraceutical industry in the world. ‘global scale,’ said Cybin.

“Unlike Canada and the United States, psilocybin mushrooms are not an illegal drug under the Jamaican Dangerous Drugs Act, 1948. Therefore, research on psilocybin mushrooms does not violate the laws of Jamaica. Jamaica and does not require a permit or authorization from regulatory authorities. in Jamaica, ”added Cybin.

Field Trip, the other Canadian company to announce its alliance with UWI Mona last month, announced it would invest some US $ 1.1 million to build a psychedelic mushroom research center on the university campus of Kingston. The partnership was concluded in April 2020.

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