Psyence Biomedical Continues Move following Psyence Australia Phase IIb Study Initiation News

March 8, 2024

DENVER, Colo., Mar 08, 2024 (247marketnews.com)- Psyence Biomedical Ltd (NASDAQ:PBM) has been very active since announcing, on Wednesday, that its wholly-owned subsidiary, Psyence Australia, received full approval from the Australian Health Research Ethics Committee (HREC) to initiate its planned Phase IIb study. The 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, as an estimated 56.8 million people, globally, require palliative care annually, with a substantial number of these patients exhibiting a high burden of psychosocial distress after diagnosis.

Psyence Biomedical is trading at $2.47, up $1.20      (+94.49%), on 25M shares, after closing yesterday at $1.27, up $0.25 (+24.51%), on 3.7M shares traded. Its 52-week range is $0.5135 to $14.55.

“We are very pleased to have received HREC’s approval to initiate this clinical trial in the field of palliative care that, if successful, will enable us to seek a paradigm shift in the treatment of patients with life-limiting illnesses, improving quality life and elevating the standard of care,” said Dr. Neil Maresky, Psyence Chief Executive Officer. “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 Psyence, and we can now proceed to initiate this important trial as expeditiously as possible.”

“Developing therapies such as psilocybin assisted psychotherapy, which may reduce patients’ stress and anxiety and result in better quality of life as they navigate a cancer diagnosis, can be very impactful. The current management of Adjustment Disorder in palliative care has a low rate of success in addressing all symptoms, indicating that a significant unmet medical need persists. With psilocybin assisted psychotherapy, there is an opportunity to both improve patient quality of life while also reducing health care costs associated with palliative care,” Dr. Maresky added.

“The Psyence clinical trial Is particularly important as it explores the potential benefits of psychedelic medicine for a vulnerable group of palliative care patients,” said Dr. Sud Agrawal, CEO of iNGENū. “The opportunity for global impact is substantial.”

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