Psychedelic Stock On The Rise: Investors React To COMPASS Pathways Promising Trial Results
London’s COMPASS Pathways has just announced promising results from the largest random, controlled, double-blind psychedelic therapeutics study to date. The positive results come from ongoing studies with their psilocybin-derived product COMP360, with test subjects showing quick and lasting results following a single dose of the drug.
COMPASS Pathways plc (NASDAQ: CMPS), has long been on the radar of psychedelic stock investors, with shareholders enjoying a strong run through the final months of 2020 and the early parts of this year. Where share prices of the popular psilocybin stock fell from their 52-week high of $61.69 to hover in the mid $30s for most of the summer, October proved to be the turning point, with share values quickly climbing once again.
COMPASS Pathways stock closed in on the $50 mark once again last week before settling at $43, but this news has the potential to further advance the reputation of both the brand and the psychedelic therapeutics industry for investors.
The mental health care brand has focused its efforts on COMP360, with the psilocybin being administered to 233 patients in the revolutionary phase IIb clinical trial with the hopes of battling depression.
Per the study’s results, statistics suggested that subjects displayed a significant reduction in depressive symptoms after three weeks. Test subjects receiving the 25mg dose were also partnered with therapists specially trained to offer a treatment plan that works in conjunction with the psilocybin drug. All patients who had previously taken antidepressants were required to pause their medication cycles prior to the test to prevent any skewed data.
In their official press release, COMPASS outlined the dosages administered and the results shown between groups. You can read the press release in its eternity here.
COMPASS Pathways CEO and Co-founder, George Goldsmith commented: “No one is untouched by the mental health crisis – everyone has a story. We urgently need options for people who are not helped by existing therapies.”
“We set out to explore the safety and efficacy of COMP360 psilocybin therapy in treatment-resistant depression, through a rigorous and large-scale trial, and to find an appropriate dose to take to the next stage. I am delighted that we have succeeded in doing this. We have demonstrated our ability to execute an innovative, multicentre, multinational clinical trial program – and in the midst of a global pandemic.”
“Our work follows the efforts and achievements of so many researchers before us, and we are grateful to all of them and for the opportunity to work with the mental health care community to transform the patient experience and patient outcomes. With our world-leading psychedelic research over the last few years, we have now created a unique and extensive data lake; this provides an unprecedented opportunity to further evaluate and optimize psilocybin therapy for patients suffering from serious mental health illnesses. With these compelling data, we will urgently progress our clinical development program and move closer to making this therapy accessible to patients in need, if approved.”
The news comes as many of the leading voices in the psychedelic therapeutics space have gathered in Miami, Florida for the Microdose: Wonderland Psychedelic Conference.
The Dales Report is on the ground reporting live from the event, and we are expecting this groundbreaking development to dominate much of pre-event chatter this morning before the final day of presentations gets underway.