Although psychedelic equities have remained in the doghouse, the sector is slowly gaining the attention of the mainstream media as the idea of psychedelic media becomes more accepted. The latest missive comes from CNBC’s popular Fast Money show, MAPS Benefit Public Benefit Corporation (MAPS PBC) Chief Operating Officer, Michael Mullett, who provided perspective on the growing psychedelic therapy market and how the drugs could follow cannabis’ foot steps in legalization for medicinal use.
In particular, Michael opined on the research developments pertaining to post-traumatic stress disorder (PTSD), where MAPS PBC is expected to public the final results of its MAPP2 Phase 3 clinical trial for MDMA-assisted therapy shortly. The study has already achieved excellent confirmatory results and additional data is expected soon that will reinforce—or cast doubt—on the study’s earlier findings.
To begin, the conversation naturally lands on the just-completed Psychedelic Science 2023 Conference, hosted by parent Multidisciplinary Association for Psychedelic Studies (MAPS). By far the largest psychedelic-focused conference to date, the venue was attended by over 12,000 people, with 500 speaking engagements booked. Furthermore, it was estimated that over half of the attendees were potential practitioners for future psychedelic therapy, making the event the largest potential recruiting session known to date.
Below, we parse some of Michael Mullet’s verbatim takes on where its clinical research stands at present, and the overall significance of the recent conference:
On Psychedelic Science 2023…
“This is a really exciting time. Denver was a really exciting conference with over 12,000 people in attendance. The biggest takeaway was that over half of those in attendance were medical providers, including therapists and physicians. They are looking to incorporate MDMA-assisted therapy and other psychedelics into their toolbox for helping people with significant mental health conditions like PTSD. It’s an incredibly exciting time.”
On Psychedelics Transition Into The Mental Health Therapy Mainstream
“I think the approach for psychedelics and psychedelic-assisted therapies is different from that of cannabis. We can point to launches from providers like Jansen for Spravato or GW Pharma with Epidiolex. These are prescription medications delivered through the healthcare system, and psychedelic-assisted therapies like MDMA-assisted therapy, which is our focus, will also be provided within the healthcare system. So we see more parallels in the pharmaceutical space for rollout and sensitivities.”
On The Public Perception Of Psychedelics…
I think the stigma is certainly going away. The abundance of data plays a significant role. The FDA presented a slide in March showcasing the number of clinical papers on psychedelics over the past few years, indicating a remarkable uptick. As the science develops, so does the public perception.
On The MAPS PBC Phase 3 Trial And New Drug Application…
“In terms of clinical trials, we have completed two Phase 3 studies and are ready to develop an approval process with the FDA. We will be submitting MDMA-assisted therapy for PTSD in the fall, with potential (FDA) approval as early as next year. The data will pave the way.”
On The Scope Of People Effected By PTSD…
“PTSD is indeed a crucial focus, as it affects 10 million people in the United States, particularly veterans and women. Looking ahead, I believe the next disorders that MDMA can address will be trauma-related. MDMA-assisted therapy helps individuals address the root cause of trauma rather than simply masking symptoms. It’s important to consider trauma-informed diseases or mental health conditions.”
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Of note, this at least the second high-profile ‘Big Network’ interview that MAPS has been able to land in 2023.
In January, MAPS Founder and President Rick Doblin appeared on Fox Business Live to pontificate that that MDMA assisted therapy will “quite likely that FDA will indeed approve MDMA-assisted therapy for PTSD, we think, sometime around April-May 2024.”
His appearance came just weeks following MAPS PBC achieving a successful confirmatory Phase 3 trial of MDMA-assisted therapy for PTSD.