Shares from psychedelics unicorn Compass Pathways (NASDAQ:CMPS) are soaring in anticipation of the data being created by the company’s phase 2 trial with the psychedelic psilocybin.
Adding to the excitement, Compass announced on Wednesday the launch of a new program using the hallucinogenic compound in the treatment of post-traumatic stress disorder.
Psilocybin is the active molecule in so-called “magic mushrooms.” Compass is currently in the final stages of a phase 2 trial with the molecule for treatment-resistant depression.
Compass is expected to release data from its depression study in the coming weeks. Anticipation for the announcement has led the company’s stock to rise 13% in the last 5 days and 50% in the last month, with a current price of $45.3.
With this new announcement, the company is taking its proprietary version of synthetic psilocybin, called COMP360, to 20 patients in a safety and tolerability study of psilocybin therapy for people who suffer from PTSD resulting from trauma experienced as adults.
The study will begin at The Institute of Psychiatry, Psychology & Neuroscience at King’s College London. Participants will receive a single 25mg dose of COMP360, given in conjunction with specialist psychological support.
“The primary endpoint of the study is to assess the safety of COMP360 psilocybin therapy. Secondary endpoints will measure efficacy in improving PTSD symptoms, functionality, and quality of life,” noted a company press release.
Post-traumatic stress disorder is the main indication behind MAPS’ phase 3 trial using MDMA (or ecstasy) in combination with talk therapy. The program is universally expected to become the first FDA-approved psychedelic protocol by late 2022 or early 2023.
George Goldsmith, Compass CEO and co-founder, said the company is pleased to be able to expand the development of COMP360 into the indication of PTSD.
How Compass Price Action Compares To Crypto:
- The price of Bitcoin (CRYPTO: BTC) has risen 32% in the last month, from $47,787 to $62,962.
- The price of Ethereum (CRYPTO: ETH) grew 35.6% in the last month, from $3,419 to $4,595.
- The price of Dogecoin (CRYPTO: DOGE) is up 22.9% since last month, from $0.22 to $0.27
- Compass’ stock price grew 50.8% in one month, from $30 to $45.3 at market close on Wednesday.