These Five Companies Are Making Psychedelics to Treat Medical Issues

Anxiety disorders alone cost the US healthcare system a minimum of $42.3 billion annually. Unsurprisingly, the medical industry is trying to find alternative treatments for people with these disorders.

Psychedelics — hallucinogens that can trigger altered states of consciousness or “trips” — seem to be very promising. Upon study, they have been proven to work as antidepressants. In fact, they are more effective than a drug like escitalopram. Today, five companies are leading the study of the medical uses of psychedelics. This article will dig into the medical advances of each.


Cybin is focused primarily on finding effective drugs to address mental health disorders. They do this by utilizing drug discovery platforms, and formulation approaches for psychedelics. Cybin also tries to find the best way to deliver the drugs into a patient’s system. Their research involves developing treatment regimens to utilize alongside their proprietary drug formulation.

According to Cybin’s CEO, Doug Drysdale, “CYB004 via inhalation may finally support a clinical path forward for this important therapeutic. As part of Cybin’s overall mission to create safe and effective psychedelic-based therapeutics, inhaled CYB004 is being developed to become an important treatment option for anxiety disorders.” 

Their promising results make this path forward seem more attainable than ever before.

Compass Pathways

Compass Pathways is another promising company dedicated to promoting mental health in the UK. They have recently launched a long-term plan with the Centre for Mental Health Research; with this organization, Compass Pathways hopes to lead cutting-edge research into untapped portions of the mental health market. They understand that there is a substantial unmet market in mental health and hope to work alongside the National Health Service to meet the varied needs of patients. Besides psychedelic therapies, they also provide support training for therapists to assess real-world situations.

Mind Medicine

Mind Medicine is currently developing a treatment for patients on the autism spectrum. As of February 2021, Mind Medicine acquired MindMed to help speed up the process of digital medicine application. Their goal is to further promote growth through their pharmaceutical and digital drug operations. Future developments prove promising as the financial results presented by the end of December 2021 show substantial growth in the company.

Mydecine Innovations Group Inc.

This biotech company aims to help with mental health disorders and addictions. They have already received conditional approval from the Institutional Review Board for their smoking cessation trial, and they have signed a five-year collaborative research agreement with Johns Hopkins University to continue developing their research.

Seelos Therapeutics

Seelos Therapeutics targets the formulation of medicine for central nervous system disorders. As per their March 2021 report, the company is embarking on studies involving gene therapy and Parkinson’s disease.

The company operates primarily in Australia, and has received an acknowledgment letter from the Australian Department of Therapeutic Health Products Administration Goods Administration for their pilot study. In this study, they attempted to treat patients with Alzheimer’s disease. They’re also conducting a study on other neurodegenerative diseases like Huntington’s.

Final Words

These five companies are leading the way in creating a more welcoming environment for people who suffer from mental health problems. Soon enough, psychedelics and other drugs will pave the way to a more understanding view of mental health patients.