COMPASS Pathways Publicly Traded Psychedelic Company
COMPASS Pathways — In the U.S, some publicly traded companies in the psychedelic research space are developing psychopharmacological solutions for chronic mental health conditions. Some of which include depression, anxiety, PTSD, and more. One company is founded in the pursuit of treatment for treatment-resistant-depression (TRD). The condition affected their son in his first years away to college and dramatically impacted the family.
That’s when parents, George Goldsmith PhD, with wife, Ekaterina Malievskaia MD, took a deep dive into the history and existing research surrounding psychedelic therapy. They were really interested in how they impact patient outcomes when paired with supportive therapies.
COMPASS Pathways at the Psychedelic Frontier
With Goldsmith acting as Chairman, and Malievskaia as Chief Innovation Officer there was no stopping them. They partnered with Lars Christian Wilde, Chief Operating Officer to form the company in 2016. Lars, presumably compelled by their story. Witnessing their son experience years of failed traditional treatments, trial-and-error with multiple medications was surely difficult. The parade of therapist and specialists only seemed to worsen their son’s condition likely made them a compelling pair.
Compass Pathways (NASDAQ: CMPS) is based in the United Kingdom and operating in the US (NASDAQ: CMPS), who in 2020, partnered with University of the Sciences in Philadelphia to develop psychedelic and other related compounds for therapeutic use. In October 2021 they were awarded a patent for claims that a proprietary synthetic formulation of Form A hydrate psilocybin is effective in treating treatment-resistant depression. This patent, among others, further cements CMPS as a company at the forefront of the psychedelic frontier.
COMPASS Pathways Early Clinical Trials
There was no slowing CMPS down. In February 2017 CMPS was designing a TRD clinical trial. In the same year, they completed synthesis, formulation, stability testing, and all pre-clinical tests for psilocybin. Not long after, they met with the US Food and Drug Administration in 2018. The FDA awarded breakthrough therapy designation to psilocybin.
By October 2020 CMPS had backing from Peter Thiel and a successful $146.6 million IPO, flying 71% post-IPO, from $17 to $29 per share making it the first psychedelic company listed on a U.S. exchange. CMPS wasn’t necessarily favored by all, this UK media outlet called the company “Risky and Overvalued” December of 2020.
Centre of Excellence with The Sheppard Pratt Institute of Advanced Diagnostics and Therapeutics
January 2021 CMPS announced the Centre of Excellence a partnership with The Sheppard Pratt Institute for Advanced Diagnostics and Therapeutics in Baltimore, Maryland, United States. This center will function as a research and innovation powerhouse. Both inpatient and outpatient facilities are available for researchers to focus on COMP360 a psilocybin therapy for TRD and bipolar type II depression. The institute will also explore novel treatment of other mental health conditions such as OCD and PTSD.
The center aims to shape therapy models with the purpose of training and certifying therapists. They are also exploring digital solutions to “improve patient experience.” With The center aims to shape therapy models with the purpose of training and certifying therapists. They are also exploring digital solutions to “improve patient experience”. With innovations happening in AI one might wonder what digital innovations might spring from the center. They will conduct trials and proof-of-concept studies, as well as fund additional psilocybin related studies. It’s essentially a researcher’s playground and speaks to endless potential for the immediate future.
COMP360 Psilocybin Therapy
CMPS completed the COMP360 psilocybin therapy study of 216 patients. This randomized controlled, double-blind, dose ranging study with dosages at 1mg. 10mg, and 25mg of COMP360 in TRD. CMPS addresses three patient categories for a total available market of 620M worldwide. Their highest prioritized market segment being the 100M patients in the U.S.. Those patients each spend anywhere from $17-25K annually on treatments for TRD such as anti-depressants, augmentation therapy, ketamine, somatic therapy, and other high-intensity psychological interventions.
CMPS is working out the kinks to get COMP360 manufactured in the UK CMO at commercial scale. COMP360 is a pure synthetic psilocybin available in 1mg, 5mg, and 25mg oral capsules. While the company’s primary focus is on a treatment pathway for TRD patients, the company appears to position strategically to serve all three market sectors. That includes persistent depression major depressive disorder and new onset depression major depressive disorder.
Patient Experience: Psychological Support with COMP360
CMPS TRD phase IIb clinical trials are conducted throughout the world with sites from Stanford to the Czech Republic and throughout Europe and other major cities in Canada and the United States.
Patients engaging in psilocybin therapy collaborate with trained specialist to establish intent for treatment, demonstrate self-directed inquiry and experiential processing. They must also complete online/digital preparation that will help them set expectations for treatment and anticipate or prepare best for therapy sessions.
Once patients complete the preparation phase of treatment, they work with a therapist over the course of a 6–8-hour psilocybin session. The room is filled with relaxing light and headphones. In this space, somewhat similar to a massage therapy room. Patients wear eye shades to minimize distraction while they listen to a “specially-designed music playlist”. This allows for a focused experience.
During this time, it is reported that patients often experience a sense of connection, emotional breakthrough, and acceptance. During the integrative portion of treatment, a specialized therapist then assist the patient to process emotional and physical experiences. Therapist use modified traditional cognitive behavioral therapy techniques. Patients are reportedly more eager and empowered to make meaningful changes rapidly.
As of October 2021, the average twelve-month price target for CMPS is $75.14, with a high price target of $100.00 and a low-price target of $50.00.
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