MGC Pharmaceuticals (MXC) has become one of the first companies in Europe to obtain permission to conduct research into the psychedelic compound psilocybin, the active ingredient in so-called ‘magic’ mushrooms which scientists believe may offer significant benefits in treating a range of mental health conditions.
The permission from the Slovenian Ministry of Health covers the advancement of analytical techniques, exploration of the physical and chemical properties of psilocybin, and creation of pharmaceutical formulations that are appropriate for delivery.
This is intended to provide a foundation for MGC to offer services to pharmaceutical partners looking to develop psilocybin-derived medicines.
Roby Zomer, CEO, commented: "[This] puts the Company at the forefront of experimental, pharmaceutical research. Whilst we continue to focus on our core development pipeline of CimetrA® and CannEpil®, we look forward to working with other pharmaceutical partners to establish the properties of Psilocybin and demonstrate how it could be used to develop medicines to treat people with debilitating conditions."
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Although still illegal in many countries, including the UK, governments are starting to relax laws around the medical use of psychedelics including MDMA, DMT, ketamine, LSD and psilocybin, which have all shown positive benefits in studies treating common mental health disorders, including anxiety, depression, addiction, and post-traumatic stress disorder (PTSD).
Although medical research into psilocybin is still in it infancy, government concerns at a growing epidemic of mental health problems around the world is leading to a softening attitudes towards psychedelics as a potential solution. Similarly investors including legendary venture capitalist Peter Theil are eyeing the burgeoning industry, while more than 20 psychedelics companies trade on the Canadian Stock Exchange.
It is estimated that almost a billion people around the world suffer from some form of mental health disorder, with anxiety and depression the most common. The use of prescribed anti -depressants has risen sharply since the pandemic, with an estimated 8.3m adults taking them in 2022, a 5% jump on the previous year and the sixth consecutive year in which usage has increased.
However, there are growing concerns over complications that may arise from long-term usage, including dependency and diminishing effectiveness. Early studies suggest psilocybin may ‘rewire’ the brain in a different way to offer improved outcomes.
MGC’s expertise in deriving treatments from plants means it’s in a very strong position to play a role in taking the growing body of scientific evidence behind the use of psilocybin from the laboratory into the marketplace.
It has already launched pharmaceutical-grade products derived from plants, including CannEpil, a phytocannabinoid-based medicine being investigated for the treatment of refractory epilepsy and the first medicinal cannabis product eligible for patients in Ireland.