EDMONTON, AB / Feb. 22, 2021 – Recent clinical studies of psilocybin as a potential new treatment for depression and other serious mental health disorders has ignited an explosion of interest among scientific researchers and investors.
With the prospective market for psychedelics estimated at $100 billion US, multipleclinical trials are underway and more than a dozen related publicly-traded companieshave sprung up, attracting support from such prominent investors as U.S. hedge fund billionaire Steven Cohen and PayPal co-founder Peter Thiel.
Now, an Edmonton startup led by Dr. Peter Silverstone, Interim Chair of the Department of Psychiatry at the University of Alberta and a seasoned entrepreneur with a 35-year background in brain and pharmaceutical research, is set to become the first fully integrated psychedelic drug development company in North America.
PsiloTec Health Solutions Inc. aims to become an industry leader by combining high-quality, Alberta-grown organic therapy mushrooms and psychotherapy via over 1,000 e-Clinics. PsiloTec’s leadership team boasts more than 40 years of experience in the production of psilocybin (the active ingredient in ‘magic’ mushrooms), extensive expertise in e-mental health initiatives, and a track record encompassing over 300 clinical studies.
“This is a huge opportunity for PsiloTec, for Edmonton and the entire province of Alberta,to diversify our economy and lay the foundations for an exciting new industry, one with potential global scale. Within the next 12 to 36 months, we anticipate that regulators in the U.S., Canada and Europe may start to approve psilocybin, as well as organic mushrooms containing psilocybin, to treat multiple mental health conditions in combination with appropriate psychological therapy,” says Dr. Silverstone.
“To capitalize on our ambitious growth plans, we are in the process of securing a 23,000 square-foot lab space and growing facility for organic psilocybin in the Edmonton area,and we’re in the process of completing our initial Series A private placement funding round,” adds Dr. Silverstone, a former Senior Vice-President, Medical and Scientific Affairs with Biovail Corp., now known as Bausch Health Cos. Inc. (market cap: $12 billion US).
“We’ll also be hiring roughly 40 new staff by the end of 2021, when PsiloTec’s clinicaltrials are expected to be underway and production at our customized state-of-the-art plantis scheduled to begin. But we have already hit the ground running.”
Since PsiloTec’s e-Clinic solutions will provide complex psychotherapy to patients on a remote basis, it will make such services far more accessible to potentially hundreds of thousands of individuals annually.PsiloTec expects to generate initial revenues by 2022, and will launch a series of clinical trials to assess the effectiveness of the company’s GMP (Good Manufacturing Practice), organically grown, IP (Intellectual Property) protected psilocybin across six broad areas of therapeutic focus, including:
•Anxiety and stress disorders, possibly including post-COVID-19 anxiety;
•Depression and other mood disorders;
•Addictions, including alcohol abuse and opiate dependence;
•PTSD (post-traumatic stress disorder) and other trauma-induced problems;
•Fatigue, tiredness, and post-COVID-19 syndrome;
•Chronic pain disorders including migraine.
“There isn’t another player in this industry that can match the depth and range of corporate and scientific talent we have assembled on our team. PsiloTec’s in-house expertise, and that of our Board of Directors, encompasses everything from neuroscience and pharmaceutical research to mental health care,psychopharmacology, artificial intelligence, mycology, clinical trials, capital markets,financial accounting, healthcare logistics, security, and regulatory affairs,” says Dr.Silverstone.
“What’s more, we believe the timing is ideal for us to launch this venture. Societal and governmental attitudes toward psilocybin and other psychedelics have undergone a profound shift over the past two or three years, as research has shown just how effective these compounds can be in treating some of our most pernicious mental health disorders. I truly believe we’ve entered a new era in mental health treatment, and PsiloTec intends to be a very big part of it.”
For media interviews, please contact:
Dr. Peter Silverstone MB BS, MD, FRCPC Chief Executive Officer
PsiloTec Health Solutions Inc.