Psyence Biomedical (NASDAQ: PBM) saw a meteoric rise in its stock value on Friday after its subsidiary, Psyence Australia, received approval to start its Phase IIb study from the Human Research Ethics Committee.
Psyence Biomedical (PBM) has marked a significant milestone with its subsidiary, Psyence Australia (Pty) Ltd, securing full approval from the Australian Health Research Ethics Committee (HREC) to launch a Phase IIb study in Melbourne, Australia. This study aims to explore the potential of nature-derived psilocybin in treating Adjustment Disorder, particularly in patients facing the challenges of a recent cancer diagnosis within a palliative care context.
According to the press release, a staggering 56.8 million individuals worldwide require palliative care each year. Among this population, a considerable portion experiences profound psychosocial distress following their cancer diagnosis. Adjustment Disorder, impacting around 19% of patients with life-limiting diagnoses, highlights the urgency for effective interventions.
In a Phase 2B trial, Psyence researchers will conduct a double-blind, placebo-controlled test evaluating three doses of nature-derived psilocybin alongside psychotherapy. The trial will involve 84 patients, and the primary metric for evaluation will be the change in HAM-A (Hamilton Anxiety Rating Scale), a widely recognized tool for gauging anxiety severity over time.
Dr. Neil Maresky, the CEO of Psyence, emphasized the potential impact of therapies like psilocybin-assisted psychotherapy in alleviating stress and anxiety among cancer patients. He highlighted the significance of improving their quality of life during the challenging journey of navigating a cancer diagnosis.
Dr. Maresky also pointed out the limitations of current treatment options for adjustment disorder in palliative care, citing their low success rates in addressing all associated symptoms.
Psyence aims to enroll the first patient in the second quarter of 2024, with primary endpoint results anticipated in 2025.
Psyence Biomedical (NASDAQ: PBM) Stock Reaction
PBM stock soared 66.17% to close at $2.11 on Friday. The traders had exchanged hands with 149,690,530 (149.69 million) shares compared to the average daily trading volume of 550.63K.
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