As of 2020, the global biotech sector was valued at $753 billion. It is further projected to grow at a compound annual growth rate of 16% between 2021 and 2028 (https://ibn.fm/zidIe). Two key sub-sectors show great promise: cannabis and psychedelics, which both have significant potential with drug development activities. This value is further evidenced by the recent growth in venture capital investment in these industries and the success of the industry pioneer, GW Pharma, which was acquired by Jazz Pharmaceuticals plc (NASDAQ: JAZZ) for $7.2 billion in February 2021 (https://ibn.fm/ia4Du).
Between 2019 and 2020, venture capital investment in this sector grew from $100 million to $346 million. So far in 2021, the sector has raised over $329 million. Additionally, Jazz Pharmaceutical’s acquisition of GW Pharma serves as validation of a sector that has tremendous potential for growth while addressing conditions with few existing treatment options (https://ibn.fm/MwYsX).
Like GW Pharma’s successful approach with cannabis-derived compounds, Tryp Therapeutics (CSE: TRYP) (OTCQB: TRYPF) is driving significant innovation with its drug development pipeline using psilocybin-based compounds for the treatment of diseases with high unmet medical needs through accelerated regulatory pathways.
Tryp’s Psilocybin-for-Neuropsychiatric Disorders (“PFN”) program is focused on developing treatments for chronic pain indications including fibromyalgia, phantom limb pain, and complex regional pain syndrome. The company is also preparing to initiate a Phase 2a clinical trial for eating disorders such as binge eating and hypothalamic obesity.
With the growing popularity and proliferation of psychedelics, many companies are pursuing therapeutic indications with the compounds. However, very few have initiated Phase 2a studies. Tryp Therapeutics is one of the few companies that will have initiated multiple Phase 2a clinical studies by the end of 2021.
Looking back at GW Pharma and the strides it made, it is easy to see the similarities between the two enterprises, based upon their strategies and the paths taken so far. GW clearly foresaw the huge potential value of drug development for cannabis-derived compounds. Tryp is pursuing a similar path, but with psychedelic-derived compounds.
The investment from GW paid off with the FDA approval of the first-ever cannabis-based drug in June 2018 (https://ibn.fm/36UME). Its premier product, Epidiolex (cannabidiol), designed for controlling seizures in rare forms of epilepsy, generated over $500 million in sales in 2020 alone. Experts project that it could surpass $1 billion soon (https://ibn.fm/K5axF).
GW’s FDA drug approval marked a huge milestone, not just for GW Pharma but also for other companies in the evolving biotech space. Tryp is capitalizing on this momentum and the path outlined by GW to create its own success with its PFN program.
For more information, visit the company’s website at www.TrypTherapeutics.com.
NOTE TO INVESTORS: The latest news and updates relating to TRYPF are available in the company’s newsroom at https://ibn.fm/TRYPF
About PsychedelicNewsWire
PsychedelicNewsWire (PNW) is a specialized content distribution company that (1) aggregates and distributes news and information on the latest developments in all aspects and advances of psychedelics and their use, (2) creates PsychedelicNewsBreaks designed to quickly update investors on important industry news, (3) leverages a team of expert editors to enhance press releases for maximum impact, (4) assists companies with the management and optimization of social media across a range of platforms, and (5) delivers unparalleled corporate communication solutions. PNW stays abreast of the latest information and has established a reputation as the go to source for coverage of psychedelics, therapeutics and emerging market opportunities. Our team of seasoned journalists has a proven track record of helping both public and private companies gain traction with a wide audience of investors, consumers, media outlets and the general public by leveraging our expansive dissemination network of more than 5,000 key syndication outlets. PNW is committed to delivering improved visibility and brand recognition to companies operating in the emerging markets of psychedelics.
To receive instant SMS alerts, text “Groovy” to 888-902-4192 (U.S. Mobile Phones Only)
For more information please visit https://www.psychedelicnewswire.com
Please see full terms of use and disclaimers on the PsychedelicNewsWire website applicable to all content provided by PNW, wherever published or re-published: https://www.psychedelicnewswire.com/Disclaimer
Do you have questions or are you interested in working with PNW? Ask our Editor
PsychedelicNewsWire (PNW)
San Francisco, California
www.psychedelicnewswire.com
415.949.5050 Office
Editor@PsychedelicWire.com
PsychedelicNewsWire is part of the InvestorBrandNetwork.
According to a recent study, individuals who have used classic psychedelics like LSD or psilocybin…
There is a growing trend in which parents take tiny doses of psychedelics like LSD…
Walter Reed National Military Medical Center officials confirmed they are awaiting a $4.9m grant to…
A new study has found that while all ethnic and racial groups can benefit from…
A new study that is yet to be peer-reviewed has found that rats given psilocybin…
The American embassy in Peru has warned Americans against taking traditional psychedelics like the ayahuasca…