- Decision represents opportunity to help millions suffering from social, generalized anxiety disorders
- Global markets will reach an estimated $4 billion this year, with significant growth projected looking forward
- WHO estimates that 1 in 13 adults globally suffer from anxiety; treatment options have slow onset, undesirable side effects
Cybin (NEO: CYBN) (OTCQB: CLXPF), a biotechnology company focused on progressing psychedelic therapeutics, has identified social anxiety disorder, or SAD, and generalized anxiety disorder, or GAD, as the initial target indications for its proprietary psychedelic molecule CYB004 (https://ibn.fm/BQdjY). Collectively, the two global markets will reach an estimated $4 billion this year, with significant growth projected looking forward.
“The decision to pursue anxiety-disorder indications for CYB004 follows months of thoughtful, in-depth work by the Cybin development team,” said Cybin CEO Doug Drysdale. “Careful consideration of many factors drives these decisions, including the prevalence of anxiety disorders, the measurable clinical endpoints, a realistic preclinical and clinical plan, along with an understanding of the effects of the molecule itself. For the Cybin team, this decision represents a further opportunity to help millions of sufferers of these all-too-prevalent disorders.”
SAD, sometimes called social phobia, is categorized as the persistent and irrational fear of embarrassment and humiliation in social situations, and it is estimated to impact 3% to 7% of adults in the United States. The disorder often begins in childhood or adolescence and can contribute to major depression, substance abuse and other mental health problems. The disorder can be associated with extensive functional impairment and reduced quality of life.
An estimated 3% to 6% of the U.S. adult population suffers with GAD, experiencing excessive anxiety and worry (apprehensive expectation) about a range of everyday topics/events. The disorder is one of the most common mental disorders identified in both community and clinical settings and is associated with increased use of health care services.
“Based on estimates derived from currently available FDA-approved treatments, the current U.S. market is estimated at $165M with global estimates at $1.15B as of 2021,” the company announced. “The market is currently made up of multiple approved drugs still under patent protection, generics and off label use drugs.
For the gad market, “current global estimates are approximately $2.99 billion and projected to grow to $4.5B by 2027,” the announcement continued. “The market is currently made up of multiple approved drugs still under patent protection, generics and off label use drugs, including benzodiazepines that carry a risk of addiction, misuse and dependence.
The World Health Organization (“WHO”) estimates that 1 in 13 adults globally suffers from anxiety; however, current FDA-approved medications for anxiety disorders have slow onset of action with side effects that include weight gain, nausea, vomiting and sexual dysfunction. What’s more, many patients see no benefit from the treatments. However, studies evaluating the treatment of anxiety with psychedelics indicate a significant response to therapy, including a faster onset of action with less addictive effects.
“People struggle with many different mental health challenges, but anxiety affects more people than any other,” explained Cybin chief clinical officer Dr. Alex Belser. “With the advent of the COVID-19 pandemic, rates of anxiety have increased threefold, leaving many folks in a debilitating state. We think that treatment with psychedelic medicine may help.
“Our team’s previous research on anxiety at New York University and the trials conducted at UCLA and Johns Hopkins showed large magnitude decreases in anxiety after treatment with psychedelic-assisted psychotherapy,” he continued. “This is a promising approach to treat anxiety with a clear pathway.”
Cybin Corp., a leading biotech company focused on progressing psychedelic therapeutics, is on a mission to revolutionize mental health care. The company is focused on progressing psychedelic therapeutics by utilizing proprietary drug-discovery platforms, innovative drug-delivery systems, novel formulation approaches and treatment regimens for psychiatric disorders.
For more information, visit the company’s website at www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to CYBN are available in the company’s newsroom at https://ibn.fm/CYBN
BioMedWire (BMW) is a bio-med news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with BMW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, BMW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, BMW brings its clients unparalleled visibility, recognition and brand awareness. BMW is where news, content and information converge.
To receive SMS text alerts from BioMedWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information, please visit https://www.BioMedWire.com
BioMedWire is part of the InvestorBrandNetwork.