A very brief answer to this question is to consider the below three parameters before investing in psychedelic company stocks.
1. Process of Drug Discovery
2. What Mental Health Issues Do Their Product Treat?
3. How successful is the company in terms of its clinical trials?
A very few companies are trading publicly in psychedelic stocks, but the number is increasing rapidly. That means people can visualize the possible benefits that psychoactive compounds have when replaced with SSRIs and Opioids that the patients become non-responsive to after a while.
Suppose you trade in the CSE (Canadian Stock Exchange). In that case, you may come across many biotech companies that have come into play after the legalization of Psilocybin in Canada. While many such institutions are striving to make these drugs available to Canadian citizens; There are others, such as Bright Minds Biosciences (CSE: DRUG), that are redesigning psilocybin compounds be the possible cure of neurological problems such as MDD, depression, anxiety, etc.
But before you choose anyone, keep in mind the below factors to avoid higher-lows in the trading chart.
Process of Drug Discovery
The legal and best process of discovering a potential therapeutic use of Psilocybin are:
1. Testing of the developed drug on animals for safety, and effectiveness
2. Submission of drug particulars to FDA and Health Canada for approval of research
3. Tie up with a reputed medical institution for clinical trials
4. Select volunteers for clinical phase trials
5. Prepare, and submit the findings
6. Move to the next phase of a clinical trial after approval of the submitted findings
Bright Minds Bio already has patented serotonergic agonists that target the family of 5-HT receptors responsible for the regulation of serotonin. Their drug discovery process is excellent, which makes it one of the perfect psychedelic company stocks to invest in.
What Mental Health Issues Do Their Product Treat?
As mentioned above, serotonergic compounds created by the expert science team at Bright Minds Biosciences target the 5-HT2A/C receptors in the brain.
Hence, there is a clarity of the type of neurological illnesses that they treat. Some of those are:
1. Chronic pain
4. Depression and anxiety
That further makes it easier for investors to trust the psychedelic company stocks. And this happens due to a simple reason. Since they follow a specific path, it increases the potential of approval of their psychedelic compound by the concerned health institution.
How Successful Is The Company In Terms Of Their Clinical Trials?
A phase-2 clinical trial means more potential in the psychedelic products of the company. Most of the redesigned Psilocybin compounds by Bight Minds Bio have entered Phase-2 of their clinical trials.
Moreover, their products are already patented, so there is no chance for some other organizations to copy the formula used by them.
Click here to check the latest update on clinical trials of pipeline products by Bright Minds Biosciences, and make your decision on what you see!