Psychedelic Biotech Raises $100M for MDMA-based PTSD Treatment
Following their submission for FDA approval for MDMA-based therapy in December, MAPS has rebranded to Lykos Therapeutics.
Big Idea:
Lykos Therapeutics, formerly known as MAPS Public Benefit Corp., has raised over $100 million to advance a MDMA-based treatment for PTSD.
Why It Matters:
Treating mental health conditions, especially PTSD, persists as a challenge due to inadequate existing treatments. High dropout and low response rates, along with many patients retaining PTSD diagnosis after treatment, highlight the need for new, out-of-the-box therapies.
Key Details:
- The psychedelic drugs market is projected to reach USD $10.75 Billion by 2027, growing from USD 4.75 Billion in 2020.
- Lykos Therapeutics has developed an MDMA-based therapy for PTSD, showing promising results in two late-stage clinical trials.
- This therapy could address the high nonresponse and dropout rates in current PTSD treatments, benefiting an estimated 13 million Americans suffering from the condition.
"Our North star is to fundamentally change how the healthcare system holistically treats people with mental health conditions. We are working to articulate what it means to be a leading public benefit organization in the pharmaceutical space," Lykos Therapeutics, CEO Amy Emerson wrote.
What’s Next:
The future includes FDA approval processes, with a decision expected by mid-February on Lykos' application review. If approved, Lykos must integrate MDMA for therapeutic use, potentially by late 2024.
Dive Deeper:
The FDA's draft guidance in 2023 on psychedelic drugs and the successful fundraising of companies like COMPASS Pathways demonstrate an increasing openness to these unconventional treatments. The success of Johnson & Johnson’s Spravato, a ketamine-based treatment for depression, is another example and projects $725 million in annual sales.
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