- -Canada’s Minister of Health approves the use of psilocybin therapy in end-of-life care of four Canadians battling incurable cancer
- -The Decision marks first legal, medical exemptions for psilocybin use in Canada since the compound became illegal in 1974
- -Cybin subsidiary Serenity Life Sciences focuses on advancing R&D of psilocybin-based pharmaceutical products
A ground-breaking decision by Canada’s Minister of Health, the Honourable Patty Hajdu, to approve the use of psilocybin therapy in the end-of-life treatment of four Canadians battling incurable cancer (http://ibn.fm/0BUOU) bodes well for companies such as Cybin Corp., which are operating in the psilocybin sector. An exemplary Canada-based, life-sciences company, Cybin focuses on developing pharmaceutical-grade psilocybin products. Therefore, the company appears ideally positioned to leverage this milestone moment.
The four applicants received the first known legal, medical exemptions for psilocybin use in Canada since the compound became illegal in the country in 1974.
“I want to thank the Health Minister and Health Canada for approving my request for psilocybin use,” said Laurie Brooks, one of the applicants. “The acknowledgment of the pain and anxiety that I have been suffering with means a lot to me, and I am feeling quite emotional . . . as a result. I hope this is just the beginning and that soon all Canadians will be able to access psilocybin, for therapeutic use, to help with the pain they are experiencing, without having to petition the government for months to gain permission.”
Application for exemptions were made with the assistance of TheraPsil, a nonprofit coalition that advocates for legal, compassionate access to psilocybin therapy for Canadians in palliative care. In the press release following the announcement of the approval, TheraPsil noted that it is “anticipated that there will now be many more applications made through the exemption process provided under the Canadian Drugs and Substances Act.”
Cybin is keenly interested in this decision, as well as the subsequent anticipated increased interest in psilocybin therapy. The company, which operates in the functional-mushroom market, intends to develop fungi-derived medicinal products, via Serenity Life Sciences. The wholly owned subsidiary focuses on advancing research and development of psilocybin-based pharmaceutical products.
“This is a watershed moment for the patients involved who deserve the right to manage their health challenges with dignity,” said Cybin co-founder Paul Glavine (http://ibn.fm/Jtrkp). “Everyone at Cybin applauds the efforts of TheraPsil and these brave individuals, and we thank the Minister of Health for her foresight.”
Former Ontario Health Minister and Cybin advisor Dr. Eric Hoskins praised Hajdu’s approval. “I am pleased to see this important step towards considering psilocybin as a natural compound with a growing body of experience of therapeutic uses for patients in need, rather than strictly a prohibited substance. I joined Cybin because of their dedication to patients who need and benefit from psilocybin-assisted therapy,” he said.
“This landmark recognition of the benefits of psilocybin is tremendous validation for our sector,” said Cybin Chief Medical Officer Dr. Jukka Karjalainen, who also noted that Cybin is proud to applaud TheraPsil’s efforts. Cybin is currently focusing on developing a psilocybin oral film delivery system that will potentially alleviate the burden of pill consumption for seniors and patients in palliative care, who often have difficulty swallowing.
For more information about this company, please visit www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to Cybin are available in the company’s newsroom at http://ibn.fm/Cybin
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