(Reuters) -Drug developer Compass Pathways said on Tuesday it is pulling forward the expected launch timing of its experimental psilocybin-based depression therapy by 9 to 12 months.
The decision follows the completion of enrollment for a late-stage study for the psychedelic-based therapy, COMP360, as well as a positive meeting with the U.S. Food and Drug Administration on strategies for its marketing application, including a potential rolling submission.
CONTEXT
The experimental therapy called COMP360 is based on the psychedelic compound called psilocybin and is designed as a short-term, episodic alternative to daily antidepressants.
The company is testing the therapy in patients with treatment-resistant depression, a condition in which patients do not respond adequately to at least two different treatments.
In June, data from a late-stage study showed the therapy reduced the severity of depression symptoms in a closely watched study, but fell short of market expectations. Wall Street analysts, however, said the data indicated that COMP360 might get approved.
WHY IT’S IMPORTANT
The fast-growing market for psychedelic-based treatments for psychiatric conditions could be worth up to $50 billion, according to analysts.
Earlier this year, AbbVie said it would buy an experimental psychedelic-based depression drug from Gilgamesh Pharmaceuticals for up to $1.2 billion.
Atai Life Sciences, Cybin and MindMed are among other companies developing psychedelic-based treatments for psychiatric conditions.
WHAT’S NEXT
Compass plans to announce 9-week data and 26-week data from two separate late-stage studies testing COMP360 next year.
The company is also testing the drug as a treatment option for post-traumatic stress disorder.
(Reporting by Sneha S K in Bengaluru; Editing by Vijay Kishore)
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