Drugs like psilocybin and MDMA are rising in profile as mental illness treatment options.
Atai Chairman Christian Angermayer — who says he has never touched a beer even though he comes from Bavaria where it is "our daily nutrition," or smoked a joint or cigarette — is a personal believer in the power of psychedelics to have a positive influence on life. He described his first experience with psychedelics as "the single most meaningful thing" in his life.
Piros, who has spent more than two decades analyzing biotech companies, says investors need to be mindful that when you get involved with a development-stage company it is not about the money being made already, but factors including how long the companies will have intellectual property protection, when they can be expected to enter the market, and potential cash flows over a period between a decade to 15 years.
If a company like Compass makes it to market, its treatment approach could reach millions of Americans — estimates range from roughly 2 million to 4 million — not being served well by the current class of depression drugs. Pricing of the treatment could be $10,000, according to Cowen estimates, or as high as $20,000, according to Piros, which he said is closer to the cost of current treatments.
Cowen expects the existing anti-depression drugs in the SSRI class, which account for upwards of 75% of prescriptions, to remain the first line of choice in therapy, but its analysts wrote in a recent report that surveying and interviews it has conducted with doctors indicate roughly 30% of patients are resistant to these drugs and as many as 1 in 4 patients might be considered for new treatment alternatives.
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