Welcome to The Trip Report, a weekly review of the business, policy, and the future of psychedelics.
Field Trip IPO
On October 6, Field Trip Psychedelics became the third publicly traded psychedelic company with at least a $100 million valuation behind MindMed and COMPASS Pathways.
If COMPASS is the tech-enabled psychedelic/mental health delivery company and MindMed has the largest psychedelic drug development pipeline, then Field Trip is a bit of both, with clinics as the company’s primary offering at present. Field Trip Clinics are now operating in Toronto and New York. The company says it has plans to open as many as 75 additional clinics in the next few years where therapists will administer ketamine and psychotherapy. Field Trip plans to expand these treatments to include other molecules and protocols as they are approved.
As Lucid News reported, Field Trip is also developing a project to cultivate and extract naturally sourced psilocybin products through their partnership with the University of the West Indies in Jamaica. Just last week, Field Trip announced a synthetic candidate (FT-104, a 5-HT2 agonist) for clinical trials.
Among the current ‘big three,’ Field Trip is the sole company positioned to administer regulatory approved psychedelic medicine within the conventional healthcare model that is physician-supervised, out of pocket or payor reimbursed, etc. – as well as administering future treatments under a legalized framework that could materialize.
News and Events
“MindMed… announced a funding commitment to found and launch a clinical training program focused on psychedelic assisted therapies and psychedelic inspired medicines at NYU Langone Health, one of the nation’s premier academic medical centers. The NYU Langone Health Psychedelic Medicine Research Training Program is the first step in a larger initiative to establish a Center for Psychedelic Medicine at NYU Langone Health.”
“17 healthcare professionals including doctors, nurses, psychiatrists, psychologists, clinical counselors, and social workers have applied for legal access to psilocybin, and are awaiting an imminent response from Minister Patty Hajdu, expected the week of October 5th, 2020.”
Event: Capital Psychedelic Summit
“Washington DC is preparing to vote on decriminalization, and polling indicates we have the numbers to pass. What does Decriminalization mean in The District of Columbia, both for residents and the nation, alike.
How does the “Grow, Gather, Give” model promote access to underserved communities. What are the implications for Drug Policy?
The Capital Psychedelic Summit is a frank discussion on the real-world ramifications of changing policy and attitude towards psychedelics.”
The New Yorker Covers First NYC Psychedelic Clinic: Turn On, Tune In, Get Well
“What distinguishes our effort is, you’ve got the practical focus on treatment of hard-to-treat psychiatric disorders front and center,” Bogenschutz said. The center will have no structural relationship with MindMed, but MindMed is looking to return its testing, now run by partners in Australia (tax incentives) and Switzerland (out-there medicine), to the U.S. for late trials.”
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Image: Field Trip