The potential uses of psychedelics in the field of medicine have garnered significant attention from investors. The therapeutic potential of these compounds is being studied in various areas, including mental health disorders such as depression, anxiety, and PTSD, as well as addiction, cluster headaches, Alzheimer's disease, and more.

Investing in psychedelic therapy companies requires careful due diligence and an understanding of the unique regulatory landscape. However, for investors with a long-term outlook and a willingness to take on some risk, this emerging field could offer significant potential for growth and returns. In recent years, marijuana stocks have displayed a comparable phenomenon. Cannabis was once on the fringe but is now a significant and growing industry. Market analysts compare the opportunities in the current psychedelics market to those in the early cannabis era.

Here are a few stocks to put on your radar:

Silo Pharma, Inc. (NASDAQ: SILO) is a developmental-stage biopharmaceutical company that is focused on merging traditional therapeutics with psychedelic research to address underserved conditions such as Alzheimer's, multiple sclerosis, rheumatoid arthritis, and stress-induced psychiatric disorders. The company has licensed therapeutics from leading academic institutions to pursue a more streamlined 505(b)(2) route for trials, which is expected to lower costs and accelerate the approval process for patients with few proven treatment options.

In March 2023, Silo Pharma filed a provisional patent application for its drug SP-26, titled "Methods and Compositions for Pain Management." The drug is aimed at treating fibromyalgia, a chronic condition that causes pain throughout the body's connective tissues and affects approximately 2% of the US population.

The patent application supports Silo Pharma's multi-pronged strategy for advancing SP-26 into clinical trials and pursuing the 505(b)(2) regulatory pathway for drug approval. "We believe our drug would serve a critical need in a largely inadequate treatment landscape for chronic pain, including fibromyalgia," said Eric Weisblum, Chief Executive Officer of the Company.

In addition, Silo Pharma also announced in March 2023 that it had achieved positive results for the toxicology study of SP-26. The drug is a novel, time-released, dosage-controlled formulation of ketamine that has been tested in minipigs using an ascending dosing regimen. The study's results demonstrate the feasibility of using a rising dose design or maximum feasibility, an important step towards planning human trials of SP-26.

Silo Pharma is developing innovative solutions to address underserved conditions by merging traditional therapeutics with psychedelic research. The company's intellectual property and technology rights for the treatment of rare diseases span over six issued and provisional patents, with additional patent applications pending.

The company's licensing strategy for therapeutics and pursuit of the 505(b)(2) regulatory pathway for drug approval aim to lower costs and accelerate the approval process for patients. With positive results from its toxicology study of SP-26, Silo Pharma is moving closer to planning human trials of the drug and pursuing regulatory approval.

Atai Life Sciences (NASDAQ: ATAI) is a clinical-stage biopharmaceutical company aiming to transform the treatment of mental health disorders. Atai Life Sciences was founded in 2018 to address the significant unmet need and lack of innovation in the mental health treatment landscape.

The company is dedicated to identifying, acquiring, and efficiently developing innovative therapeutics to treat mental health disorders such as depression, anxiety, and addiction. By focusing on underserved areas of mental health, atai is positioned to capture significant market share in this growing field.

Recently, atai Life Sciences announced that the first subject has been dosed in Perception Neuroscience's Phase 1 study of PCN-101, a potential rapid-acting antidepressant.

This study aims to assess the safety and tolerability of PCN-101 when delivered subcutaneously compared to intravenous delivery. The trial will enroll 16 healthy volunteers across four cohorts and is expected to be completed in mid-2023.

In January 2023, atai announced results from a Phase 2a study of PCN-101 in patients with treatment-resistant depression. While the results did not reach statistical significance on the primary endpoint, the drug demonstrated an encouraging safety profile and signals of efficacy.

This new study will help inform dosing regimens for a subcutaneous formulation of PCN-101, potentially optimizing its therapeutic index and supporting further exploration of its potential as a rapid-acting antidepressant for at-home use.

Investors should be aware of the potential risks and rewards associated with investing in atai, as the biotech industry is inherently risky. However, atai's focus on developing innovative mental health treatments and its strong pipeline of assets make it an exciting company to watch in this growing field.

MindMed (NASDAQ: MNMD) is a clinical-stage biopharmaceutical company developing novel product candidates to treat brain health disorders. They recently announced positive results from a clinical trial evaluating the use of lysergide to treat major depressive disorder (MDD). The trial demonstrated significant and beneficial effects of lysergide, which could potentially mitigate the symptoms of MDD. The study showed that patients who received a high dose of lysergide demonstrated statistically and clinically significant improvements compared to those who received a lower dose.

The results also showed that the drug was generally well tolerated by patients. These positive results reinforce previous findings of lysergide's clinical potential in anxiety, depression, and other brain health disorders. MindMed plans to continue investigating the therapeutic potential of lysergide and other psychedelics.

On the 18th, MNMD announced it has filed its preliminary proxy materials with the U.S. Securities and Exchange Commission (SEC) for the 2023 Annual General Meeting of Shareholders. In the proxy statement, MindMed has proposed five incumbent directors, including the Chief Executive Officer, and one new candidate, David W. Gryska, who has over 35 years of experience as a senior financial executive in the life sciences industry. MindMed's board of directors and management are confident in the company's strategic plan and believe Gryska's nomination will be highly beneficial.

While not directly in the psychedelic therapeutics realm, one stock that could be worth paying attention to is DRMA. Dermata Therapeutics (NASDAQ: DRMA) is a clinical-stage biotech company that specializes in developing treatments for various medical and aesthetic skin conditions. Their lead product candidate, DMT310, is a once-weekly topical treatment derived from a natural freshwater sponge that has unique mechanisms of action for treating acne, rosacea, and psoriasis.

Last month, DRMA completed a public offering of 1,618,123 shares of common stock along with Series A and Series B warrants. The combined offering price for each share of common stock is $3.09, and each warrant allows for the purchase of one share of common stock at an exercise price of $2.82 per share. The gross proceeds from the offering were around $5.0 million, before deducting the placement agent's fees and other expenses payable by the company.

On April 18, DRMA finished at $2.5300, an upward change of +0.9500 for an overall gain of +60.13% on the day, as of 4:00 PM EDT.

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