There is a high demand for more advanced products for the treatment and maintenance of severe mental disorders. Thus, pharmaceutical companies are investing a huge amount of money for novel drug R&D and launches for psychiatric and neurological disorders. The development and discovery of new mental disorders drugs have gained valuable impetus in recent years. Drug makers are moving from conventional drug formulations to the discovery of innovative and improved medications to treat a variety of mental disorders within the mental disorder care industries. A report from Grand View Research said that the global central nervous system therapeutic market size, which was valued at 116.2 billion in 2020, is expected to reach USD 205.0 billion by 2028. It added that high unmet medical needs and government initiatives to reduce the disease burden are driving the market for central nervous system therapeutics over the forecast period. The report continued saying: “The market holds strong future growth opportunities and major players are adopting different marketing strategies such as new product development, collaborations, geographic expansion, mergers and acquisitions, and new product approval, to strengthen their positions. … for the development of drug candidates applicable across a wide range of neurological diseases. Active Biotechs in the markets today include: Pasithea Therapeutics Corp. (NASDAQ: KTTA), COMPASS Pathways plc (NASDAQ: CMPS), Field Trip Health Ltd. (NASDAQ: FTRP) (TSX: FTRP), Cybin Inc. (NYSE: CYBN), atai Life Sciences (NASDAQ: ATAI).
Grand View Research continued with: “Presence of strong pipeline products by major pharmaceutical companies … are expected to accelerate market growth over the forecast period. Besides, other pharmaceutical companies are also actively involved in the development of novel therapies and investing heavily to develop effective therapeutics for the treatment of CNS associated diseases… Pharmaceutical companies are adopting strategies such as product development, merger and acquisition, and collaboration to strengthen their position in market. The presence of strong pipeline products is expected to propel the market for central nervous system therapeutics over the forecast period. The key pharmaceutical players are focusing on new therapies to prevent or improve the symptoms of neurological disorders… Mental health was estimated to be the second-largest segment in the central nervous system therapeutic market. High patient base of anxiety disorder and epilepsy are the major growth contributors. Moreover, the presence of strong pipeline drugs for the treatment of psychotic disorders is anticipated to drive the market for central nervous system therapeutic at a lucrative rate over the forecast period.”
Pasithea Therapeutics Corp. (NASDAQ: KTTA) Breaking News: Pasithea Therapeutics Corp. and Evotec SE Enter into Drug Development Agreement – Pasithea Therapeutics Corp. (NASDAQ: KTTA) (“Pasithea” or the “Company”), a biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders, today announced the initiation of a new chemical entity (“NCE”) development program and named Evotec as its NCE research partner.
“We are delighted to be working with Evotec, one of the largest and most well-respected drug discovery and development companies in the world, to progress our first compound. This is a significant step on our drug development path to ultimately develop new molecular entities to improve the lives of those suffering with brain disorders. Pasithea aims to advance small molecule therapeutics with a focus on a specific neuroinflammatory pathway implicated in the neurobiology of depression and schizophrenia,” stated Dr. Tiago Reis Marques, Chief Executive Officer of Pasithea Therapeutics.
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“Evotec has a proven track record of adding value to its partners’ research by providing innovative and flexible solutions from target compound through to preclinical candidate. This is an important initial step forward for our program, and we believe that Evotec’s high-quality science and scientific execution will expedite and increase the chances of progressing our drug candidate to the clinic,” stated Prof. Lawrence Steinman, Chairman of Pasithea Therapeutics.
“Pasithea is pursuing an exciting approach to target the improvement of mental health,” stated Christophe Muller, PhD, Global Head of Business Development, Evotec SE. “With our fully integrated suite of the highest quality capabilities, Evotec is uniquely equipped to facilitate the discovery and development of innovative programmes to the clinic and beyond. We are delighted to support Pasithea in addressing the very important area of mental health and look forward to working closely with the team to assist them in reaching their goal of tackling brain disorders.”
Source: Prnews Wire