Wesana Health (CSE:WESA) (OTCQB:WSNAF) and the Multidisciplinary Association for Psychedelic Studies (MAPS) are teaming up to analyze the effectiveness of MDMA-assisted therapy in the treatment of traumatic brain injury (TBI).
Wesana Health went public in May with a focus on developing psychedelic-assisted medicines and other therapies for victims of traumatic brain injury.
Wesana announced Monday that it has committed an initial $1.5 million to assess the viability of MDMA (also known colloquially as ecstasy or molly) of treating a subset of conditions resulting from TBI and that currently lack a cure or successful treatment, including chronic traumatic encephalopathy.
With the funding, MAPS will create a team to “evaluate the scope of unmet need for traumatic brain injury treatment and help to define terms of a desired joint venture between MAPS and Wesana.”
The proceeds will be used for legal support in drafting and finalizing a partnership agreement, business development and executive staff costs as well as other research-related expenses.
MAPS, a nonprofit, is currently carrying out Phase 3 clinical trials on the use of MDMA in the treatment of post-traumatic stress disorder and has had very positive results. Recently, the organization announced that MDMA, in combination with talk therapy, demonstrated a clinically significant reduction in PTSD symptoms for 88% of participants.
Data collected from these trials suggests that MDMA-assisted therapy appears promising in the treatment of traumatic brain injury.
“Wesana is a serious, thoughtful and ethical company engaged in the development of psychedelic-assisted therapy. What Daniel [Carcillo, Wesana CEO] and his team are doing is in line with MAPS’ ethics, mission, values and scientific rigor,” said MAPS executive director Rick Doblin, Ph.D.
Doblin added that together, MAPS and Wesana can bring much-needed help to the massively underserved TBI population.
Carcillo added, “The work MAPS has done for more than 35 years with regulators and clinical researchers to navigate the rigorous and necessary FDA approval process for MDMA therapeutic use has positioned psychedelic-assisted therapy on the precipice of national – and global – acceptance. The millions of people afflicted with PTSD may soon have access to MDMA therapy, and we believe the millions suffering from TBI may experience similar relief in the future.”