Santa Cruz, CA, September 23, 2020 — Rick Doblin, Ph.D., Executive Director of the Multidisciplinary Association for Psychedelic Studies (MAPS), and Amy Emerson, Chief Executive Officer of MAPS Public Benefit Corporation (MAPS PBC), today congratulated Compass Pathways on their initial public offering last Friday which has resulted a doubling of their stock price and $1.3 billion valuation.
Doblin states, “This blockbuster initial public offering is a market-driven validation of the promise of psychedelic therapies. With thousands of stakeholders, MAPS has been shepherding MDMA-assisted psychotherapy for PTSD through the FDA’s scientific approval processes since 1992. Investors declared that they see the world-changing potential of psychedelic medicine that Compass Pathways is commercializing, specifically psilocybin for treatment-resistant depression. Building upon the innovative work of non-profit organizations including the Heffter Research Institute, Usona Institute, the Beckley Foundation, and MAPS, Compass Pathways has brought their interventions to Phase 2 clinical trials. At MAPS PBC, we recently completed the first Phase 3 trial of MDMA-assisted therapy and initiated our second Phase 3 trial this month. We offer our congratulations to their team who have joined us to mainstream the idea that, through psychedelic medicines, we can heal people rather than just reduce symptoms with a lifetime of daily medication.”
Emerson adds, “One of the lessons we’ve learned from psychedelics is that, in treating some mental illnesses, we must change both what we are doing and how we are doing it. We believe psychedelic-assisted therapies allow patients to address the core trauma wounds that lead to debilitating mental health concerns such as depression, suicidality, and substance use disorder which are inadequately addressed by currently available treatments. Compass Pathways shareholders have demonstrated they share our stakeholders’ belief that healing trauma has a positive bottom line in addition to benefits for our culture and communities. Our commitment to open science and open books allows researchers to rapidly advance development of psychedelic-assisted therapy with the intention healing trauma and strengthening connection. Under the auspices of a public benefit corporation, where our only shareholder is the non-profit MAPS, our mandate is to work for the greatest public good, pursue innovations in psychedelic therapy regardless of fiscal returns, and invest all income into MAPS’ mission: research, education, and making our treatments accessible and affordable for patients.”
The safety and efficacy of MDMA-assisted psychotherapy is currently under investigation. It has not yet been approved by the FDA, does not work for everyone, and carries risks even in therapeutic settings. To learn more, please visit mdmaptsd.org.
- MDMA for PTSD Clinical Trials
- MAPS PBC
- MDMA-Assisted Therapy
- What is the benefit of a Public Benefit Corporation?
Founded in 1986, MAPS is a 501(c)(3) non-profit research and educational organization that develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana. Since its founding, MAPS has raised over $100 million for psychedelic therapy and medical marijuana research and education. For more information, visit maps.org.
ABOUT MAPS PUBLIC BENEFIT CORPORATION (MAPS PBC)
MAPS Public Benefit Corporation (MAPS PBC) catalyzes healing and well-being through psychedelic drug development, therapist training programs, and sales of prescription psychedelics while prioritizing public benefit above profit. Founded in 2014, MAPS PBC is a wholly owned subsidiary of the Multidisciplinary Association for Psychedelic Studies (MAPS), a 501(c)(3) non-profit organization. More information about the organization is available at mapspublicbenefit.com.