Health experts in Australia believe that around 12% of Australians will experience PTSD (post-traumatic stress disorder) at some point in their lives, and about 1.5% of the population, i.e. almost 390,000 people, currently have a PTSD diagnosis. Certain groups, like those in the defence force, military veterans, first responders, and some minority communities, are more likely to suffer from PTSD.
Additionally, among the over one million Australians dealing with depression (about 280,000 people), roughly 26.5% don’t see positive results from standard treatments.
That’s why researchers are now exploring alternative treatments, like cannabis and psychedelics. Incannex Healthcare (ASX: IHL) is a pharma company developing cannabis-based products and psychedelics. After initiating clinical trials and procuring drugs to treat PTSD, the Company is finally opening its doors to potential clients.
Ahead of its planned opening in the third quarter of 2023, Incannex’s subsidiary Clarion Clinics has begun accepting direct registration of interest in treatment from potential clients via its website.
Incannex Director responsible for Clarion, Peter Widdows, said, “This is the first step in the process towards receiving treatment and we anticipate that there will be a high level of interest in our leading-edge treatments.”
The initial Clarion clinic is situated by the Yarra River in Abbotsford, Melbourne, near the city center. This clinic features seven treatment rooms and various amenities suitable for psychedelic-assisted therapy. The interior setup is projected to be finished by the end of August, allowing for an opening shortly after that.
Clarion Director and Head of Psychotherapy, Sean O’Carroll, shared, “A lot of thought went into the design of the clinic, as both practical and aesthetic considerations are very important for this type of treatment. It’s imperative that clients feel welcome, comfortable and safe. We wanted the design of the space to support a sense of calm and a positive mindset, as we know these things contribute to better treatment outcomes.”
Under the guidance of Dr. Paul Liknaitzky, Prof. Suresh Sundram, and Sean O’Carroll, the clinical leadership at Clarion has formulated a personalised nine-month treatment plan. This program is meticulously crafted to enhance the likelihood of favourable outcomes for patients. Dr. Paul Liknaitzky, the Director and Chief Scientific Officer at Clarion, emphasised that their treatment approach is rooted in evidence-based methods.
To have the authority to prescribe the psychedelic substances utilized in Clarion’s PAT protocol, psychiatrists need to be approved under the TGA’s Authorised Prescriber Scheme (usually taking about three weeks for this process). Once Clarion obtains these approvals, it can start administering the treatments.
Clarion Director and Head of Psychiatry, Professor Suresh Sundram, said, “The recent guidance from the Royal Australian and New Zealand College of Psychiatrists in regards to PAT are part of the process towards the safe and effective provision of clinical psychedelic care to the many people who are without adequate treatment options for serious mental health conditions.”
In May, Incannex initiated its clinical operations by acquiring an initial quantity of psilocybin and MDMA via a partnership with Pharmala Biotech. Its inaugural clinic in Melbourne serves as a blueprint, with plans to replicate this model across Australia and, if successful, on a global scale.
In FY23, the Company spent $10.2 million on research and development, and boasted a cash balance of $33.3 million. Now, it is counting on the potential of the estimated $2 billion Australian psychedelic-assisted psychotherapy market to elevate its financials further.
Alinda is a Business Reporter for The Sentiment
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