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The effectiveness of this hallucinogenic has been well-documented so far. Credit: Arp
Psilocybin was first isolated by renowned Swiss chemist Dr. Albert Hofmann
in 1957, and in 1958 it was produced synthetically for the first time.
Hofmann was a researcher at Sandoz Pharmaceuticals, and the drug was
branded as Indocybin and marketed for psychotherapeutic uses in the
1960s. However, the abuse and misuse in the drug scene brought many
troubles for Sandoz, new legal restrictions classified the drug as Schedule I
(illicit drug with no therapeutic benefit), and the pharma company
abandoned the drug. As such, this R&D field has been on pause for
decades and shunned by the medical community.
Currently, Compass Pathways has the most advanced clinical trial, studying
psilocybin in treatment-resistant depression patients. On August 22, 2018,
the company received the green light from the FDA for starting a Phase IIb
dose-ranging study with 216 patients, the largest clinical study ever done
with psilocybin, involving patients from research centers across Europe and
North America. If successful, Compass will start a Phase III trial, with a view
to file for approval in 2021.