Rising rates of depression amid the coronavirus pandemic underscore the need for innovations in mental health care, like psychedelics, according to George Goldsmith, CEO, chairman, and co‑founder of mental health company COMPASS Pathways.
"About 322 million people suffer from depression around the world — and that was before this current pandemic — but about 100 million of those just aren't helped by current treatment," Goldsmith told Cheddar. "So we really focused a lot on, 'how do we bring innovation to patients?'"
COMPASS Pathways is a United Kingdom-based biotech startup, researching a synthetic form of the psychedelic compound, psilocybin, for treatment resistant depression. Its drug, called COMP360, received "breakthrough therapy designation" from the U.S. Food and Drug Administration in 2018, meaning there was evidence it could substantially improve treatment over existing therapies and could move more quickly through drug development.
"We're working closely with regulators in every country that we're working with to develop clinical trials, and if those clinical trials are successful, then those medicines will be made available to patients," Goldsmith said.
The time is right for innovations in mental health care. Stressors related to the coronavirus pandemic may have tripled rates of depression across the U.S., according to a survey published in JAMA Network Open in early September. Some 27.8 percent of adults reported experiencing depression symptoms amid the pandemic, compared with 8.5 percent previously, according to the survey results. And the burden fell disproportionately on people who had limited financial or social resources.
"A single experience, a single dose of psilocybin for many people, can create an immediate and sustained benefit for people suffering with depression. And that really intrigued us," Goldsmith said.
COMPASS Pathways debuted on Nasdaq in September in a $146.6 million upsized initial public offering. It's move kicked off a flurry of interest from other psychedelic health and wellness companies looking to go public or uplist for similar access to liquidity and investors. Goldsmith said that for COMPASS Pathways, the move was motivated by expenses associated with the research the company is doing in nine countries.
"We're committed to really addressing mental health care at scale, and capital, shareholder capital, really helps with that," Goldsmith said.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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