Daniel Carcillo, Wesana Health CEO, is a living example of the power of psychedelic drugs to help those suffering from mental illnesses when standard treatments — and other forms of alternative treatments — have already failed.
“Nothing worked,” Carcillo said at Tuesday’s CNBC Healthy Returns Summit, which included everything from standard medicine to isolation tanks.
I have three young kids under the age of six and all I wanted to do was hug them and get back to my beautiful wife,” said Carcillo at CNBC Healthy Returns.
His experience is an anecdotal one but it is being corroborated by a growing body of clinical research in the use of psychedelics to treat a variety of mental health conditions including depression and post-traumatic stress disorder.
O’Leary said investors also need to remember these are nascent businesses with a high degree of risk, and that clinical trials can have binary outcomes which can lead to a billion-dollar drug or a company going to zero.
Recent Wall Street estimates for psilocybin as a mainstream mental health treatment option — in particular, for treatment-resistant depression — ballpark peak annual sales in the range of $1 billion to $5 billion, and a patient market size in the U.S.
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“For far too many patients current treatments are inadequate or don’t help at all, and we owe it to these patients to explore the promise of these compounds,” Ghaznavi said.
“We just want to be a company that is focused on supporting neurological wellness through the right pathways and looking at these medications to treat a wide variety of ailments,” he said, from TBI to PTSD, anxiety and depression.