- A group of executives from Silicon Valley and Wall Street have donated $ 30 million to an initiative to investigate the therapeutic applications of MDMA, a psychedelic drug as an ingredient in ecstasy.
- The study aims to seek FDA approval for the use of MDMA for the treatment of PSTD.
- If successful, it would be the first ever psychedelic-assisted psychotherapy to earn FDA approval.
- Psychedelic research has long been of interest to the Silicon Valley elite.
- Visit the Business Insider website for more stories.
A real who is from Silicon Valley and Wall Street have donated $ 30 million for fundraising to investigate the therapeutic use of the psychedelic drug MDMA, according to a report released on Thursday.
If successful, the study, which focuses on treating post-traumatic stress disorder, will make MDMA the first psychedelic-assisted psychotherapy to earn FDA approval.
In recent years, psychedelic substances, including MDMA, LSD, and the psilocybin found in magic mushrooms have received greater attention for their therapeutic potential. Since 2010, studies have examined psychedelics as a potential treatment for depression, anxiety, addiction, and more. Some have called the wave of research a “medical renaissance”.
The resurgence of psychedelics can be linked to enthusiasm of many tech executives.
In his book, “How to Change Your Mind”, author Michael Pollan describes how big names from San Francisco were drawn to Esalen, a retreat center and New Age mecca in Big Sur, California, where they discussed their enthusiasm about potential use for psychedelics.
Steve Jobs is said to have been involved in psychedelics and has advised Bill Gates to do the same. Silicon Valley’s aspiring young professionals have created headlines for embracing “microdosing”, a practice of taking small amounts of LSD during the workday with the goal of stimulating their creativity.
Donors for this MDMA / PTSD study are no exception to this trend.
Bob Parsons, founder of the web hosting company GoDaddy, donated $ 2 million, according to The Wall Street Journal. Genevieve Jurvetson and her husband Steven, co-founder of automation startup Fetcher, donated $ 2.6 million. Joby Pritzker, the Silicon Valley investor whose private equity firm holds holdings in Tesla, Uber, and SpaceX, has donated more than $ 1 million and is on the board of the Multidisciplinary Association for Psychedelic Studies (MAPS).
Several donors said their interest in funding psychedelic research comes from hopes that the drug could be an effective treatment for mental health for veterans.
Parsons, who served in the Marine Corps during the Vietnam War, said he personally suffers from PTSD, and many other donors have ties to the military.
“Psychedelic research has long been thought of as ‘fringe’. But there is nothing ‘fringe’ about PTSD,” Parsons said, according to a MAPS press release. “There are millions of people with PTSD in the US alone, and that includes veterans like me, first responders like those on the front lines of the COVID-19 pandemic, and survivors of sexual assault and domestic abuse. “All of them deserve better, significantly more effective treatment options than we have today. That’s what this research is about.”
The drug is currently undergoing Phase 3 clinical trials to treat PTSD, and interim analyzes suggest the drug is on track to be submitted to the FDA for approval as soon as 2022, with the possibility of a decision as soon as 2023
