Woke Pharmaceuticals Pty Ltd is an Australian-based company focused on the development and commercialisation of novel psychedelic therapies for the treatment of mental health disorders
About 20% of Australians struggle with a mental illness every year, ranging from depression and anxiety to substance or alcohol abuse. The potential hardship and isolation posed by COVID-19 risks leaving more people vulnerable.
While there is a range of pharmaceutical and psychological treatments for mental illness, these may not be effective in some people, or at least they may still leave people with residual symptoms. Additionally, there are usually side effects which commonly occur from these drug therapies.
Given the scale of mental illness in society, innovative new treatment approaches are urgently needed. One of these new approaches is the medicinal use of previously prohibited psychedelic compounds such as magic mushrooms. There have been several successful clinical studies across the world that have shown the potential benefit of psychedelics for treatment of psychiatric disorders.
Woke Pharmaceutical’s lead candidates are based on synthetic psilocybin for the treatment of depression. Psilocybin is a naturally occurring psychedelic prodrug compound produced by more than 200 species of fungi. The safety and efficacy of psilocybin has been demonstrated in multiple studies.
The Company is developing a novel micro-dose formulation of psilocybin for moderate depression; and a novel high-dose formulation with concomitant psychotherapy for treatment-resistant depression. Both candidates are expected to enter Phase IIB trials in H2 CY2022 with leading Australian investigators in the field of mental health.
Woke Pharmaceuticals is also working with researchers at the University of Western Australia to discover novel analogues of LSD (lysergic acid diethylamide) for treatment of anxiety, substance abuse and other mental health disorders. Through novel chemistry, Woke Pharmaceuticals aims to solve some of the side-effect, toxicity, pharmacokinetic (absorption, distribution, metabolism, and excretion) challenges, that have limited the therapeutic application of LSD.
The Company’s subsidiary Woke Health is harnessing the proven potential of functional mushrooms as nutritional health supplements. Through a partnership with Canadian-based HAVN Life, Woke Health has launched a novel range of nutritional products in Australia, New Zealand and China using mushroom extracts that have been shown to enhance health and wellness.
Woke Health’s natural health product formulations are non-GMO, vegan, bioavailable, and naturally derived from functional mushrooms and other plants and created with human optimisation in mind. The product line has been thoughtfully formulated with adaptogens and antioxidants to support overall brain health, with natural compounds that are proven to support memory, focus, energy, and overall cognitive function.
The mushroom extracts are ethically sourced from multiple countries across the world. Woke Health’s natural products are available in hard-shell capsules and have been tested to confirm their health benefits as nutritional supplements. The product range includes Mind Mushroom for immunity and energy balance; Lion’s Mane for brain and body balance; Chaga Immunity as an anti-inflammatory antioxidant; and Cordyceps Perform for boosting energy. The full range of mushroom-derived nutritional supplements can be viewed and purchased via the Woke Health website.
“People get locked into disorders like depression because they develop this system of thinking, which is efficient, but wrong. The idea behind psychedelic therapy is that the receptive state that the drug confers opens the door to fresh ideas about how to think about the past and future.”
Professor David Nutt,
a psycho-pharmacologist at Imperial College London
and advisor to Woke Pharmaceuticals.
CY2022 Corporate Outlook
- Complete manufacturing agreement with IDT Australia
- Sign clinical trial agreement with Macquarie University
- Secure clinical sites and CRO for WP002 Phase IIB trial
- Finalise WP001 formulation at Monash University MMIC
- Commence LSD research collaboration with UWA
- Complete Series A capital raising
- Progress WP002 formulation at Monash University MMIC
- Tech transfer of WP001 formulation to IDT Australia
- Submit for Ethics approval to commence WP001 Phase IIB trial
- Complete WP002 formulation at Monash University MMIC
- Tech transfer of WP002 formulation to IDT Australia
- Commence WP001 Phase IIB trial (moderate depression)
- Appoint Chairperson and strengthen Board
- Prepare for IPO on ASX
- Secure Ethics approval for WP002 Phase IIB trial
- Commence WP002 Phase IIB trial (treatment-resistant depression)
- Initial findings from LSD research collaboration
- Expand management and scientific team
- Complete IPO on ASX
The Market | Unmet Medical Need Growing due to Pandemic
Over 700 million people are affected globally with some sort of mental illness, eg: depression, anxiety, PTSD, addiction or eating disorder
Source: The World Health Organisation
Global economic costs due to mental heath disorders estimated to be USD$800 Billion direct and US$1.7 Billion indirect
Source: National Centre for Biotechnology Information
1 IN 4 PEOPLE WILL SUFFER MENTAL HEALTH DISORDERS
25% of adults in the world will be affected by mental or neurological disorders at some point in their lives
Source: World Health Organisation