"FDA's Potential Approval Spurs Growth and New AMA Codes for Psychedelic-Assisted Therapies"
Originally Published 2 years ago — by MarketWatch
MDMA, commonly known as ecstasy, is on the brink of potential FDA approval for therapeutic use in treating PTSD, with backers like Cody Shandraw of Ambria Capital predicting exponential growth in the therapy's availability upon approval. With the drug's "breakthrough therapy" status and a new-drug application already submitted, the focus is on preparing clinical infrastructure for widespread use. Shandraw's firm, along with others, has invested heavily in the development of psychedelic therapies, anticipating a surge similar to the expansion seen with ketamine treatment for depression. Approval could also pave the way for insurance coverage and treatments for veterans, with MDMA therapy possibly becoming a leading example for other psychedelic treatments in development.