The CEO of a psychedelics giant that just suffered a big setback lays out why investors should bet on his long-term vision
"Drug development is risky. If you look at the statistics, there will be failures, but ultimately we believe that our pipeline is designed in a way to mitigate that risk," Brand said in an interview on the sidelines of the J.P. Morgan Healthcare Conference in San Francisco."We believe that our pipeline is robust enough to ultimately deliver results for patients."through its platform of subsidiary companies.
Brand said that as more data is released from the company's other trials, he thinks investors"will ultimately also follow the data." The treatment that flopped in a midstage trial is called PCN-101. The trial, which involved 102 people, showed that the drug was safe. But the treatment didn't improve symptoms in people with treatment-resistant depression, according to a press release. Brand said that Atai would provide more details about why the trial failed at a later time.
Brand said that Atai would provide more information on the future of PCN-101 at the company's fourth-quarter-earnings call.
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