SAN JOSE, Calif., June 22, 2023 (GLOBE NEWSWIRE) -- The Multidisciplinary Association for Psychedelic Studies (MAPS) today announced that the Steven & Alexandra Cohen Foundation has awarded MAPS a $5 million grant. The grant provides MAPS with vital mission support as it enters the final stages of the drug development process for MDMA-assisted therapy for the treatment of PTSD.
MAPS Public Benefit Corporation (MAPS PBC), a MAPS subsidiary, plans to submit the New Drug Application for MDMA-assisted therapy for PTSD to the FDA later this year. If the treatment is approved by the FDA, advocates and companies will work to integrate approved therapy into the healthcare system. However, not unlike many other mental healthcare treatments and therapies, those who are prescribed the treatment and are without insurance coverage, or the means to pay out-of-pocket costs, may face financial burdens to access the therapy.
This innovative grant not only supports MAPS’ mission today, but also will establish the foundation of a financial assistance program for patients if MDMA- and other psychedelic-assisted therapies are approved by the FDA.
“Millions of Americans, including our veterans and first responders, suffer from PTSD and other mental health conditions that affect their quality of life. Psychedelic compounds represent a new opportunity to address these often treatment-resistant conditions and bring hope to patients.”
Alex Cohen, President, Steven & Alexandra Cohen Foundation
The Steven & Alexandra Cohen Foundation’s philanthropic support of MAPS, and clinical research, exemplifies the Foundation’s commitment to patient access. The Steven & Alexandra Cohen Foundation and MAPS have a shared commitment to ensuring there is equitable access to MDMA- and other psychedelic-assisted therapies.
“We extend tremendous gratitude to the Steven & Alexandra Cohen Foundation for their unwavering support in helping us bring MDMA-assisted therapy through the pipeline and toward potential FDA approval. Our hearts are uplifted by their commitment to equitable access— a crucial element for us to try to bring healing for all.”
Rick Doblin, PhD, Founder and President, MAPS
The Steven & Alexandra Cohen Foundation’s Cohen Psychedelic Research & Health Initiative is one of the largest private funders of research into psychedelics for debilitating and chronic mental health conditions, including addiction, anxiety, and major depression, with over $60 million of grant commitments to psychedelics. Since 2020, the Steven & Alexandra Cohen Foundation has committed over $10 million of philanthropic support to MAPS’ mission, including MAPS-sponsored clinical research of MDMA- assisted therapy.
CONTACT:
media@maps.org
NOTE
The safety and efficacy of psychedelic-assisted therapies are currently under investigation. No psychedelic-assisted therapy has been approved by the FDA or other regulatory authorities; no therapy works for everyone; and all therapies, even in clinical settings, carry risks. MDMA-assisted therapy has not been approved by any regulatory agency. The safety and efficacy of MDMA-assisted therapy have not been established for the treatment of PTSD.
ABOUT MAPS
Founded in 1986, MAPS is a 501(c)(3) non-profit research and educational organization that develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana. MAPS is sponsoring the most advanced psychedelic therapy research in the world through its subsidiary MAPS PBC. Since MAPS was founded, philanthropic donors and grantors have given more than $140 million for psychedelic and marijuana research and education. MAPS has earned both the Guidestar Platinum Seal of Transparency and a 4-Star Rating from Charity Navigator.
ABOUT The Steven & Alexandra Cohen Foundation
The Steven & Alexandra Cohen Foundation is committed to inspiring philanthropy and community service by creating awareness, offering guidance, and leading by example to show the world what giving can do. The Foundation’s grants support nonprofit organizations based in the United States that either help people in need or solve complex problems. The Foundation also spearheads grassroots campaigns to encourage others to give. For more information, visit www.steveandalex.org.
