As the medical community begins to set the stage for standardizing psychedelic treatments, Cybin Inc. (NEO:CYBN) (NYSE:CYBN) has begun development of a streamlined, scalable version of its Embark Training Program.
Cybin originally launched the Embark psychedelic facilitator training program in October 2021, but it is now getting new life following the recent move by the American Medical Association’s to establish codes for treatment.
Last week, Green Market Report wrote about The AMA’s new set of codes for psychedelic medication therapy. This is an important step in securing insurance coverage for these emerging treatments and integrating psychedelic therapies into mainstream medical practices.
The new CPT Category III code, an indicator of a procedure’s medical significance and complexity, mostly pertains to continuous in-person monitoring and intervention during psychedelic medication therapy. These CPT codes, which take effect Jan. 1, 2024, establish a standardized way to identify a procedure and are intended to allow data to be collected to support broader use or a potential U.S. Food and Drug Administration (FDA) approval process.
“As we continue to enhance our Embark facilitator training programs for future pivotal studies of Cybin’s investigational psychedelic-based therapeutics, we are encouraged by the AMA’s new CPT codes, which provide a clearer path for reimbursement and open the door to potentially incorporating psychedelic therapies and support models into the broader healthcare system,” said Doug Drysdale, Chief Executive Officer of Cybin.
Cybin says that the Embark training program allows the company to effectively screen, qualify, and train facilitators on a multi-site, international level, to provide support and in-person monitoring for study participants receiving the company’s investigational therapeutics in larger pivotal trials. Cybin also offers a free online training course called Embark Open Access which could set the stage for expanding access to training resources, and may serve as a bridge for facilitators to be enrolled in future Embark training programs and potentially participate in future Cybin-sponsored clinical trials.
Last month, Cybin released its earnings for the past year with a loss of C$47.5 million. The company has no real revenue at this time and included the training program in its recent MD&A with a list of non-revenue generating programs.