Doug Drysdale – Cybin CEO: Transforming Mental Health Care Through Psychedelic-Based Therapies
- Doug Drysdale - Cybin CEO: Transforming Mental Health Care Through Psychedelic-Based Therapies Michael D. Levitt 21:24
Doug Drysdale
Chief Executive Officer
- An experienced Corporate Director and CEO: Doug has chaired the board of directors of a NASDAQ-listed company and, as a CEO for the past 12 years, has built and turned around three pharmaceutical companies.
- Doug has 30 years of experience in the healthcare sector. During this time, he has formed cohesive management teams, recruited board members, completed 15 corporate acquisitions across three continents, and raised $4 billion in public and private capital.
- Led the turnaround of Norwich Pharmaceuticals alongside investors and became the Founding CEO of the parent company, Alvogen Group. During his 5.5-year tenure as CEO, Alvogen grew from inception to $450 million in revenues across 35 countries.
- In early 2014, Doug led the recapitalization of NASDAQ-listed Pernix Therapeutics, raising $65 million. Within the first year of taking the helm as Chairman and CEO, Doug rebuilt the management team and board of directors, combined several operating locations, and grew the company’s enterprise value from $80 million to around $800 million. Under Doug’s leadership, Pernix raised $465 million of capital.
- From November 2017 to July 2020, Doug was the Director and CEO of Tedor Pharma, a family-owned contract manufacturing business. Doug’s efforts to turn around the industry resulted in 60% revenue Growth in 2019, leading to Tedor being recognized as one of America’s fastest-growing companies and making it to the 2020 Inc 5000 list.
- Former Head of M&A at Actavis Group, leading 15 corporate acquisitions across three continents between 2004 and 2008, including a high-profile public hostile takeover attempt in Central Eastern Europe. Over this period, Doug raised approximately $3 billion in capital and managed lending syndicates, including 25+ banks, to fund the company’s growth. Actavis was sold to Watson Pharmaceuticals in 2012 for EUR4.25 billion.
- Doug holds a bachelor’s degree in Microbial and Molecular Biology from the University of East Anglia in the U.K. and was recognized as Ernst and Young’s Entrepreneur of the Year in 2012. He is an enthusiastic traveler, having visited over 45 countries. He is also an avid reader and enjoys cooking and boating.
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Addressing Mental Health Challenges
Doug and Michael discussed the challenges and frustrations faced by patients and doctors in dealing with mental health issues, particularly clinical Depression. With his background in building drug development companies, Doug highlighted the lack of practical tools for addressing these issues. Michael expressed his interest in innovative solutions to mental health problems, given his personal experience with clinical depression. The conversation was set to be more organic and conversational, with Doug sharing more about his company and their approach to mental health.
Paradigm Shift in Drug Development
Doug expressed his belief that their work has the potential to be a paradigm shift in drug development, moving from daily treatment of symptoms to more interventional therapies that can rapidly fix conditions like depression. He highlighted the promising results from their studies, with patients experiencing benefits lasting at least a year after just a couple of doses. Michael shared his personal experience with depression and Burnout, emphasizing the importance of their work in addressing this widespread issue. He also asked Doug about his ability to anticipate future challenges and steps in the approval process for their work.
Drug Development Challenges and Success
Doug discussed the challenges and complexities of drug development, particularly in the mental health sector. He highlighted the team’s experience and success in developing treatments, with 60+ INDs and 37 exits. Doug also emphasized the personal motivation of the team members, many of whom have been affected by mental health issues. He acknowledged the regulatory hurdles and administrative complexities involved in drug development but stressed the importance of these steps in creating effective treatments. Michael added that the success of the treatments could also positively impact the revenue of psychiatrists and their practices.
Improving Mental Health Care Efficiency
Doug discussed the potential of a new treatment to improve mental health care. He highlighted that depressed patients require a lot of attention, often visiting their physicians multiple times a year for medication adjustments and dealing with side effects. He also pointed out the shortage of psychiatrists and the long wait times for new patients. Doug suggested that their treatment, which only requires dosing once or twice, could keep patients out of the system for at least a year, freeing up resources for new patients. He also mentioned the potential for interventional psychiatry centers to see more patients if the treatment reduces the required visits.
Mental Health and Metabolic Connection
Michael and Doug discussed the challenges of mental health, particularly financial Stress and depression. Michael shared his personal experience of overcoming depression with the help of medication and Therapy and expressed his excitement about the potential of innovative work in mental health. Doug emphasized the link between metabolic health and mental health, suggesting that a poor Diet can lead to reduced mental function and that mental health issues can affect an individual’s metabolic health. Both agreed on the importance of addressing mental health issues to improve overall well-being and happiness.
Phase 3 Program Progress and Strategy
Doug discussed the progress of their phase 3 program, focusing on the challenges and complexities involved, such as drug scheduling and licensing. He expressed optimism about the potential of their treatments, citing their significant effects and the absence of dosing every day in their studies. Doug also outlined their long-term strategy, which includes leveraging their phase 3 approval in depression to treat other conditions and shift from daily chronic dosing to more interventional treatments. He emphasized the potential to break the cycle of polypharmacy and create a platform for various treatments. Michael supported their work and encouraged more people to learn about their efforts.
