Press Release: MAPS Receives $5 Million Grant from the Steven & Alexandra Cohen Foundation

MAPS and the Steven & Alexandra Cohen Foundation Partner to Support the Development of Psychedelic-Assisted Therapies

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.”