The Multidisciplinary Association for Psychedelic Studies (MAPS) has announced a $5 million grant from the Steven & Alexandra Cohen Foundation in support of the approval process of an MDMA-assisted therapy for the treatment of post-traumatic stress disorder (PTSD).

MDMA is the psychedelic compound methylenedioxymethamphetamine, commonly known as ecstasy or molly. MAPS Public Benefit Corporation, a MAPS subsidiary, plans to submit an application to the Food and Drug Administration to approve MDMA-assisted therapy later this year. If the treatment is approved, MAPS will work to integrate the approved therapy into the healthcare system.

In addition, the grant will help establish a financial assistance program for patients. According to MAPS, a high proportion of people seeking mental healthcare treatments and therapies are without insurance coverage or the means to pay for treatment.

“Millions of Americans, including our veterans and first responders, suffer from PTSD and other mental health conditions that affect their quality of life,” said Cohen Foundation president Alexandra Cohen, whose husband, Steven, is a hedge fund manager and owner of the New York Mets. “Psychedelic compounds represent a new opportunity to address these often treatment-resistant conditions and bring hope to patients.”

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