I could well believe a treatment like this could work.
When people get anxious, many start hyperventilating. That leads to low CO2 levels in the blood (hypocapnia) and produces cerebral vasoconstriction and less oxygen to the brain - that will typically further increase symptoms of anxiety and may well lead to a panic attack.
These patients could also likely be treated with a cheap beta blocker - that also typically stops the anxiety spiral.
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