Field Trip Health announces closing of financing deal worth $95 million

Growth op

Toronto-based Field Trip Health Ltd., has announced it has closed a common share deal worth $95 million. The lead investor was Soleus Capital, a private equity firm based in Greenwich, Conn. Additionally, Avidity Partners, Sphera Funds, Pura Vida Investments, Jennison Associates and other healthcare-specialized institutional investors took part in the deal. “These are truly the pre-eminent biotech and pharma investors out there,” Ronan Levy, co-founder and executive chairman of Field Trip Health, told The GrowthOp . “They’re extremely sophisticated biotech investors, not just generalist investors, and they were the ones who really led the round. It’s a really forceful endorsement of all the work we’re doing at Field Trip,” Levy says. Forget taking a pill a day. Canada is using psychedelics to revolutionize the way we treat mental health and addiction Canadian healthcare professionals begin historic psilocybin therapy training program Magic mushroom therapy could help treat PTSD in Canadian military vets According to Levy, the deal will help finance the development of FT-104, which he described as an “enhanced, next-generation psychedelic.” He characterizes psilocybin, an ingredient found in magic mushrooms, as a “game-changer” for treating mental health conditions, but cites some issues in treating patients with the substance. In particular, Levy says the duration of a psilocybin experience can last up to 10 hours in a clinical setting, leading to high costs for patients as doctors and other medical staff must remain present. FT-104, he reports, is a psilocybin-like molecule that has a much shorter duration while still offering therapeutic benefits to the patient. “You’re not having to spend the entire day in a clinic or an entire night in the clinic, but potentially could have treatment in a morning or an afternoon,” he says. The duration of FT-104 is about two to three hours, according to Levy, who adds…

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