Press Release: Beckley Psytech completes oversubscribed $80m (£58m) fundraise to develop portfolio of psychedelic medicine breakthroughs

CANNANNEW REPORT

Upsized and oversubscribed Series B financing brings healthcare and science focused venture capital Aims to support acceleration of clinical development of low-dose psilocybin in SUNHA and 5MeO-DMT in other neuro-psychiatric indications August 15, 2021 07:01 PM Eastern Daylight Time OXFORD, England–(BUSINESS WIRE)–Beckley Psytech, a private company dedicated to addressing neurological and psychiatric disorders through the novel application of psychedelic medicines, today announced it has successfully completed an oversubscribed Series B financing, raising $80m (£58m) from venture capital (VC) investors to fund its promising research programmes. The Series B financing was initially set at $50m and was upsized to $80m due to overwhelming interest from investors to support Beckley Psytech in broadening and accelerating the clinical development of its innovative research pipeline. Beckley Psytech will use the proceeds to complete the ongoing Phase 1b trial with low-dose psilocybin in patients suffering from SUNHA, a rare and debilitating headache condition estimated to affect 45,000 people in the US and Europe, and to initiate a Phase 1 dose-ranging study on a novel formulation of intranasal 5-MeO-DMT before starting a Phase 2 trial in Treatment Resistant Depression. The funding will also support the expansion of the company’s pipeline with new, unique and proprietary psychedelic compounds. The financing round is led by Integrated, a healthcare focused VC which partners with companies and entrepreneurs that are transforming the health and well-being of communities around the globe. The science-focused investor consortium includes Prime Movers Labs, which funds breakthrough scientific startups; Adage Capital Management LP, a Boston based institutional investor; Palo Santo; Delphi VC; Leafy Tunnel; Negev Capital; and existing investor Bicycle Day Ventures. Cosmo Feilding Mellen, CEO of Beckley Psytech, said: “My life’s passion has been to unlock the therapeutic potential of psychedelics as I believe these compounds could help millions of people around the world. The progress Beckley Psytech has made in attracting…

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Source : Press Release: Beckley Psytech completes oversubscribed m (£58m) fundraise to develop portfolio of psychedelic medicine breakthroughs

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