Rare Daily Staff
UK-based Beckley Psytech raised $80 million (£58 million) in an oversubscribed series B financing to fund a portfolio of psychedelic medicines addressing neurological and psychiatric disorders.
The company 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 United States 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.
“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,” said Cosmo Feilding Mellen, CEO of Beckley Psytech. “As we embark on our next phase of growth, our strong syndicate of expert investors will support us in bringing much-needed innovative treatments to patients suffering from neurological and psychiatric conditions.”
VC firm Integrated led the financing round with participation by a consortium that includes Prime Movers Labs, Adage Capital Management, Palo Santo, Delphi VC, Leafy Tunnel, Negev Capital, and existing investor Bicycle Day Ventures.
“Cosmo and his dedicated team at Beckley Psytech have created an exceptional research and development platform,” said Jay Newmark, general partner of Integrated. “Their highly differentiated approach, which treats not only large indications such as depression but also rare indications such as SUNHA, is allowing accelerated access to market.”
Photo: Cosmo Feilding Mellen, CEO of Beckley Psytech