Beckley Psytech Strengthens Pipeline and Development Team With Acquisition of Eleusis Therapeutics Limited

• All equity acquisition adds short-acting psilocin candidate for broad range of indications to Beckley Psytech’s portfolio of psychedelic assets
• Expanded clinical pipeline will deliver multiple value inflection points over next 18 months
• Phase 1 single ascending dose study of ELE-101 to initiate before the end of 2022
• Lead 5-MeO-DMT formulation BPL-003 selected for upcoming Phase 2 studies in depression

October 24, 2022 02:00 AM Eastern Daylight Time

OXFORD, England–(BUSINESS WIRE)–Beckley Psytech Limited, a private company dedicated to addressing neurological and psychiatric disorders through the novel application of psychedelic medicines, today announced that it has entered into a definitive agreement to acquire clinical-stage life science company, Eleusis Therapeutics Limited (“Eleusis”), in an all equity transaction.

Under the terms of the agreement, which has been approved by shareholders, Beckley Psytech has acquired 100% of Eleusis, receiving full developmental and commercial rights for the company’s assets which will further enhance Beckley Psytech’s innovative and differentiated pipeline of psychedelic compounds. Eleusis CEO Shlomi Raz will be appointed Chief Business Officer of Beckley Psytech, and the Eleusis research and development team will be integrated into Beckley Psytech with immediate effect.

The acquisition adds ELE-101, a next-generation, short-duration psychedelic ready for Phase 1 clinical trials, to Beckley Psytech’s pipeline. ELE-101 is an intravenous (IV) formulation of psilocin, the active metabolite of psilocybin. This proprietary formulation of psilocin has the potential to deliver a more consistent and controllable response in patients, with a rapid onset, significantly shorter treatment duration and less variability compared to oral formulations of psilocybin. ELE-101 has US patents granted for composition of matter and is highly complementary to Beckley Psytech’s strategic focus on developing short-duration psychedelic therapies. Beckley Psytech aims to initiate a Phase 1 single ascending dose study of ELE-101 in healthy volunteers before the end of 2022, with a proof-of-concept Phase 2a clinical study in patients with depression following soon after.

In addition, the acquisition provides Beckley Psytech with access to a library of novel psychedelic compounds which the company will add to their pipeline of differentiated NCEs for use in psychiatry and beyond.

In further news, Beckley Psytech can announce that it has selected BPL-003 as its lead candidate for its upcoming MHRA-approved Phase 2 studies in depression and alcohol use disorder in combination with psychotherapy. BPL-003, a patented intranasal benzoate formulation of 5-MeO-DMT, has thus far demonstrated good tolerability and favourable pharmacokinetics in an ongoing randomised, single ascending dose Phase 1 study.

Following a comprehensive examination of Beckley Psytech’s strategy and portfolio, the team has also taken the decision to discontinue its clinical programme evaluating oral psilocybin for the treatment of Short-lasting Unilateral Neuralgiform Headache Attacks (SUNHA). Beckley Psytech will continue the analysis of existing data from the Phase 1b clinical study and apply the learnings from this programme to current and future pipeline candidates. This decision will allow the Company to maintain the efficient use of resources and prioritise the most promising clinical assets in its portfolio, which, with the addition of ELE-101, now includes two patent-protected, clinical-stage, short-acting psychedelic compounds.

Cosmo Feilding Mellen, CEO of Beckley Psytech, said: “This is a hugely exciting acquisition for Beckley Psytech, and we are delighted to add Eleusis’ innovative products to our portfolio of differentiated clinical assets. Our highly focused pipeline, now strengthened with a Phase 1 ready, next generation, short-acting psychedelic, will deliver multiple value inflection points over the next 18 months. We are also very pleased to welcome the Eleusis team to Beckley Psytech and we look forward to benefiting from their exceptional knowledge and experience. With a cash runway for operations extending into 2025, this acquisition reinforces Beckley Psytech’s position as a market leader in the development of psychedelic therapies.”

Shlomi Raz, CEO and founder of Eleusis, said: “Beckley have been pioneers in psychedelic science for more than two decades and we are excited to become a part of that story through this transaction. We believe Eleusis represents an excellent acquisition for Beckley Psytech given our shared commitment to developing psychedelic drug therapies for patients in urgent need of new treatment options. I am thrilled to be joining the leadership team at Beckley Psytech as we look to develop meaningful, practical and cost-effective solutions and treatments to these devastating conditions.”

About ELE-101

ELE-101 is a prodrug, intravenous formulation of psilocybin’s active metabolite, psilocin. Oral psilocybin is being evaluated for the treatment of a variety of neurological and psychiatric conditions, however clinical studies to date have observed limitations to the treatment including the long duration of action and patient variability in response. By stabilising the active metabolite of psilocybin, psilocin, into an intravenous formulation, ELE-101 could potentially reduce the variability in patient response and significantly shorten the treatment duration.

About BPL-003

BPL-003 is a proprietary intranasal formulation of 5-methoxy-N,N-dimethyltryptamine (5-MeO-DMT) benzoate, a psychoactive compound which binds to a variety of receptors within the brain pertaining to serotonin. 5-MeO-DMT is a psychedelic substance which occurs naturally in a number of plant species, as well as in the Sonoran Desert toad, studies have indicated that the compound is associated with improvements in mood, anxiety, reduced stress, increased life satisfaction and mindfulness. 5-MeO-DMT has been reported to produce mystical experiences with comparative intensity as seen with high doses of psilocybin but has a significantly shorter duration of effect.

Beckley Psytech – www.beckleypsytech.com

Beckley Psytech is a clinical stage privately held company dedicated to helping patients suffering from neurological and psychiatric disorders by developing a broad pipeline of psychedelic compounds in rare and more common diseases. Our vision is for clinically validated psychedelic medicines to be integrated into modern medical practice in order to help patients with high unmet medical need around the world suffering with treatment resistant depression, and other profoundly debilitating neurological conditions. Beckley Psytech was founded in 2019 leveraging some of the expertise developed over more than 20 years by the Beckley Foundation, an independent non-profit and world leader in psychedelic medicine research, and is based out of Oxford, United Kingdom.

Eleusis Therapeutics Limited – www.eleusisltd.com

Founded in 2013, Eleusis is a clinical-stage life science company that aims to unlock the therapeutic potential of psychedelics, guided by science and enabled by drug discovery, clinical development and care delivery design. The company’s comprehensive discovery, development and delivery capabilities enable it to target a broad spectrum of unmet needs within psychiatry, and beyond psychiatry.