The news just keeps on coming. Amidst the barrage of uplists and new companies going public, we also have private firms doing impressive work and setting themselves up as future players to be reckoned with.
Beckley Psytech, a private company “dedicated to addressing neurological and psychiatric disorders through the novel application of psychedelic medicines”, has just announced the successful completion of an oversubscribed Series B financing, raising $80 million from venture capital (VC) investors. The Series B financing was initially set at $50m and was upsized to $80m due to overwhelming interest.
For a bit more information on who Beckley is, we’ll quote from the company website:
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 needs around the world, suffering from Short-lasting unilateral neuralgiform headache attacks (SUNHA), treatment-resistant depression, and other profoundly debilitating conditions.
Beckley Psytech was founded in 2019 leveraging some of the expertise developed over more than 20 years by the Beckley Foundation, a world leader in psychedelic medicine research, and is based out of Oxford, United Kingdom.
According to the press release, Beckley Psytech will use the new funds to complete its ongoing Phase 1b trial (low-dose psilocybin for patients suffering from a rare headache condition). They are also planning to initiate a Phase 1 study on a novel intranasal form of 5-MeO-DMT—with the goal of starting a Phase 2 trial for Treatment Resistant Depression.
The funding will also be used to expand the company’s pipeline of 3rd generation products (new and novel proprietary psychedelic compounds).
Note: Co-founder Amanda Fielding set up the Beckley Foundation in 1998, a non-profit NGO focused on drug policy reform and research into psychedelic medicines. The foundation has gone on to become one of the world’s biggest advocates for psychedelics, with Amanda Fielding co-authoring over 50 peer-reviewed scientific publications.
Interesting work from a company with a long history in the psychedelic community. We’re reaching out to Beckley for comments and details. Stay tuned to Microdose for more.