This week’s Psychedelic Groundbreaker is MycroDose Therapeutics. Mycrodose Therapeutics is a pharmaceutical company specialized in the development of advanced drug delivery systems utilizing psychedelic APIs to treat mental health and cognitive degenerative diseases.
What’s this article series about? Psychedelic Groundbreakers is a get-to-know-you-style blog series highlighting prominent and groundbreaking companies in the psychedelics industry.
What’s your company vision?
Mycrodose Therapeutics has a vision of improving the fight against the mental health pandemic that impacts all ages, all ethnicities, all genders, and spans the entire globe. It is our mission to develop cutting-edge technologies and novel IP in order to bring more happiness, love, connection, and understanding to those suffering.
Why was your company started?
Mycrodose Therapeutics started from a deep personal need to find better solutions for treating mental health. Each of the founders have personal stories of how mental illness has impacted themselves or their loved ones in significant ways.
What’s been the biggest challenge so far?
We know challenges will come as we continue to expand our research, our team, our patent portfolio, and ultimately forge further down clinical trials, yet we’ve been fortunate to have amazing strategic and investment partnerships that have made these first 9 months very successful.
What excites you most?
I love the excitement of being one of a small number of companies at the forefront of this industry pushing psychedelic research, publicizing the need for better treatment of mental health, and creating legal reform. It’s not ok to not be ok! Mental health is a major issue in my life personally and in many others whom I know. The clinical trial results coming from the psychedelic sector thus far are very exciting.
Describe your business model in 10 words or less
Research, develop, and deploy Patentable Advanced Drug Delivery Systems for administering psychedelic compounds.
What is your biggest lesson learned when raising capital?
Protect your time and vet out the people who say they want to invest (or say they are investors) yet you don’t really know their true intentions. For us, the first 6 weeks on our seed round were spent talking to investors who were focused on our company doing an RTO for 6 months. Those investors wasted a lot of time and didn’t care about the 18-24 month growth possibilities of our company, they only care about getting a 200% or 300% return on their money in 3-6 months and getting out fast. This type of investor has a place, yet not in the early fundraising rounds.
Did you notice any type of investor differences while raising money?
We are a US Pharmaceutical Company Headquartered in California…so when we pitch US pharmaceutical investors it was completely different from the Canadian Investor who has experience with Cannabis or psychedelics investing. And VC Funds are different than individuals. Some of our best individual investors are Silicone Valley Tech Entrepreneurs who microdose and use psychedelics.
What tips would you give founders entering fundraising?
Create a simple deck for non-sophisticated investors and a much more detailed deck for advanced investors – we only had one deck and when it landed with an audience it was magical, yet when it didn’t it just confused them.
We’d like to thank Mycrodose Therapeutics for being a part of the Psychedelic Groundbreakers series. Stay tuned for weekly profiles on leaders in the psychedelic industry, and check out the Psychedelic Directory to learn more about Mycrodose Therapeutics.
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