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Beckley Psytech raises £58m for psychedelic medicine breakthroughs

Founded by psychedelic pioneer, Amanda Feilding, Beckley PsyTech has raised the funds which will support the research of low-dose psilocybin in patients suffering from SUNHA.

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Beckley Psytech raises £58m for psychedelic medicine breakthroughs

Beckley Psytech has raised £58m from investors and supporters in an oversubscribed Series B financing round.

Dedicated to addressing neurological and psychiatric disorders through the novel application of psychedelic medicines, Beckley Psytech, raised $80m (£58m), which will help broaden and accelerate the clinical development of its innovative research pipeline.

Supporting psychedelic research

The proceeds will support the completion of Beckley Psytech’s ongoing Phase 1b trial with low-dose psilocybin in patients suffering from Short-lasting unilateral neuralgiform headache attacks (SUNHA), a rare and debilitating headache condition estimated to affect 45,000 people in the US and Europe. It will also go towards initiating 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. 

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 exceptional talent to the team and advancing our ambitious clinical development programmes over the past two years has been tremendously exciting. 

“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.”

The funding will also support the expansion of the company’s pipeline with new, unique and proprietary psychedelic compounds.

Jay Newmark, general partner of Integrated, a healthcare-focused VC which led the financing round, commented: “Cosmo and his dedicated team at Beckley Psytech have created an exceptional research and development platform. 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. 

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“We deeply appreciate our value alignment with this team and eagerly anticipate their progress in improving access to these medicines.”

The science-focused investor consortium includes Prime Movers Labs, Adage Capital Management LP, Delphi VC, Leafy Tunnel, Negev Capital and Bicycle Day Ventures.

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Research

Psilocybin versus escitalopram for depression shows positive results

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Compass Pathways launches Phase 3 psilocybin trial in UK

A six-month follow-up study of a Phase 2 clinical trial investigating psilocybin versus escitalopram for the treatment of major depressive disorder has shown positive results.

Around 30% of people living with depression in the UK are resistant to current treatments, highlighting an urgent need for new therapies. As the researchers of this study highlight, even for patients who have had their depression successfully treated, there is a high risk of relapse, with one in three patients relapsing within the year.

Equally, SSRI treatments often include side effects such as sexual dysfunction, weight gain, fatigue, and emotional blunting.

The authors note that a key consideration of any treatment of major depressive disorder “is its capacity to produce sustained antidepressant response or remission.”

Mounting evidence is increasingly pointing to psilocybin-assisted therapy as an innovative new treatment for the condition, with clinical trials showing that the therapy is capable of producing rapid and long-lasting antidepressant effects.

However, while clinical trials have investigated the treatment itself, they have not compared the treatment to the current gold standard in depression medications or looked at the long-term effects of the treatment.

This Phase 2 trial is the first to compare the long-term antidepressant effects of these two treatments alongside mental health measures including work and social functioning, connectedness, and meaning in life. 

In the trial, patients with major depressive disorder recruited from a UK hospital were administered either two doses of 25mg of psilocybin along with psychological support, or a six-week course of the selective serotonin reuptake inhibitor (SSRI) escitalopram in combination with psychological support.

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The findings, published in eClinicalMedicine, revealed that both administered treatments saw sustained improvements in depressive symptoms, however, patients who were administered psilocybin-assisted psychotherapy saw greater lasting improvements. 

These improvements included psychosocial functioning, meaning in life, and psychological connectedness.

Dr James Rucker, Consultant Psychiatrist & Senior Clinical Lecturer in Psychopharmacology, Institute of Psychiatry, Psychology & Neuroscience, King’s College London, said: “The authors have tended to attribute differences observed in this study to comparative differences between the drugs themselves, however, it is also possible that the results reflect biased reporting between groups. 

“This is more likely here because A) studies involving psilocybin tend to attract those with positive preconceptions about psilocybin and negative preconceptions about conventional antidepressants, and B) study participants were unblinded during the long-term follow-up phase that is reported in the paper, so knew which condition they were allocated to.

“This said, the nature of depression varies hugely between individuals, and this calls for the development of a similarly varied suite of treatment paradigms. Psilocybin therapy is certainly a different paradigm of treatment to escitalopram. 

“The observation of similar levels of effectiveness to antidepressants here is encouraging to see alongside the much larger trials of psilocybin currently underway here in the UK, Europe and the US.”

The authors write: “Key limitations of the study include its suboptimal power to detect small but meaningful differences between treatments, missing data, the potential use of additional interventions during the follow-up period, and reliance on self-reported treatment assessments. 

“These factors may affect the interpretation of the study findings and should be considered when evaluating the results.”

See also  Psychedelic-assisted psychotherapy may help treat alcohol addiction

With these considerations in mind, the researchers suggest that the findings warrant further investigation into psilocybin-assisted psychotherapy for the treatment of depression.

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Research

Shortwave Life Sciences psilocybin drug shows positive results in anorexia trial

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Shortwave Life Sciences psilocybin drug positive results anorexia trial

Shortwave Life Sciences has announced it has achieved a significant breakthrough in its ambitions to transform eating disorder care with positive pre-clinical results from its latest pharmacodynamics study, demonstrating the safety of its psilocybin-based drug combination for the treatment of anorexia nervosa.

Anorexia nervosa has one of the highest fatality rates. The condition is a complex mental health condition as well as a metabolic disease, yet no FDA-approved pharmacological treatments are currently available for the condition.

Shortwave Life Sciences in collaboration with Science in Action, an expert pre-clinical GLP-certified lab in Israel, has now tested the safety of buccal administration of Shortwave’s combination drug comprised of psilocybin and a beta-carboline.

The company says this novel treatment provides an expanded mechanism of action and a therapeutic effect superior to psilocybin alone, impacting more than one group of receptors in the brain.

For the study, three groups of rats were given varying doses of the combination drug (0.23ml, 0.5ml, and 1ml), with results showing no adverse effects, weight changes, or behavioural changes following the psychedelic effects.

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“This is a monumental step forward for Shortwave. Our relentless pursuit of breakthrough mental health treatments comes with the responsibility of ensuring safety at every stage,” commented Shortwave Life Sciences CEO Rivki Stern Youdkevich.

“We are proud of the positive outcomes from this rigorous pre-clinical trial, further validating our patent-pending drug combination and buccal delivery system.

“With this success, we are reaffirmed in our approach to addressing the global mental health crisis.”

In the pre-clinical pharmacodynamics study, all subjects remained healthy and unaffected during the trial, which Shortwave has stated marks a strong foundation for future clinical development.

Furthermore, no adverse events or vital sign changes were reported across all groups, and the results confirmed the safety profile for the psilocybin-based combination drug at elevated doses.

This achievement comes on the heels of the International PCT Examining Committee’s recent acknowledgment of Shortwave’s patent claims for its novel, non-obvious, and industrially applicable mucoadhesive buccal film.

Designed for rapid absorption and bypassing liver and gut degradation, the platform holds transformative potential for patients facing metabolic and psychiatric challenges. This method of administration is designed to be sensitive to patient needs, who may not want to swallow the medicine, and also provides higher bioavailability.

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Markets & Industry

UK’s first trade association for psychedelics launches

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UK’s first trade association for psychedelics launches

The UK’s first trade association for psychedelics – Psychedelic Industry UK (PsyIndyUK) – has launched today, 18 September, to represent the country’s growing psychedelic medicine sector.

PsyIndUK has launched to encourage collaboration and knowledge sharing across the psychedelics industry, as well as representing the sector with policymakers and regulators.

2024 has been a turbulent year for the development of psychedelic medicines, with some unexpected setbacks and overpromising. To counter this, a shared mission of PsyIndUK is to build the future of psychedelic medicine in the UK in a sustainable, evidence-based, and equitable way.

The team leading the trade association has decades of experience in undertaking scientific research, raising capital, running organisations, and political and regulatory engagement.

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Led by psychedelics regulatory expert James Bunn, the PsyIndUK team also includes chair Dr Rayyan Zafar of Imperial College, and advisors Lucas McHugh and Mike Morgan-Giles.

Psychedelic Industry UK CEO James Bunn commented: “We’re proud to announce the launch of Psychedelic Industry UK. Now is the right time for this nascent industry to come together and collaborate to drive progress.

“Psychedelic Industry UK is delighted to welcome a range of leading players in the UK industry as founding members, with others expected to join in the coming period.”

PsyIndUK will take a holistic approach to psychedelic medicines, but will focus primarily on psilocybin, LSD, mescaline, DMT, MDMA, and ketamine.

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Psychedelic Industry UK Chair Dr Rayyan Zafar added: “The psychedelic industry is expanding at a rapid pace, with notable progress with clinical trials and a growing recognition among the medical and wellness community.

“PsyIndUK is committed to rigorous scientific and medical research to guide therapeutic delivery, professional training for healthcare providers, and regulations to protect patient safety. We look forward to working across the sector to achieve this.”

The founding members of PsyIndUK are as follows:

  • Heroic Hearts
  • Onaya
  • Psilonautica
  • PsyAware
  • Psych
  • Psychedelic Health
  • PsyEdu
  • Shortwave Life Sciences
  • Volteface

Membership of PsyIndUK is open to companies and groups across the UK’s psychedelics space. Members will receive a range of benefits and services, including working groups, events, and advocacy. To find out more, please visit www.psyind.uk

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Psychedelic Health is a journalist-led news site. Any views expressed by interviewees or commentators do not reflect our own. We do not provide medical advice or promote the personal use of psychedelic compounds. Please seek professional medical advice if you are concerned about any of the issues raised.

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