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.
“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.
