Beckley Psytech Reaches $100M Financing To Study 5-MeO-DMT, Psilocybin And Other Psychedelics

Beckley Psytech, an Oxford-based psychedelics research company, announced the closing of a £58 million ($80 million) Series B raise, which will be used to further finance the company’s psilocybin and 5-MeO-DMT research into neuropsychiatric disorders.

The financing was upsized from an initial offering of $50 million and oversubscribed. This round adds to an additional $24 million raised by the company in 2020, putting its financing north of $100 million.

“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," said Cosmo Feilding Mellen, CEO of Beckley Psytech.

The money will be used to complete an ongoing Phase 1b trial which is studying the application of low-dose psilocybin in patients suffering from SUNHA, a rare and debilitating headache condition that affects over 45,000 people in the US and Europe.

Additionally, proceeds will finance the launch of a Phase 1 clinical study on a novel formulation of intranasal 5-MeO-DMT, which the company plans to push into a Phase 2 trial, studying the formulation in patients with treatment resistant depression. 

“The funding will also support the expansion of the company’s pipeline with new, unique and proprietary psychedelic compounds,” according to a press release.

Photo by Johny Georgiadis on Unsplash

Posted In: CannabisMarketsBeckley PsytechPsychedelics


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