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Beckley Psytech raises USD 80 Mn in oversubscribed Series B funding

Beckley Psytech raises USD 80 Mn in oversubscribed Series B funding

Beckley Psytech, an Oxford-based company that develops pipeline drugs for treating psychiatric and neurological disorders, has reportedly successfully concluded an oversubscribed Series B financing round, securing around USD 80 million.

The funding was initially set to be USD 50 million and was increased to USD 80 million due to overwhelming investor interest towards broadening the clinical development of Beckley’s impressive research pipeline.

The company will use the fresh funds to complete its Phase 1b trial with low-dose psilocybin for patients suffering from SUNHA. For those unaware, this is a rare and severe type of headache that affects approximately 45,000 people in Europe and the U.S.

Further, it will commence a Phase 1 dose-ranging research on a new intranasal 5-MeO-DMT formation before beginning a Phase 2 trial for Treatment-Resistant Depression. The funding will also facilitate the expansion of the research pipeline with proprietary, unique psychedelic compounds.

Notably, the round was led by healthcare-focused venture capital company, Integrated, which partners with entrepreneurs and organizations working towards bettering the health and well-being of communities across the world.

The investor syndicate also includes Adage Capital Management LP, a Boston headquartered hedge fund firm; Prime Movers Labs, an early-stage investment company; Negev Capital; Palo Santo; Leafy Tunnel; Delphi VC; as well as existing investor Bicycle Day Ventures.

CEO of Beckley Psytech, Cosmo Feilding Mellen was quoted saying that the company has made laudable progress in attracting talent and advancing its ambitious clinical development programs over the last two years.

Mellen further added that the next phase of growth will be supported by a strong consortium of expert investors who will enable the company to provide innovative treatments for patients suffering from psychiatric and neurological disorders.

Founded in 2019 by the Beckley Foundation, the company aims to integrate clinically validated psychedelic medicines with modern medical practice to treat uncommon medical conditions. These include treatment-resistant depression, short-lasting unilateral neuralgiform headache attacks (SUNHA), and other severely debilitating conditions.

Source Credits –

https://www.businesswire.com/news/home/20210815005009/en/Beckley-Psytech-completes-oversubscribed-80m-%C2%A358m-fundraise-to-develop-portfolio-of-psychedelic-medicine-breakthroughs

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