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Beckley Psytech: €68m for psychedelic meds

UK-based start-up Beckley Psytech has completed an upsized Series B financing, raising €68m (US$80m). Proceeds will go towards the company’s pipeline of psychedelic compounds dedicated to addressing neurological and psychiatric disorders.

Beckley Psytech announced that the Series B financing was initially set at US$50m and was upsized to US$80m due to overwhelming interest from investors. The financing round was led by healthcare focused VC Integrated. The investor consortium also includes Prime Movers Labs, which funds breakthrough scientific startups; Adage Capital Management LP, a Boston based institutional investor; Palo Santo; Delphi VC; Leafy Tunnel; Negev Capital; and existing investor Bicycle Day Ventures..

Beckley Psytech will use the proceeds to complete the ongoing Phase 1b trial with low-dose psilocybin in patients suffering from SUNHA, a rare and debilitating headache condition estimated to affect 45,000 people in the US and Europe, and to initiate 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. The funding will also support the expansion of the company’s pipeline with new, unique and proprietary psychedelic compounds.

“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,” said Cosmo Feilding Mellen, co-founder and CEO of Beckley Psytech. “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.”

Beckley Psytech was co-founded by Feilding Mellen and world-renowned leader in psychedelic research Lady Amanda Feilding in 2019.