Beckley Psytech announces USD $18m raise to conduct clinical trials on psychedelic medicine pipeline
Ryan Allway
December 18th, 2020
Psychedelics
| Beckley Psytech, a psychedelic medicine company with deep ties to the historical Beckley Foundation, has raised USD $18m of new equity funding to develop psychedelic drugs into licensed pharmaceutical medicines for treating psychiatric and neurological diseases.
New investors including Noetic Psychedelic Fund LP, a leading venture fund specializing in the psychedelic ecosystem, and Bail Capital, a private equity firm and prominent early investor in the emerging psychedelic industry, are joining existing investors Jim Mellon, the visionary British entrepreneur, and Richard Reed, co-founder of Innocent Drinks, in the round.
This investment, which follows on from the $3.8m of funding raised by the company in May this year, will help Beckley Psytech scale up its drug development pipeline exploring the use of synthetic 5-MeO-DMT, a unique psychedelic agent with a short duration of action, in the treatment of neuropsychiatric diseases. The company is now making preparations to begin its Phase 1 clinical trial – a ground-breaking regulatory standard clinical trial on 5-MeO-DMT.
Beckley Psytech will also use the funding to progress other areas of its comprehensive research programme including the exploration of psychedelic agents with the potential to treat orphan diseases and the discovery of new psychedelic compounds with improved clinical profiles. Utilising its strategic partnership with the Beckley Foundation, a world-leading research institute with a 20+ year track-record of pioneering psychedelic science, the company is developing a pipeline of psychedelic compounds with distinct clinical attributes for mental and neurological diseases which impact millions of people around the world.
The new funding caps off a busy few months for Beckley Psytech, which was co-founded by world-renowned leader in psychedelic research Lady Amanda Feilding and CEO Cosmo Feilding Mellen in 2019. The company recently appointed an array of esteemed psychiatric and psychedelic experts to its Scientific Advisory Board. Respected figures including Dr Robin Carhart-Harris from Imperial College London, Prof Matthew Johnson from Johns Hopkins University, and Prof Guy Goodwin from the University of Oxford are advising on the company’s drug development activity.
Cosmo Feilding Mellen, co-founder and CEO, Beckley Psytech, says: “Our mission is to help patients in need by developing psychedelic medicines into licensed pharmaceuticals. This fundraise shows that our investors see the transformative potential of psychedelics as a new class of treatment for mental health and will enable us to accelerate our research and development programmes, as we prepare for our first clinical trial involving synthetic 5-MeO-DMT.”
James Bailey, Bail Capital, says: “Beckley is synonymous with psychedelic research. Their founders have been hugely influential in advancing this field of science for over 20 years and I am confident they will have a big impact in shaping the future of this industry, which holds so much promise for millions of people suffering from mental health disorders.”
-Ends-
For more information, please contact:
Anthony Cornwell/Max Gibson Four Communications Tel: 020 3697 4200 Email: Beckley@fourcommunications.com Notes to editors:
You can download an image of CEO Cosmo Feilding-Mellen here. Beckley Psytech Founded in 2019, Beckley Psytech is a for-profit company dedicated to helping patients suffering from neurological and psychiatric disorders by developing a pipeline of psychedelic compounds into licensed pharmaceutical medicines. Our vision, supplemented by our partnership with the Beckley Foundation, is for clinically validated psychedelic medicines to be integrated into modern medical practice in order to help patients in need around the world suffering with these profoundly debilitating conditions.
Beckley Foundation Since its creation by Amanda Feilding in 1998, the Beckley Foundation has been at the forefront of global drug policy reform and scientific research into psychoactive substances. We collaborate with leading scientific and political institutions worldwide to design and develop ground-breaking research and global policy initiatives.
The Beckley Foundation’s purpose is two-fold:
· To scientifically investigate the effects of psychoactive substances on the brain and consciousness in order to harness their potential benefits and minimise their potential harms; learn more about consciousness and brain function; and discover and explore new avenues for the treatment of illnesses.
· To achieve evidence-based changes in global drug policies in order to reduce the harms brought about by the unintended negative consequences of current drug policies; and develop improved policies based on health, harm reduction, cost-effectiveness, and human rights.
Noetic Psychedelic Fund LP The Noetic Psychedelic Fund LP is a leading venture fund investing in emerging and early-stage psychedelic-based therapeutic, wellness, pharmaceutical and technology companies around the globe. The fund’s mission is to nurture the scientific advancement of mental, emotional, psychological and physical health by investing in alternative therapies, modalities, and sciences that optimize our human experience.
Bail Capital Bail Capital is a private equity firm specialising in investment into early stage psychedelic medicine companies around the world with significant growth potential. The firm is an investor in companies in the sector such as ATAI Life Sciences and MindMed.
Max Gibson
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About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
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