Freedom Biosciences Emerges from Stealth with $10.5 Million Seed Financing to Develop Next-Generation Ketamine and Psychedelic-based Mental Health Treatments


Ryan Allway

August 23rd, 2022

Psychedelics, Top News


Based on over 20 years of pioneering Yale University research, clinical development currently underway to create and develop viable and efficacious treatment alternatives for patients with major depressive disorder by leveraging the known pharmacology of ketamine and psychedelic-based therapeutics

 

SAN FRANCISCO, August 23, 2022–(BUSINESS WIRE)–Freedom Biosciences, a clinical-stage biotechnology platform developing next-generation viable and efficacious ketamine and psychedelic therapeutics, today emerged from stealth with $10.5 million in seed financing. MBX Capital led the round and was joined by PsyMed Ventures, Village Global and The Yale Startup, among others. The new financing will help the company advance its current lead ketamine program as well as further multiple additional exploratory programs.

 

Freedom Biosciences was co-founded in April 2021 by Dr. John Krystal, Chair of the Department of Psychiatry at Yale University, and Dina Burkitbayeva, co-founder of PsyMed Ventures and one of the first investors in the psychedelic therapeutics space. Burkitbayeva now serves as Freedom Bioscience’s CEO, while Dr. Krystal serves as its Chief Scientific Advisor. Dr. Krystal is best known for the discovery of the rapid antidepressant effects of ketamine in patients in the 1990s, which directly led to FDA approval of Janssen’s Spravato Esketamine spray in 2019 for Treatment-Resistant Depression and Major Depressive Disorder with Acute Suicidal Ideation or Behavior.

 

“With the global mental health crisis on the rise, there’s great curiosity and hope about psychedelics and a recognition that we need new therapeutic tools,” explained CEO Dina Burkitbayeva. “While ketamine has been proven as a successful treatment for depression in patients that do not respond to traditional SSRIs and other prescription medication, current first-generation commercial ketamine treatment options are falling short due to cost, access and burdensome time requirements. John and I founded Freedom Biosciences to help—our mission is simple: to create and develop viable and efficacious treatment alternatives for millions of patients suffering from some of the most debilitating mental health issues. Everyone deserves to lead fulfilling lives, and I’m hopeful that our therapeutics can help make that a reality.”

 

The leadership team’s extensive experience developing and bringing advanced clinical treatments to market, as well as history of working with and studying antidepressants and novel treatments for psychiatric disorders at Yale University, have helped Freedom Biosciences develop FREE001, its ketamine-specific program. Program FREE001 is a ketamine treatment that’s been demonstrated in clinical trials to have more durable effects than ketamine. A Phase 2 investigational study showed that the combination provided 14 days of antidepressant effects, 2 to 3 times longer than the usual 2-7 days of effects from ketamine alone. This extended efficacy has extremely promising implications for the treatment’s accessibility for patients who are unable to make frequent visits to a clinic.

 

“We believe Freedom Biosciences’ team is the most knowledgeable group there is when it comes to ketamine’s potent antidepressant potential,” said Gurdane Bhutani, Managing Partner of MBX Capital. “We believe Freedom’s uniquely practical approach to drug development, which leverages a wide body of existing clinical evidence, is the best strategy to get safe, highly effective new medicines to patients as quickly as possible to tackle the enormous burden of depression on our society.”

 

Key members of the Freedom Biosciences team also include Robert Berman, M.D., who serves as the Head of the Scientific Advisory Board and Senior Medical Advisor. Dr. Berman first discovered the rapid antidepressant effects of ketamine in humans alongside Dr. Krystal at Yale University. He was the co-founder and inaugural Chief Medical Officer for Biohaven Pharmaceuticals (NYSE:BHVN), now a commercial-stage biopharmaceutical company focused on treating neurological diseases, which was acquired by Pfizer. Inaugural members of Freedom Biosciences Scientific and Strategic Advisory Board also include:

  • Dr. Zubin Bhagwagar, Global Program Lead at RallyBio with 25+ years of academic and industry experience in biopharma
  • Dr. Robin Carhart-Harris, founder of the Center for Psychedelic Research at Imperial College London, has designed human brain imaging studies with LSD, psilocybin, MDMA and DMT, and clinical trials of psilocybin therapy for severe mental illnesses
  • Dr. Victoria Hale, former Chair of the Board of Directors at Multidisciplinary Association for Psychedelic Studies (MAPS) and co-founder and former CEO of Medicines360
  • Dr. Alex Kwan, Associate Professor in the Meinig School of Biomedical Engineering at Cornell University
  • Dr. Tom Laughren, former Division Director for the Division of Psychiatry Products, Center for Drug Evaluation and Research at FDA
  • Dr. Kurt Rasmussen, Chief Scientific Officer at Delix Therapeutics and former Head of Division of Therapeutics & Medical Consequences at National Institute on Drug Abuse (NIDA)
  • Dr. Gerard Sanacora, Director of Yale Depression Research Program and Co-Director of Yale New Haven Hospital Intervention Psychiatry Service

For more information, visit: www.freedombio.co

 

About Freedom Biosciences

Freedom Biosciences is a clinical-stage biotechnology platform developing next-generation viable and efficacious ketamine and psychedelic therapeutics. The company was co-founded by Dr. John Krystal, Chair of the Department of Psychiatry at Yale University, and Dina Burkitbayeva, founder of PsyMed Ventures, alongside Hunter Bouchard and Morgan Springer. Freedom Biosciences launched from stealth in 2022 and is backed by MBX Capital, Village Global and PsyMed Ventures, among others. To learn more, visit: www.freedombio.co

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220823005203/en/

 

Contacts

Media:
Freedom Biosciences
Cathy Corwin/Quarter Horse PR
[email protected]

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

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.


Network Partners

Follow Us on Social Media

About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.

Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer

loading