In a recent move, Beckley Psytech announced that it has raised £14M equity funding. The investment comes from new investors – Noetic Psychedelic Fund LP, a leading venture fund with specialisation in the psychedelic ecosystem and Bail Capital, a private equity firm and early investor in the emerging psychedelic industry. Also, existing investors Jim Mellon and Richard Reed took part in the round. Notably, this fund comes after raising £3M in May this year.
The company will use the investment to develop psychedelic drugs into licensed pharmaceutical medicines for treating psychiatric and neurological diseases. With the fresh funds, Beckley Psytech will be able to scale up its drug development pipeline, which explores the use of synthetic 5-MeO-DMT, a unique psychedelic agent in the treatment of neuropsychiatric diseases. Currently, the company is prepping to debut the first phase of the clinical trial on 5-MeO-DMT.
Cosmo Feilding Mellen, co-founder and CEO, Beckley Psytech, said: “Our mission is to help patients in need by developing psychedelic medicines into licensed pharmaceuticals. This fundraising 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, said: “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.”
Beckley Psytech will use the investment to progress into other areas of comprehensive research programme such as the exploration of psychedelic agents that have the potential to treat orphan diseases. Also, it will focus on the discovery of new psychedelic compounds with improved clinical profiles.
With the strategic partnership with Beckley Foundation, a leading research institute that is a pioneer in psychedelic science, this company is developing a pipeline of psychedelic compounds with distinct clinical attributes for mental and neurological diseases that impact millions of people all over the world.
Founded by a renowned leader in psychedelic research Lady Amanda Feilding and CEO Cosmo Feilding Mellen in 2019, Beckley Psytech appointed an array of esteemed psychiatric and psychedelic experts to its Scientific Advisory Board. The new experts in the company include Dr Robin Carhart-Harris from Imperial College London, Prof Matthew Johnson from Johns Hopkins University, and Prof Guy Goodwin from the University of Oxford to advise on its drug development activity.
Read the full story on UK Tech
Links to other websites do not imply affiliation or endorsement. Beckley Psytech does not control and is not responsible for their content.
