A decade after its creation as a wholly owned subsidiary of Multidisciplinary Association for Psychedelic Studies (PLANS), MAPS Public Benefit Corporation has secured more than $100 million in a private sale of Series A shares. The funds will support the final stages of its application for regulatory approval to sell MDMA, also known under the name ecstasy, as a pharmaceutical product. treatment of post-traumatic stress disorder (PTSD).
MAPS has incubated the only psychedelic-assisted therapy research program that has successfully completed two Phase 3 studies and submitted a New Drug Application to the FDA.
In addition to Series A funding, led by Helena — the foundation funded by the hedge fund manager Joe Samberg — the organization will change its name to Lykos Therapeutics.
“We are deeply grateful to partner with Protik Basu and the rest of the Helena team of mission-aligned investors who understand our priority to the public good and care deeply about humanitarian causes. » Rick Doblin, Ph.D.founder and president of MAPS said in a company press release Friday. “Together we can deliver on our commitment to the trial participants, therapists, scientists, other partners and collaborators, and donors who, for nearly four decades, have dedicated themselves to the search for new experimental therapies for the PTSD, in the public interest.
Read also: Researchers and psychedelics industry leaders weigh in on groundbreaking PTSD treatment news
Doblin added that in partnership with Helena, Lykos will transform from a research-focused nonprofit to a public benefit corporation with mission-aligned investors focused on FDA approval and insurance coverage for MDMA-assisted therapy for PTSD patients.
The investment comes amid a surge of interest in psychedelic treatments for various mental illnesses that have proven difficult to treat with traditional medications. Several other companies are vying to be the first to bring these new therapies to market.
Atai Life Sciences ATAI recently announced a An investment of 50 million dollars at Beckley Psytech, a UK-based company developing a fast-acting psychedelic drug for depression. In the same way, Small pharmacy DMTTFanother British manufacturer of fast-acting psychedelics, has been acquired by a Canadian clinical-stage biotechnology company Cybin Inc. CEBN in an all-stock transaction last August.
Compass Ways CMPSanother major player in the field, raised up to $285 million through a sale of shares and warrants to hedge fund managers like TCG Crossover Management and Citadel Advisors. This capital will allow Compass to conduct clinical trials of psilocybin, the active ingredient in magic mushrooms, to treat depression until the end of 2025. Atai also has a partial stake in Compass Pathways.
Despite high hopes surrounding psychedelics’ potential to help millions of patients, developers face the hurdle of the lengthy and costly regulatory approval process. This challenge often forces startups to sell their shares at a time when biopharma valuations are typically low.
I loved you better than you would ever be able to express here. The picture is beautiful, and your wording is elegant; nonetheless, you read it in a short amount of time. I believe that you ought to give it another shot in the near future. If you make sure that this trek is safe, I will most likely try to do that again and again.