The UK based psychedelic drug enterprise, Beckley Psytech, announced securing £14 million funding on 23rd December 2020. The company is a spin off from the Beckley Foundation, a global pioneer of psychedelic medicine research.
Beckley Psytech, secured £3 million seed funding this year in May. It is developing a pipeline of psychedelic medicines which has a significant potential in the commercial field for addressing the present unmet clinical needs. This equity financing round was led by Bail Capital and Noetic Psychedelic Fund. The existing investors of the company include Richard Reed and Jim Mellon.
The newly raised investment will aid the medical company for its drug pipeline development particularly for the usage of 5-meo-DMT. 5-meo-DMT is a synthetic substance that can effectively treat neuropsychiatric diseases. They are preparing to start its clinical trial for the phase 1, which is a groundbreaking regulatory standard trial of the drug. The Beckley Psytech team also put their hands on exploring other psychedelic agents that can cure the rare orphan diseases that can be lucrative enough for the pharmaceutical companies.
Beckley Foundation is dedicated to help patients who are suffering from psychiatric and neurological disorders by the development of psychedelic compounds pipeline into the field psychedelic for licensed pharmaceutical medicines. The research and development platform of the enterprise is divided into three interrelated categories: the first generation, second generation and third generation psychedelic medicines. The first generation includes programming of the innovative formulas and applications for the various psychedelic agents like psilocybin. The second generation involves developing the already known but under researched agents that have potential patient and clinical access advantages. The third generation includes the designing of new chemical entities that can improve the existing psychedelics providing better cost, efficiency and clinical outcomes.
About Beckley Psytech
Beckley Psytech, originated last year by Cosmo Fielding Mellen and Lady Amanda Fielding as a spin out from the 1998 established psychedelic research enterprise Beckley Foundation. The scientific advisors board of the company has Prof Matthew Johnson (Johns Hopkins University), Prof Guy Goodwin (Oxford University) and Dr. Robin Carhart-Harris (Imperial College of London). The founders, Lady Amanda and Cosmo Fielding have a lifelong experience in psychedelic medicine. Lady Amanda has dedicated more than 50 years in exploring the psychedelics with the belief that modern science can validate, optimize and understand the real healing potential present in the psychedelic medicines.
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