Beckley Psytech, a psychedelic medicine company, has raised £14m of new equity funding to develop psychedelic drugs into licensed pharmaceutical medicines for treating psychiatric and neurological diseases.
New investors includee Noetic Psychedelic Fund LP, a leading venture fund specialising in the psychedelic ecosystem, and Bail Capital, a private equity firm and prominent early investor in the emerging psychedelic industry.
They join existing investors Jim Mellon, who is a British entrepreneur, and Richard Reed, co-founder of Innocent Drinks, in the round.
This investment, which follows on from the £3m 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.
Cosmo Feilding Mellen, co-founder and CEO, Beckley Psytech, comments: “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.”