Psychedelics-based biotechnology company focused on clinical development of psychedelics and analogues Psilera Inc. announced having fetched $2.5 million from a non-brokered series of seed preferred financing round.
The company says this financing round was oversubscribed and it was led by Iter Investments, Baird Inc. and JLS Fund, What If Ventures and Receptors. The company’s board of directors and founders were also among those who led the financing round.
This financing round was executed through issuance of 4.3 million shares of series preferred shares with each share going for $0.57, this translated to proceeds of $2.5 million for the company.
The company’s founder and CEO, Dr. Chris Witowski, says they will be using the proceeds to employ key scientific and clinical personnel and to expand its research activities.
“This capital will help us expand our team and fulfill our research targets as we innovate the next generation of mental health therapies. We remain patient-focused in our approach and are excited to transition into the clinic to gather safety and tolerability data from our extended-release DMT patch while continuing to strengthen our robust IP portfolio,” said the CEO.