Biotechnology company specializing on using psychoactive natural medicines to treat mental illnesses and disorders Psilera Inc. is set to receive $2.5 million from its investors led by a Florida based venture capital firm, Iter Investment to help with its research activities in the mental health space.
The company is currently researching on the healing properties of magic mushrooms and if they can treat mental illnesses hence this financing will come very handy in the research. Researchers at the company are studying on psychedelics compounds which may trigger hallucinations and intensified feelings.
“Current treatments for those illnesses aren’t very effective. Psychedelics haven’t been explored as an option since the 1970s. We now have the tools to see how the drugs function in the brain, and analyze if they’re actually working,” said the company’s CEO, Chris Witowski.
In recent times , Psilera has been shifting its focus to developing delivery systems for getting psychoactive compounds into patients. The research team is in the process of developing a nasal gel which will replace the use of needles. “Who wants a needle in their arm when they’re hallucinating?” asked the CEO.