Private startup company focused on helping patients suffering from neurological and psychiatric disorders by developing psychedelics medicines Beckley Psytech announced having raised $80 million from its recently concluded Series B funding round.
The company says proceeds from this financing round will be used in funding its research program involving psilocybin and research into neuropsychiatric disorders.
“As we embark on our next phase of growth, our strong syndicate of expert investors will support us in bringing much-needed innovative treatments to patients suffering from neurological and psychiatric conditions,” said the company’s CEO, Cosmo Feilding Mellen.
The company has an ongoing phase 1b trial which studying the administration of low-dose psilocybin in patients suffering from a rare and debilitating headache condition known as SUNHA.
According to research data, this condition affects over 45,000 individuals in the United States and Europe. Funds from the financing round will be used to facilitate completion of this study.
The company further says it will use the cash to support the expansion of its pipeline with new, unique and proprietary psychedelic compounds.