Neuroscience company focused on modern tools of pharmaceutical development to some of nature’s most ancient therapies like psychedelics Delix Therapeutics announced having raised $70 million from its latest Series A financing round.

This recently concluded financing round was led by RA Capital Management, Artis Ventures and founding investor OMX Ventures.

The company failed to release specific details about the funding round nonetheless Forbes are estimating that the financing round left the company with a $250 market valuation.

The company says it will be using proceeds from the funding round to advance its lead candidate through phase 1 clinical trials which are slated to start in 2022.

According to the company’s chief executive officer, Mark Rus, Delix Therapeutics has identified a number of potential clinical development candidates out of a list of around 1,000 novel compounds which the company claims to have discovered.

We appreciate the overwhelming support from new and early investors alike, and continue to attract top neuroscience, chemistry, and biotech talent as we pursue a unique pathway toward treating and potentially healing neuropsychiatric conditions in a new way, at scale. We’ve made tremendous progress towards developing efficacious and easily manufactured compounds that have the potential to deliver safe, fast-acting, FDA-approved treatments to help patients in need,” said the CEO.

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