Field Trip Secures $76M For Psychedelics Clinics, Drug Development

Field Trip Health FTRPF announced Wednesday the closing of a CA$95 million ($76.5 million) offering.

The raise is one of the largest in the sector’s history, and puts Field Trip’s cash on hand at roughly CA$113.7 million ($91.5 million). 

Proceeds are expected to be used to expand the company's psychedelics-assisted psychotherapy clinics across North America, and the development of Field Trip’s lead drug candidate, FT-104. 

Chairman Ronan Levy told Benzinga that Field Trip expects to open over 75 clinics by 2024. 

Preclinical studies have shown that FT-104 has similarities with natural psychedelic compounds like psilocybin and DMT, however the novel compound has yet to go through clinical trials. 

The Offering: Field Trip printed 14,661,499 new common shares at a price of C$6.50 per share in a bought deal short form prospectus offering led by Soleus Capital with additional participation from Avidity Partners, Sphera Funds, Pura Vida Investments, Jennison Associates and other investors. 

“We believe Field Trip is positioned to establish itself as a global leader in the delivery and development of psychedelic therapies for depression and other mental health indications with high unmet need,” said Guy Levy, Chief Investment Officer of Soleus Capital Management. 

Field Trip CEO Joseph del Moral called it “a powerful validation of what we are building at Field Trip,” and said that completing this equity financing is an important milestone as they work to build the company into “a household name.”

Image by fernando zhiminaicela from Pixabay