'Psyched': ATAI Closes $24M Convertible Round, MindMed To Begin Trading On OTCQB, Investor Presentations Available Online

Psyched is a bi-monthly column covering the most important developments in the industry of medicinal psychedelics. We hope you follow us periodically as we report on the growth of this exciting new industry.

ATAI Life Sciences Announces Closing Of $24M Convertible Round 

On Thursday, biotech company ATAI Life Sciences announced the closing of a $24-million financing round. The company focuses on developing psychedelic and non-psychedelic solutions for mental health conditions.

ATAI raised the money through aconvertible note financing round, with venture capitalists Peter Thiel — co-founder of PayPal Holdings Inc PYPL — and Steve Jurvetson taking part in the round.

"Both Peter and Steve have been prescient in identifying paradigm shifting enterprises and we're honoured by their trust in ATAI's vision,” said Christian Angermayer, founder of ATAI.

The company also announced that Jason Camm, managing director and chief medical officer at Thiel Capital, has joined ATAI's board of directors.

Future of Psychedelics Summit 2020 To Take Place Online May 2

The Future of Psychedelics Summit 2020 will be held virtually on Saturday, May 2.

The conference is aimed at discussing the future of the industry for the next 25 years. 

The conference will cover psychedelic regulation, science, issues facing psychedelic medicine, drug development, chemistry, the role of practitioners and clinicians and the role of psychedelics in professional sports. 

Future of Psychedelics will gather researchers, clinicians, executives and experts including:

• Dr. George Greer; medical director, Heffter Research Institute
• Dr. Matthew Johnson; Professor of Psychiatry and Behavioral Sciences, Johns Hopkins
• Dr. Gideon Shapiro; ex-Novartis AG NVS; scientist at Bright Minds Biosciences  
• Morgan McDonald; psychedelics lawyer, DLA Piper 
• Paul Bissonette; retired NHL player and announcer, influencer
• Andrea Turnipseed, LCSW-S; executive director, Roots Behavioral Health

MindMed To Begin Trading On OTCQB Venture Market 

On April 17, psychedelic pharmaceutical company Mind Medicine Inc. MMED announced it will start trading on the OTCQB Venture Market under the symbol "MMEDF." This marks an upgrade from MindMed’s previous listing on the OTC Pink Open Market.

The announcement comes less than two months after the company became the first psychedelics business to receive approval to list on Canada’s NEO exchange.

Cannabis And Psychedelics Virtual Investor Conference Now Available Online

On April 20, communications agency KCSA held a Cannabis and Psychedelics Virtual Investor Conference where psychedelics companies offered live presentations to potential investors.

The companies that presented were:

• Field Trip Psychedelics Inc.
• Psybio Therapeutics, Inc.
• Eleusis Ltd.
• Back of the Yards Algae Sciences (BYAS)
• ATAI Life Sciences AG
• Fire & Flowers Holding Corp. FFLWF FAF
• 4Front Ventures Corp. FFNTF FFNT
• MariMed Inc. MRMD
• The Valens Company VLNCF VLNS
• MediPharm Labs Corp. MEDIF LABS
• Tabula Rasa Ventures

The presentations can now be accessed online at VirtualInvestorConferences.

Orthogonal Thinker Files For Patent 'Psilly,' A Proprietary Form Of Psilocybin 

Biotechnology company Orthogonal Thinker announced April 14 that it has filed an application for a proprietary psilocybin product with the United States Patent and Trademark Office. 

Psilly is different from other psilocybin products, as it consists of a proprietary formula that uses natural alkaloids rather than biosynthetic ones. 

Alex Speiser, COO of Orthogonal Thinker, said the company’s proprietary psilocybin molecule was developed to be true to the essence of psilocybin mushrooms as something that is "better," but still has the heart of the whole plant.

CEO Jason Hobson told Benzinga that the proprietary patent application for psilocybin "is a crucial step in advancing our efforts to ensure the viability of our cutting edge medicines."