Psyched: Beckley Psytech Raises $80M, Diamond Therapeutics To Study Psilocybin Microdosing, Mydecine and Johns Hopkins Partner Up

Beckley Psytech Closes $80 Million Series B

Beckley Psytech announced the closing of a £58 million ($80 million) Series B raise, which will be used to further finance the company’s psilocybin and 5-MeO-DMT research into neuropsychiatric disorders.

The financing was upsized from an initial offering of $50 million and oversubscribed. This round adds to an additional $24 million raised by the company in 2020, putting its financing north of $100 million.

“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 Cosmo Feilding Mellen, CEO of Beckley Psytech.

The money will be used to complete an ongoing Phase 1b trial, which is studying the application of low-dose psilocybin in patients suffering from SUNHA, a rare and debilitating headache condition that affects over 45,000 people in the US and Europe.

Additionally, proceeds will finance the launch of a Phase 1 clinical study on a novel formulation of intranasal 5-MeO-DMT, which the company plans to push into a Phase 2 trial, studying the formulation in patients with treatment-resistant depression.

“The funding will also support the expansion of the company’s pipeline with new, unique and proprietary psychedelic compounds,” according to a press release.

Diamond Therapeutics To Launch Psilocybin Microdosing Study

Diamond Therapeutics Inc., a biotech company in the psychedelics sector has received authorization from Health Canada to launch a clinical trial to study the effects of low doses of psilocybin in healthy volunteers.

The trials mark the launch of Diamond’s clinical program which is aimed at analyzing the benefits of sub-perceptual, non-hallucinogenic treatments with psychedelics.

Diamond’s trial will study the safety and pharmacokinetics of low doses of psilocybin in as many as 80 participants in a Phase 1 randomized, placebo-controlled, double-blind trial.

The company is basing its hypothesis on previously conducted animal studies, which showed that low, non-hallucinogenic doses of psilocybin could hold potential for therapeutic use. Diamond stated that these findings may help unlock the use of low-dose psilocybin to treat psychiatric disorders, including anxiety and depression.

"This upcoming clinical trial will enable Diamond to gain critical clinical information that will help inform future human trials with psilocybin and other pipeline compounds," said Dr. Edward Sellers, chair of Diamond's scientific advisory board.

Diamond expressed plans to continue this research with a Phase 2 trial to investigate the efficacy of low-dose psilocybin in treating anxiety, which is the most common mental health disorder in the U.S. and causes moderate to severe disability in over 50% of sufferers.

Mydecine Innovations Inks Deal With Johns Hopkins University To Undertake Psychedelics Research Into Smoking Cessation

Mydecine Innovations Group MYCO MYCOF has signed a five-year research agreement with Johns Hopkins University (JHU) School of Medicine, to study the application of psychedelics molecules and therapies in smoking cessation.

The research will be led by Dr. Matthew W. Johnson, professor of Psychiatry and Behavioral Sciences at Johns Hopkins.

The deal will allow Johns Hopkins and Mydecine to collaborate their efforts to advance research on novel psychedelic therapies to treat mental health and addiction disorders.

“Despite the recent attention to opiate and dependence on other illicit substances, we sometimes forget about the incredible burden that nicotine dependence has on our societies,” said Dr. Rakesh Jetly, chief medical officer at Mydecine.

The Milestone Round:

Silo Wellness Inc. SILO SILFF announced a $3 million agreement with Texas-based One Light Enterprises LLC for the sale and distribution of Silo’s Marley One branded mushroom products across 47 U.S. states.

Core One Labs Inc. COOL CLABF has acquired Frontier Mycology Corp., a news and e-commerce site focused on functional mushrooms.