$80M raised to study a condition you’ve never heard of

Beckley Psytech completes oversubscribed $80m (£58m) fundraise to develop portfolio of psychedelic medicine breakthroughs

A private company based in England called Beckley Psytech raised $80M in a Series B financing round, exceeding the $50M target due to overwhelming interest from investors.

The funds will be used to study low doses of psilocybin in patients with a rare headache condition called short-lasting unilateral neuralgiform headache attacks (SUNHA), which affects just 45,000 people in the US and Europe. The Phase 1b study is already underway at King’s College London.

The proceeds will also be used to develop new proprietary compounds, and to study the company’s novel formulation of 5-MeO-DMT, a psychedelic compound found in toad venom, in treating depression.

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