Issue 144

Investors back psychedelic healthcare with US$285 million investment

UK-based COMPASS Pathways has secured US$285 million in funding through a private placement to support its research in psychedelic medicines.

COMPASS has entered into a securities purchase agreement with a select group of specialist healthcare investors.

The transaction is being led by TCGX, and Aisling Capital and new and existing institutional investors also participated, including Vivo Capital, RA Capital, Surveyor Capital, Paradigm BioCapital Advisors LP, Soleus Capital, Armistice Capital, Logos Capital, PFM Health Sciences and Laurion Capital Management.

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THE USE OF PSYCHEDELIC MEDICINES IS AT A RECORD HIGH

According to the National Institutes of Health, the consumption of hallucinogens by young people rose 8 per cent in 2022.

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HOW CONSCIOUSNESS MAY RELY ON BRAIN CELLS ACTING COLLECTIVELY

Psychedelic medicines induce altered states of consciousness by changing patterns of sensory perception.

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BUSINESS AND INVESTMENT

Psychedelic medicines may be at risk of being overhyped. Larger clinical studies on their therapeutic potential are needed.

The growing acceptance of psychedelic medicine. Psychedelic drugs are widely recognised for their medicinal potential.

Psychedelic healthcare as a workplace benefit. About 7 per cent of Dr. Bronner’s employees have accessed ketamine-assisted therapy.

Psychedelic medicines and couples therapy. The topic was a key focus at this year’s Psych Symposium.

Psilocin prodrug to be submitted to Human Research Ethics Committee in Australia. Enveric Biosciences hopes to complete preclinical trials this year.

Indigenous Medicine Conservation Fund champions cultural protection. The fund hopes to protect the Amazon and its native entheogens.

Ketamine infusions as a treatment for chronic itch. There are currently no FDA approved medications for the condition.

Psychedelic drugs and the mental health of athletes. Their efficacy is being studied at the University of Toronto.

UK festival to explore psychedelic medicine. The programme at Medicine Festival includes some of the world’s leading psychedelic researchers.

SCIENCE AND RESEARCH

Psychedelic medicines as anti-inflammatory agents. Psilocybin is being studied to treat inflammatory bowel diseases.

Improvement in OCD symptoms associated with psychedelic medicines. In a sample of 174 people, psychedelic drugs were reported as effective in reducing OCD symptoms.

Experts urge study of psychedelic medicines for cancer-related distress. They have shown promise in the treatment of anxiety and depression.

Canadians are using psychedelic medicines without medical advice. Eighty-one per cent haven’t discussed their use with healthcare providers.

REGULATION AND LEGISLATION

US regulators support the adoption of psychedelic medicine. There is increasing support to expedite clinical trials.

US Republican Party in support of psychedelic medicines. The former governor of Texas said it was a non-partisan issue.

California’s decriminalisation bill primed for final action. Senate Bill 58 is expected to be voted on by 1 September.

Advocates in Minneapolis push for psilocybin legislation. Psychedelic medicines are largely decriminalised.

ARTICLES OF INTEREST

Youth mental illness drives rise in UK benefit claims. The government has committed an extra £2.3 billion a year to improve mental health services

How to make the best of a bad psychedelic trip. Set and setting is of paramount importance.

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