A decade after its establishment as a wholly-owned subsidiary of the Multidisciplinary Association for Psychedelic Studies (MAPS), MAPS Public Benefit Corporation has secured over $100 million in a Series A private stock sale. The funds will support the final stages of its application for regulatory approval to sell MDMA, also known as ecstasy, as a treatment for post-traumatic stress disorder (PTSD).
This milestone demonstrates a decade-long journey of dedicated research and advocacy for psychedelic-assisted therapy. The organization has completed two successful Phase 3 studies and submitted a New Drug Application to the FDA, positioning itself as a pioneer in the emerging field of psychedelic medicine.
In addition to the Series A financing, led by Helena, the foundation funded by hedge-fund manager Joe Samberg, the organization will undergo a transformative change, rebranding itself as Lykos Therapeutics.
Reflecting on this significant development, Rick Doblin, Ph.D., MAPS founder and president, expressed gratitude towards mission-aligned investors who understand the prioritization of public benefit and deeply care about humanitarian causes. This profound commitment to research and therapeutic innovation beckons a new era for PTSD patients in desperate need of effective treatment options.
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As part of the strategic partnership with Helena, Lykos will shift its focus towards FDA approval and insurance coverage of MDMA-assisted therapy for PTSD patients. This strategic shift aligns the organization with a market poised for growth and societal impact.
This investment surge reflects the increasing interest in psychedelic treatments for mental illnesses that have historically defied traditional medication. As other companies vie for dominance in this market, competition and collaboration both promise to accelerate progress in the field.
With Atai Life Sciences investing $50 million in Beckley Psytech and Small Pharma being acquired by Cybin Inc., it is evident that the demand for novel psychedelic therapies is attracting significant investment and could reshape the mental health treatment landscape.
Meanwhile, Compass Pathways raised up to $285 million through a stock-and-warrant sale, positioning itself as a leader in the pursuit of clinical trials using psilocybin to treat depression. This capital will enable Compass to navigate the complex regulatory landscape and drive meaningful innovation in mental health treatment.
Despite the promising potential of psychedelic therapies, developers are confronted with the daunting task of navigating the arduous and costly regulatory approval process. This challenge underscores the resilience and determination of these pioneers who are committed to revolutionizing mental health treatment.
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