Beckley Psytech, a UK psychedelic medicine company with ties to drug policy think tank the Beckley Foundation, has raised £14 million to turn certain drugs into licensed pharmaceutical medicines. The equity round, which follows on from £3 million of funding raised in May, comes from Noetic Psychedelic Fund and Bail Capital, who are joining existing investors Jim Mellon and Richard Reed.
This investment will help the company power through its drug development pipeline, specifically exploring the use of 5-MeO-DMT, a synthetic substance that could treat neuropsychiatric diseases. The company is actually preparing to begin its Phase 1 clinical trial - a ground-breaking regulatory standard clinical trial on 5-MeO-DMT. The team will also explore other psychedelic agents that could treat so-called ‘orphan diseases’, those that are too rare to be lucrative enough for typical pharmaceutical companies.
Beckley Psytech was founded last year by long-time psychedelic researcher Lady Amanda Feilding and CEO Cosmo Feilding Mellen, as a spin-out of the foundation that’s been around since 1998. Its Scienctific Advisory Board includes Dr. Robin Carhart-Harris from Imperial College London, Prof. Matthew Johnson from Johns Hopkins University and Prof. Guy Goodwin from the University of Oxford.