Peter Thiel-backed ATAI IPO plans to raise $100 million
Berlin-based ATAI Life Sciences, the Peter Thiel-backed psychedelics-focused biopharmaceutical company, has filed its S-1 to the Securities and Exchange Commission on Tuesday, reports CNBC.
Here are the highlights:
- The company, which will produce treatments for mental health disorders, plans to raise $100 million in its upcoming IPO, but no date has been set.
- Shares will be sold on the Nasdaq under the symbol ATAI.
- ATAI has already raised $362.3 million privately (Thiel Capital invested $12 million in November).
- IPO underwriters include Credit Suisse, Citigroup, Cowen, Berenberg
“ATAI’s great virtue is to take mental illness as seriously as we should have been taking all illness all along,” Thiel previously told CNBC. “The company’s most valuable asset is its sense of urgency.”
See the full text of the S-1 here.
Why mushroom drinks are coming to a fridge near you
Fuelled by younger demographics’ interest in non-alcoholic drinks, adaptogenic mushrooms are sprouting up in bevvies of all kinds, reports Kenneth Hein at The Drum. Coffee, tea, seltzers and energy shots infused with chaga, lion’s mane and reishi — none of which are psychedelics and have been ingested for centuries.
Legal mushrooms could reach $3.5 billion in the US by 2027, according to Business Marketing Insights. Drinks are in “the midst of an innovation renaissance,” writes Hein, with entrepreneurs creating all kinds of new drinks with the goal of producing a hit and selling to a giant like Coca-Cola.
Mushroom drinks are now available by:
- Califia Farms
- Curious Elixirs
- Earth and Star
- Four Sigmatic
- Rowdy Mermaid
- Woke Up energy shot
Shroom drinks are easier to produce than CBD-infused beverages because they’re not as tightly regulated and don’t carry the same stigma.
“What got mushrooms quickly moving up the chain is the fact they get around a lot of the hurdles you see with CBD,” said Duane Stanford, editor of Beverage Digest. “They don’t have the same regulatory overhang. Mushrooms are generally recognized as safe under FDA guidelines. As long as you aren’t saying it’s going to cure cancer, you can make claims like, ‘It assists with anxiety and reduces inflammation.”
Aussie advocates still hopeful MDMA, psilocybin could be rescheduled
It was already rejected once, but now advocacy group Mind Medicine’s application to make MDMA and psilocybin treatments more accessible to psychiatrists in Australia will be independently reviewed, writes The Canberra Times.
The Therapeutic Goods Administration had planned to deliver a second decision on rescheduling the drugs on April 22. Now, after “promising results from clinical trials for the treatment of post-traumatic stress disorder and treatment-resistant depression,” they’re going to consider submissions from two rounds of public consultations before making a final decision.
Mind Medicine Australia founder Peter Hunt said the wrongful scheduling of these medicines was preventing medical practitioners obtaining the consents from the state and territory governments.
PharmaTher to investigate ketamine’s potential to treat a common side effect of Parkinson’s disease drugs
PharmaTher Holdings (CSE:PHRM) submitted an Investigational New Drug application to the FDA for a Phase 2 study testing the safety and efficacy of low-dose ketamine to treat levodopa-induced dyskinesia in individuals with Parkinson’s disease, says an April 20 press release.
Levodopa is a drug commonly prescribed to patients with Parkinson’s, but a difficult side effect of the drug are involuntary movements.
“The submission of our IND application with the FDA is an important milestone as it provides us with a solid foundation to advance our ambition in commercializing ketamine and unlocking its therapeutic potential through novel uses, formulations and delivery methods in the treatment of neurodegenerative diseases (ie. Parkinson’s disease and Lou Gehrig’s disease), mental illness (ie. Depression and PTSD) and chronic pain,” said Fabio Chianelli, CEO of PharmaTher.
Ketamine is FDA-approved and already used as an anesthetic. Its potential to treat side effects of Parkinson’s drugs was first observed when patients used it for pain relief, where there was a marked improvement which lasted “several weeks beyond treatment.” Those results were further corroborated in a subsequent study.
If the Phase 2 clinical trial produces positive results, PharmaTher aims to meet with the FDA to move to a Phase 3 clinical study. “However, there can be no assurance that the FDA will support any potential request for an expedited path to approval or further development,” says the company.
Psychedelic therapy training program to come from Beckley Psytech and Fluence
UK private psychedelics company Beckley Psytech has announced plans to create the first training manual for 5-MeO-DMT-assisted therapy with the help of Fluence, a digital education platform.
The manual will include both the psychedelic compound and psychotherapy components of the treatment, and will outline several stages of the patient journey from preparation, the psychedelic experience, and integration.
The manual will enable therapists to guide patients remotely, which aligns with Psytech’s goal to use digital technology to improve patient care at a lower cost.
“Developing a specific psychotherapy programme for 5-MeO-DMT and the training materials to deliver it are vital steps in the progression of our lead formulation’s eventual journey to market,” said Fiona Dunbar, chief medical advisor at Beckley Psytech.