COMPASS Pathways, widely considered the most advanced publicly traded psychedelic medicine company, announced they have raised $125 million in new capital to fund the development of their clinical trials.
The core focus of the new growth capital will be centred around validating COMP360, their synthetic psilocybin which is administered in the presence of a therapist.
Context:
- COMPASS Pathways has some of the most notable investors of any psychedelic company, including Christian Angermayer, Peter Thiel, Mike Novogratz and many prominent venture funds
- COMP360 is one of the most advanced clinical trails for psychedelic assisted therapies in the world
- COMP360 is entering into it’s most pivotal moment yet, which is a Phase III FDA trial to show efficacy for treatment resistant depression
Why it matters:
- Psychedelic therapeutic companies both private and public have struggled to raise meaningful cash recently, so this large funding round is a notable outlier
- COMPASS Pathways has been a first mover in psychedelic drug development and bringing COMP360 into a Phase III trial is one of the most anticipated moments for psychedelic medicines as a whole
- This is one of the largest capital raises for a publicly listed psychedelic company that has major participation from institutions, with this round being led by TCGX, Aisling Capital, Vivo Capital, Surveyor Capital, Paradigm BioCapital and others
