The recent €108M Nasdaq IPO of Compass Pathways highlights the UK as a hub for psychedelics research. The rest of Europe, however, lags behind.
Last week’s IPO of Compass Pathways generated huge excitement from investors. The startup’s stock price was driven up by 70% on Friday following the entry onto the Nasdaq, and has stayed that way this week.
Although recreational psychedelic drugs are tightly controlled in many countries, their potential for the treatment of mental health disorders such as depression is tantalizing the biotech and pharma industry.
For example, current antidepressants such as fluoxetine can only treat the symptoms of depression, and can bring side effects such as anxiety and low sex drive. Supervised dosing with psilocybin, the main ingredient of magic mushrooms, achieved long-lasting therapeutic effects in a small study run by the UK’s Imperial College London in 2016. The drug is thought to do this by rewiring the brain, and has fewer side effects than traditional medication.
“The media has become increasingly interested and next to follow were regulators and investors,” said Cosmo Feilding-Mellen, the CEO of UK psychedelics startup Beckley Psytech. He added that Compass’ IPO “reflects the fact that psychedelic medicines are no longer a taboo,
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Published on Tue, 22 Sep 2020 15:36:39 +0000 and sponsored by power automate add hours