It will also use the funding to help Perception Neuroscience gain more insights on the effects of arketamine when used on treatment-resistant depression. Arketamine is a variant of the rave drug and anesthetic ketamine.
The proceeds would also offer similar help to DemeRx, which is examining the effects of ibogaine on opioid abuse. Ibogaine is a psychoactive substance found in an African shrub.
Additionally, it will use the funding to support “the completion of Phase 1 and initiation of Phase 2 trials at four other programs.”
ATAI is the biggest shareholder of Compass Pathways (NASDAQ: CMPS). It is also a backer of other psychedelic drug developers. Investors are thrilled by the news that they are again leading the latest funding infusion for an industry that has the potential for mental-health breakthroughs.
Investors were thrilled by the news. Compass Pathways stock rose 3.6% in the stock market Monday.
Compass is developing a synthetic form of psilocybin called COMP360, to be used in conjunction with therapy. Psilocybin is the hallucinogenic compound in magic mushrooms.
