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COMPASS Pathways Secures USD 80 Million in Series B Investment Round
Currently, the company is conducting the world's first large-scale psilocybin therapy clinical trial in 20 sites across nine countries in Europe and North America
Fremont, CA: Mental health care firm COMPASS Pathways raised USD 80 million in a Series B investment round led by Lars Wilde, President, Chief Business Officer and Co-founder of COMPASS Pathways. The round was also participated by existing investor ATAI Life Sciences and new investors McQuade Center for Strategic Research and Development, LLC, Founders Fund, Able Partners, Camden Partners Nexus, Perceptive Advisors, Skyviews Life Science, and Soleus Capital.
"Our mission has always been to accelerate patient access to evidence-based innovation in mental health. This is more important than ever now, with COVID-19 challenging our mental resilience. This fundraising shows that our investors recognize this urgent need for innovation in mental health, and will enable us to do more research and development, bringing therapies safely to those who need them, as quickly as possible," said George Goldsmith, CEO, and Co-founder of COMPASS Pathways.
The newly raised capital will be used to expand upon COMPASS's lead program in psilocybin therapy for treatment-resistant depression, supporting research into additional indications for psilocybin therapy, advancing the company's preclinical pipeline, developing digital technologies, and establishing new academic and clinical research partnerships.
"We are dedicated to investing in innovative and creative products that contribute to the lives of people everywhere. New innovations are desperately needed for people with treatment-resistant depression. COMPASS's scientific rigor, and the FDA Breakthrough Therapy designation for their psilocybin therapy program, position the company as a long-term leader in the field," said Robert McQuade, President of the McQuade Center for Strategic Research and Development (MSRD). As part of the investment round, McQuade will join the company's board of directors.
Currently, the company s conducting the world's first large-scale psilocybin therapy clinical trial in 20 sites across nine countries in Europe and North America. COMPASS received FDA Breakthrough Therapy designation for its program of psilocybin therapy in treatment-resistant depression in 2018. The company is dedicated to accelerating patient access to evidence-based innovation in mental health.
"We've been with the COMPASS team from the very beginning and share a goal of bringing innovation to those who suffer with mental illness. We believe COMPASS is setting a new standard for innovation in mental health care, and we're proud to be playing a part in this," said Florian Brand, CEO, ATAI Life Sciences.
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