Hill Dickinson is pleased to report that it has advised businessman and philanthropist Jim Mellon on his recent investment in the £3 million Series A funding round raised by Beckley Psytech.
Beckley Psytech is a psychedelic medicine company developing a pipeline of psychedelic compounds into licensed pharmaceutical medicines to help patients suffering from neurological and psychiatric disorders.
In its recent public release, Beckley Psytech, commented: ‘There is a significant market opportunity for psychedelic medicines. The funding will help the company to develop novel pharmaceutical formulations and delivery methods for synthetic 5-MeO-DMT, as well as to progress preclinical and clinical trials.’
Commenting, Michael Corcoran said: ‘We were delighted to advise our longstanding client and life sciences entrepreneur, Jim Mellon, on this latest exciting transaction. The investment will support Beckley Psytech in developing a pipeline of licensed pharmaceutical medicines, incorporating psychedelic drugs, for treating psychiatric and neurological diseases, with the potential to transform how patients are currently treated. It’s yet another example of how our team works with clients across the full breadth of life sciences disciplines.’
Mental health and central nervous system disorders already affect around one in four people during their lifetime, a figure that is predicted to grow in the wake of the coronavirus pandemic. Controlled ‘psychedelic’ drugs such as psilocybin and MDMA have shown early promise in the treatment of debilitating mental and neurological disorders and have significant commercial potential.