Negev Capital, a venture capital firm investing in the leading companies creating neuropsychiatric drugs based on psychedelic molecules, is proud to highlight recent groundbreaking achievements from three of its distinguished portfolio companies: Beckley Psytech, Filament Health, and MindBio Therapeutics.
In what many anticipate to be a watershed year for the sector, including a significant pipeline of advanced clinical milestones and regulatory approvals in major markets including the U.S., we expect to see material shifts in valuations for companies developing psychedelic-based treatments.
These milestones represent significant progress in the development of innovative treatments for mental health and substance use disorders.
Beckley Psytech’s New Funding
In January, UK-based Beckley Psytech, a clinical stage biotechnology company dedicated to improving the lives of people suffering from neuropsychiatric disorders by transforming psychedelics into effective and rapid-acting clinical medicines, secured a pivotal $50M investment from atai Life Sciences. This funding is set to expedite the development of Beckley’s patent-protected, short-acting psychedelic assets through Phase 2 trials. The company anticipates multiple clinical readouts this year, including a Phase 2a readout for Alcohol Use Disorder in mid-2024 and a Phase 2b readout of BPL-003 (intranasal 5-MeO-DMT) for Treatment Resistant Depression in the second half of 2024.
FDA accepts Filament Health’s Investigational New Drug application
Canada’s Filament Health, a clinical-stage natural psychedelic drug development company, announced in January that the FDA has accepted its Investigational New Drug application for PEX010, a botanical psilocybin drug candidate aimed at treating Substance Use Disorders (SUD). This acceptance marks a significant step forward, with PEX010 currently under investigation as a treatment for Opioid Use Disorder in Canada. Filament Health is committed to furthering this progress within the United States.
MindBio Therapeutics’ Depression Treatment Breakthrough
Australia’s MindBio Therapeutics disclosed positive results in February from a world-first Phase 2a take-home microdosing trial of MB22001, a proprietary titratable form of LSD. The study showcased rapid and statistically significant improvements in depressive symptoms, with a 60% reduction observed and 53% of patients achieving complete remission from depression. Importantly, MB22001 was safe and well-tolerated, with no treatment-related severe or serious adverse events reported.
Ken Belotsky, Partner at Negev Capital, commented:
“We remain dedicated to supporting and investing in the future of psychedelic medicine and see 2024 as a watershed year for the sector. These recent achievements of just some of our portfolio companies underscore the immense potential of psychedelics-based compounds to revolutionize treatment of a wide range of mental health conditions, substance use disorders and other illnesses.’’
About Negev Capital
Negev Capital is a biotech venture capital firm in the psychedelics-based medical R&D space. It is led by renowned neuroscientists, psychiatrists, financial executives and successful founders, who represent a unique combination of scientific and business acumen to inform their investments in companies driving the future of medicines based on psychedelic molecules. Negev’s successful first fund of $31 million is fully invested across 27 companies.
In 2022 Negev Capital launched Negev Labs, the only company-builder in neuroplastogens – next-generation chemical entities, with similar clinical efficacy, therapeutic scalability and intellectual property value as psychedelics, but without the hallucinogenic effects. Negev Labs leverages AI to help expedite the discovery of novel treatments based on neuroplastogens to treat a wide range of diseases.
For more information, visit https://negevcap.com/