Mushroom magic draws $80M injection for London-based mental health startup
The coronavirus outbreak has interfered with a mid-stage depression trial testing its psilocybin compound, but the magic of the mushroom has scored Peter Thiel-backed Compass Pathways an $80 million injection in fresh funding.
Exasperated with the often-ineffective existing slate of antidepressants, the company set up shop in London in 2016 and made a beeline for psilocybin, the psychoactive ingredient in magic mushrooms. It received the FDA breakthrough therapy status for the compound for treatment-resistant depression in 2018.
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