Psy­che­delics start­up Eleu­sis ax­es SPAC deal, but CEO con­fi­dent its IV psilo­cy­bin ther­a­py will en­ter clin­ic next month

Just two days af­ter re­ceiv­ing ap­proval from the UK’s drug reg­u­la­tor to start a Phase I tri­al, Eleu­sis and blank check part­ner Sil­ver Spike can­celed their SPAC agree­ment, due to “cur­rent un­fa­vor­able mar­ket con­di­tions.”

The two par­ties back­tracked on the agree­ment Thurs­day, re­lin­quish­ing what would have giv­en the nine-year-old biotech about $288 mil­lion to bankroll hu­man tri­als of a psilo­cy­bin-based IV treat­ment and fu­el the ex­pan­sion of Eleu­sis’ sub­sidiary over­see­ing psy­che­del­ic drug ther­a­py clin­ics.

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