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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