Technology Company, A startup company in the Seattle area that develops new psychedelics has raised $22 million in funding. The company Announced this week.
The company is synthesizing a series of new compounds similar to those found in “magic” mushrooms. This compound called tryptamine is also the basis of LSD.
According to the company’s website, CaaMTech is developing a set of tryptamines to find a mixture that “optimizes the expected effects while minimizing unwanted side effects.” “Our goal is to let every consumer of psychedelic drugs know exactly what compound they are consuming and in what amount.”
Psychedelics have attracted increasing interest as potential treatments for mental health disorders, depression, and addiction. Johns Hopkins University and Imperial College London opened new research centers in 2019, with pledges from wealthy private donors exceeding $20 million to study compounds such as LSD and psilocybin to adapt to this situation .
More than 700 startups are building solutions for mental health and emotional health, with an investment of just over US$4.5 billion, According to Hayes’ estimateThere are about a dozen dedicated to psychedelics, laying the foundation for the expected removal of them from the Schedule 1 category.Just last November, Oregon Become the first state Legalize psychedelic mushrooms.
When asked whether it is legal for the company based in Issaquah, Washington to synthesize its agent CaamTech Davis Waller It is said that most agents are novel and therefore not subject to the law.
“Many of the compounds we use are new and unplanned in the United States, meaning they are brand new entities that have never been created before,” said Wille, the company’s technical and marketing employee, in an email to GeekWire. “These new compounds are legally synthesized in academic chemistry laboratories, where they are protected and regularly inventoried. Other compounds come from chemical standards from commercial chemical suppliers. Where dispatching is involved, we always maintain the processing permit Within the laboratory.”
CaaMTech has established multiple partnerships with the laboratories of the National Institute of Drug Abuse, the University of Massachusetts Dartmouth, and the Leibniz Institute for Natural Products’ Design Drug Research Office.
The company was founded by the CEO in 2017 Andrew Chadern Chemist and lawyer, worked as a patent attorney in a law firm in Washington, DC. The company has four employees and plans to hire experts in advanced drug development and pharmaceutical regulatory processes.
The new funds will also be used to support ongoing research and advance its drug development candidates to human trials through preclinical research. Multiple clinical trials Research has been conducted in the United States of psilocybin in the treatment of depression and other diseases.
related: With legislative momentum building up, Oregon psychedelic startups tested nasal sprays for PTSD and depression
Other companies in the area include Silo Health, Headquartered in Springfield, Oregon, the company has developed a micro-dose psilocybin nasal spray designed to help relieve anxiety, post-traumatic stress disorder and depression.
Compass Pathways, headquartered in the United Kingdom, is conducting a large-scale clinical trial of psilocybin treatment. Raised $80 million In the B round of financing last year, investors included ATAI Life Sciences, Founders Fund and Able Partners.The company, where Have U.S. patents Regarding the method of “using psilocybin preparations” to treat drug-resistant depression, it has also been supported by Silicon Valley billionaire Peter Thiel, who has invested in other companies that focus on psychedelic drugs.
CaaMTech’s oversubscription round of financing was led by Noetic Fund. The company also raised a seed round of US$1.35 million in 2020.