Clerkenwell Health has raised over two million dollars in seed funding and will use it to get the London startup-based fully operational.
Paolo Pio, who was MD Europe at Joyance Partners, and Matt Cooper, who was part of the founding team at Capital One Bank in the US, are two of the investors.
After receiving approval from the MHRA, Toronto-based Psyence will begin its first trials at Clerkenwell's London site.
The trial will look at the efficacy and safety of psilocybin-assisted therapy for the treatment of adjustment disorder due to a cancer diagnosis. According to the UK's Office of National Statistics, the suicide risk for people with terminal illnesses is double that of the general population.
Drugs like MDMA and psilocybin are now being studied to develop therapies to treat everything from cluster headaches to post traumatic stress disorder.
According to Tom McDonald, CEO of Clerkenwell Health, the UK is well-equipped to become the leader in psychedelics research and trials due to its globally competitive framework for clinical trials.
In universities and hospitals there is a lot of research on the topic. Drug developers tend to build facilities for drugs that are designated to a single company or compound. Clerkenwell Health says it will work with more than one developer.
Paolo Pio said that psychics show promise in treating mental disorders, but it is a complex and highly regulated field. We think Clerkenwell Health is the best positioned in the UK and Europe.
Clerkenwell Health is also working with North American drug discovery and biotechnology companies, notably the Otsuka Pharmaceutical-backed Mindset, which focuses on treatments for neurological and psychiatric disorders.
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