MycoMedica Life Sciences, PBC Secures $60 Million in Funding To Fuel Fungi-Based Drug Development for Prevention and Treatment of Psychiatric and Neurological Disorders
SAN DIEGO, June 01, 2022 (GLOBE NEWSWIRE) — Life Itself Conference – MycoMedica Life Sciences, PBC, a new company focused on developing and delivering fungi-based therapeutic drugs to prevent and treat psychiatric and neurological disorders, today announced it has raised $60 million in funding led by Obvious Ventures, True Ventures and Kittyhawk Ventures. The proceeds from the financing will be used to advance the company’s next stage of operations on the path to FDA approval for an Investigational New Drug Application (IND) – pre-clinical research and initial clinical trials of the Stamets Stack.
Building on more than four decades of research, MycoMedica’s breakthrough innovation, the Stamets Stack uses a novel combination of ingredients – not found together in nature – to unlock the potential effectiveness of psilocybin in the prevention and treatment of psychiatric and neurological disorders. The company’s initial research is centered on microdosing, which also allows for greater patient affordability and accessibility.
“This is an exciting step on a lifelong journey to expand knowledge and unlock the healing potential of fungi, and we are grateful for the support from this outstanding group of funders who share our vision and values to help people live healthier, better lives,” said Paul Stamets, CEO and Founder, MycoMedica Life Sciences. “While mushrooms and botanical agents with psychedelic properties have been commonly used for centuries, we are now seeing major advances in developing these agents as potential medication through a regulated process so that we can provide safe treatment options for our patients,” said Sanjay Dubé M.D., MycoMedica’s President and Chief Medical Officer.
“We believe the Stamets Stack has the potential to unlock new medicines that offer transformative solutions for patients struggling with some of the most debilitating conditions,” said James Joaquin, Co-founder & Managing Director at Obvious Ventures. “Paul and his team are an exceptional group of scientists, researchers and clinicians on a mission to make a difference, and we are excited and honored to join them on this world positive journey.”
About MycoMedica Lifesciences
Founded by world-renowned mycologist Paul Stamets, MycoMedica, PBC is a lifesciences company developing therapeutic drugs derived from fungi to help people live healthier, better lives. Our breakthrough innovation, the Stamets Stack, uses a novel combination of ingredients – not found together in nature – to unlock the potential effectiveness of psilocybin in the prevention and treatment of psychiatric and neurological disorders. More information is available at www.mycomedica.bio.
About Obvious Ventures
Obvious Ventures is a venture capital firm investing in startups and entrepreneurs reimagining trillion-dollar industries through a world-positive lens. Since launching in 2014, Obvious has backed over 90 companies using technology to create a smarter, healthier, more sustainable world. The fund has led investments in breakthrough companies such as Beyond Meat, Olly, Virta Health, and Recursion. Obvious was co-founded by Ev Williams, James Joaquin, and Vishal Vasishth. More information is available at obvious.com.
Media Contact:
Liz Scanlon: liz.scanlon@mycomedica.bio
