Florida-based Psilera Inc. has secured $2.5 million in funding for research, scientific and clinical personnel hiring and general working purposes.
The company issued approximately 4.3 million shares to private buyers at a cost of $0.57 per share.
Psilera has developed a patent-pending DMT transdermal patch to be assessed in a Phase 1b clinical trial with an investigational new drug (IND) filing with the FDA before the end of the year.
Earlier this year, Psilera received DEA approval to research DMT, psilocybin and psilocin.
Innovative delivery methods combined with DMT’s short duration of action could lead to a revolutionary new line of psychiatric medicines, according to the company, which touts the benefits of DMT in contrast to other psychedelics like psilocybin.
The company also noted that DMT does not appear to generate tolerance in humans as other psychedelics do. The compound's short duration is believed to enable possible improvements in patient access. Lastly, it is “one of the only psychedelics shown to maintain neurological activity at sub-psychedelic doses, called 'microdoses.'”
The company, which is developing an IP portfolio of novel molecules that will move into animal trials later this year, is also leveraging computational drug screening methods to inform its drug development pipeline.
“We remain patient-focused in our approach and are excited to transition into the clinic to gather safety and tolerability data from our extended-release DMT patch while continuing to strengthen our robust IP portfolio,” said Dr. Chris Witowski, co-founder and CEO of Psilera Bioscience.
Photo: Psilera co-founders, Drs. Jackie von Salm & Chris Witowski. Courtesy picture.
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