MycoMedica Life Sciences has announced that it has raised $60 million in funding led by Obvious Ventures. True Ventures and Kittyhawk Ventures joined the funding round.
The San Diego-based company ultimately hopes to secure FDA approval for an investigational New Drug application for Stamets Stack, a blend of niacin, psilocybin and lion’s mane mushroom (Hericium Erinaceus).
The company will first focus on pre-clinical research before pursuing clinical trials of the Stamets Stack.
Erinacines, substances found in Hericium Erinaceus, have been the subject of pharmacological research in recent decades. For example, a 1994 study concluded that Erinacines A, B, and C stimulate the synthesis of nerve growth factor (NGF).
The Stamets stack composition is named after American mycologist Paul Stamets, the founder of MycoMedica Life Sciences. Stamets has several patents pending for psilocybin compositions.
Stamets also has been instrumental in researching the practice of ‘microdosing,’ which involves the consumption of sub-perceptual doses of psychedelic substances. A paper he co-authored in Nature found that microdosing adults reported lower levels of anxiety and depression compared to non-microdosers. The paper drew data from more than 8,000 participants, including 4,050 microdosers who self-reported feedback via a mobile application.
The lead investor in the funding round, Obvious Ventures, has invested in meat-substitute company Beyond Meat and the decentralized clinical trial platform Medable.
“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, in a news release.
“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 Dr. Sanjay Dubé, MycoMedica’s president and chief medical officer.
MycoMedica Life Sciences is a Public Benefit Corporation, which under California law describes an entity designed to pursue both for-profit and non-profit objectives.
Filed Under: Psychiatric/psychotropic drugs