Clairvoyant Therapeutics Raises More Than $3 Million in Seed Financing, Adds Bench Strength to Senior Leadership Team
*Institutional investor support to fund next stage investigation of psilocybin therapy as treatment for alcohol use disorder*
*Renowned addiction specialist Mark Tyndall MD ScD joins Clairvoyant as Chief Medical Officer*
*VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / *Clairvoyant Therapeutics, a Canadian biotech company focused on the development of psychedelic drug therapies for the treatment of addiction, is pleased to announce the Company has closed its initial financing round worth more than $3 million CAD. The bulk of the investment comes from four institutional investors including Iter Investments, Negev Capital, and Ambria Capital.
"The support of investors such as Iter Investments, Negev Capital and Ambria Capital is invaluable to helping our company to identify and seize transformative opportunities," says Damian Kettlewell, CEO, Clairvoyant. "We welcome the support of organizations that share our commitment to evidence-based medicine and exploring the potential of psilocybin as a therapeutic agent. This significant investment helps build on the momentum of our research and helps position Clairvoyant as a leader in the psilocybin space."
Clairvoyant's lead development program is focused on clinical validation of psilocybin for treatment of alcohol use disorder (AUD) (formerly called alcoholism). The money raised during this round of funding will be used to initiate a Phase 2b clinical trial in Q1 of 2022.
"We were introduced to Clairvoyant through trusted colleagues and have been pleased with our own review of the company and its scientific and process-based rigour," says Dustin Robinson, Iter Investments. "We are happy to support their ambitious vision and short-path clinical trial strategy."
"We have been impressed with the deep clinical and drug development experience of the Clairvoyant team," says Ken Belotsky, Negev Capital. "We strongly believe that in the next few years Clairvoyant will be able to successfully bring psilocybin to market as a novel therapeutic option for AUD."
While the company's first psilocybin trial is in the area of alcohol use disorder, clinical investigation will be expanded to other indications as evidence accumulates. Early studies suggest psilocybin could also be a safe and effective medicine for patients with nicotine dependency, opioid dependency, depression, anxiety and other mental illnesses when administered with psychological support from specially-trained therapists.
The Clairvoyant team has been selected to present at the below upcoming investment conferences:
· H.C. Hainwright 2^nd Annual Psychedelic Conference on December 6, 2021. H.C. Wainwright & Co is one of America's oldest and most trusted financial institutions.
· 2022 Biotech Showcase conference running January 10-12, 2022 in San Francisco. Biotech Showcase is one of the largest investor conferences for the life sciences' most innovative companies.
*Dr. Mark Tyndall Joins Clairvoyant Team*
Renowned addictions expert, Mark Tyndall MD ScD, has joined the Clairvoyant team as Chief Medical Officer.
"Mark is one of Canada's most respected public health officials and has a track record of researching and introducing innovative treatment models to help patients suffering from addictions," says Kettlewell. "Mark will play a key role in communicating our clinical research data to health authorities in our intended launch markets and will assist with education initiatives in the medical community on our innovative treatment protocol as our clinical research evolves."
"I'm delighted to join Clairvoyant and support our experienced drug development team with our research on psilocybin therapy for alcohol use disorder," says Mark Tyndall MD. "I've been directly involved in addiction therapy in some of the most challenging places in Canada, the US and Europe for decades. I truly believe that psilocybin may provide the therapeutic breakthrough that is urgently needed."
*About Iter Investments*
Iter Investments is an investment firm that deploys capital in and around the burgeoning psychedelic industry. Iter Investments invests with the mission of re-imagining how the mental health and wellness industry delivers care.
For more information, visit www.iterinvestments.com or email contact@iterinvestments.com.
*About Negev Capital *
Negev Capital is a psychedelic medical intervention investment fund with assets of USD$25+ million. We invest in drug discovery, with a focus on preclinical and/or Phase 1 stages of development. We aim to support those early-stage companies in need of capital that promote the thoughtful, responsible, medical use of psychedelic medication for psychiatric disorders, and who have excellent management and science teams, and solid IP.
We believe that psychedelic medications will be not only disruptive to the practice of psychiatry, but hold the potential to reduce enormous amounts of human suffering, and we are committed to helping the field mature, and further promote ways for these treatments to reach all of those in need.
For further information, please visit www.negevcap.com
*About Clairvoyant*
Clairvoyant Therapeutics is a Canadian biotechnology company at the forefront of a growing psychedelic therapy industry and operates under the principles of open science. Our team has a successful track record designing and operating clinical trials for multiple therapeutic products and bringing new drugs to market.
Clairvoyant is committed to meeting the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose and is a pending B Corporation Certification.
Clairvoyant is a member of Life Science BC, an industry association that represents the scientific community of British Columbia at the local, national and international level.
For more information, please visit www.clairvoyantrx.com.
For more information:
Media requests:
Marlo Taylor
mtaylor@gagecommunications.ca
Corporate contact:
Damian Kettlewell
damian@clairvoyantrx.com
*SOURCE:* Clairvoyant Therapeutics
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