Clinical psychedelics start up closes £2.1m funding round as London trials approved

Clerkenwell Health, a London based psychedelic-specialist clinical research organisation, announced today it has raised £2.1m in seed funding to support the operations of its clinical trials facility

Its site is Europe’s first commercial facility dedicated to psychedelic assisted therapies, opening this Autumn. It comes alongside the news that Toronto based life sciences company Psyence has received approval from the MHRA to kick off the first trials at Clerkenwell’s London site.

The clinical trial will assess the efficacy and safety of psilocybin-assisted psychotherapy versus psychotherapy alone for the treatment of adjustment disorder due to an incurable cancer diagnosis.

With statistics from the ONS suggesting the suicide risk for terminally ill people is twice that of the general population, the results of this trial could feed into evidence on how best to support those who are terminally ill, to “ease suffering and ensure people maintain their dignity”.

The investment brings the total to date raised by Clerkenwell Health up to £2.5m, and will be used to get the London site fully operational. Investors include Lionheart Ventures, Convergence Partners, and Exceptional Ventures, which was co-founded by Paolo Pio and Matt Cooper.

Having amassed support from a team of serious investors and former bankers with experience in supporting companies to scale up, Clerkenwell Health is signalling their ambition to grow.

Tom McDonald, CEO of Clerkenwell Health, commented: “The status quo for mental health treatment simply isn’t working and psychedelics-assisted therapy has the potential to be a game-changer.

“The UK is extremely well-placed to become the leader in psychedelics research and trials thanks to its globally competitive framework for clinical trials, which is why we chose to launch our operations in London.

“This seed funding and support from major investors who have serious experience in supporting companies to scale, our partnerships with companies in Europe and North America, and getting the green light for the first trial at our London facility, shows that Clerkenwell Health is well and truly open for business.

“Momentum for psychedelics-assisted therapy is building and we’re excited to be at the forefront of that charge.”

By Matthew Neville – Correspondent, Bdaily

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