Niagara Falls, ON

Join us in spectacluar Niagara Falls, ON for 3 days of cannabis cultivation, psychedelics and extraction.

September 11-13, 2022

Grow Up Awards Gala

Annual Grow Up Industry Awards. Come celebrate the innovation and sucess in the cannabis growing industry.

September 12, 2022, Niagara Falls

Psychedelics Company Raises More than $10M in Seed Funding to Advance Ketamine Therapy

Aug 30, 2022 | Media Partners, Psychedelic News Wire

This post is presented by our media partner Psychedelic News Wire
View the original article here.

Freedom Biosciences is a leading biotechnology platform focused on developing next-generation psychedelic therapies. The company was founded in April 2021 by Dina Burkitbayeva and Dr. John Krystal. Burkitbayeva is also the cofounder of PsyMed Ventures while Krystal is the psychiatry department chair at Yale University.

The company has raised $10.5 million in seed financing and focused on advancing a ketamine therapy for the treatment of major depressive disorder. Ketamine is a dissociative drug that is commonly used as an anesthetic, as well as a drug to manage acute pain. Recent studies have found that the drug may also be useful in the treatment of psychiatric disorders, including treatment-resistant depression as well as thoughts of suicide.

In a recent interview, Burkitbayeva stated that the company’s FREE001 lead program was a combination therapy with ketamine that had been developed to treat depressive disorders. Burkitbayeva, who is serving as the clinical-stage company’s CEO, explained that despite having short-term effectiveness, ketamine acted as a fast-acting antidepressant and could lengthen the efficacy window.

The company recently concluded a phase II investigational study which showed that its combined therapy provided two weeks of antidepressants effects, which is almost three times longer than the normal two to seven days observed from the sole administration of ketamine. Burkitbayeva noted that the company was focused on making the burden on the medical system and the patient lighter, because the treatment was a burdensome process.

Krystal serves as the company’s chief scientific advisor and has significant experience with ketamine treatments, having worked with them since the ’90s. He was part of a team that discovered ketamine’s antidepressant effects, leading to the eventual approval of Spravato by the FDA in 2019. Spravato is a ketamine prescription nasal spray developed by Janssen for adults with treatment-resistant depression.

Freedom Biosciences notes that its ketamine candidate is different from other products on the market primarily because of the duration of its effectiveness. During the interview, Burkitbayeva also pointed out that the company has a highly experienced team and is following a regulatory pathway designed to allowed it to get to market at a lower cost, in comparison to other psychedelic-based start-ups in the space.

Freedom Biosciences plans to enter the clinic with its candidate in 2023 and hopes to acquire additional funding to advance its formulation. The company had an incubation round last year that was led by MBX Capital. The Yale startup Village Global and PsyMed Ventures, among other participants, were also involved.

Freedom Biosciences joins the ranks of startups such as Silo Pharma Inc. (OTCQB: SILO) that are looking to make a difference in the health sector by coming up with novel psychedelics treatments for some of the hard-to-treat mental health indications, including post-traumatic stress disorder.

NOTE TO INVESTORS: The latest news and updates relating to Silo Pharma Inc. (OTCQB: SILO) are available in the company’s newsroom at https://ibn.fm/SILO

About PsychedelicNewsWire

PsychedelicNewsWire (PNW) is a specialized content distribution company that (1) aggregates and distributes news and information on the latest developments in all aspects and advances of psychedelics and their use, (2) creates PsychedelicNewsBreaks designed to quickly update investors on important industry news, (3) leverages a team of expert editors to enhance press releases for maximum impact, (4) assists companies with the management and optimization of social media across a range of platforms, and (5) delivers unparalleled corporate communication solutions. PNW stays abreast of the latest information and has established a reputation as the go to source for coverage of psychedelics, therapeutics and emerging market opportunities. Our team of seasoned journalists has a proven track record of helping both public and private companies gain traction with a wide audience of investors, consumers, media outlets and the general public by leveraging our expansive dissemination network of more than 5,000 key syndication outlets. PNW is committed to delivering improved visibility and brand recognition to companies operating in the emerging markets of psychedelics.

To receive instant SMS alerts, text “Groovy” to 844-397-5787 (U.S. Mobile Phones Only)

For more information please visit https://www.PsychedelicNewsWire.com

Please see full terms of use and disclaimers on the PsychedelicNewsWire website applicable to all content provided by PNW, wherever published or re-published: https://www.PsychedelicNewsWire.com/Disclaimer

Do you have questions or are you interested in working with PNW? Ask our Editor

PsychedelicNewsWire (PNW)
San Francisco, California
www.PsychedelicNewsWire.com
415.949.5050 Office
Editor@PsychedelicWire.com

PsychedelicNewsWire is part of the InvestorBrandNetwork.

The post Psychedelics Company Raises More than $10M in Seed Funding to Advance Ketamine Therapy appeared first on PsychedelicNewsWire (PNW).

This post was originally published by our media partner here.

Grow Up – September 11-13, 2022
Niagara Falls Convention Centre, ON