Posted July 06, 2021
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.
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