Posted on: April 21, 2021 Posted by: Betty Lee Comments: 0

Peter Thiel, co-founder of PayPal Inc.

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ATAI Life Sciences, a biopharmaceutical firm aiming to make psychedelic medicine to deal with psychological well being issues, introduced that it’s planning to boost $100 million in an preliminary public providing.

The Berlin-headquartered firm, which counts billionaire investor Peter Thiel as certainly one of its primary backers, submitted an S-1 submitting to the Securities and Alternate Fee on Tuesday.

The submitting exhibits that ATAI has raised an combination of $362.3 million from personal traders up to now.

It’s planning to promote its shares on New York’s tech-focused Nasdaq market below the image ATAI. A date for the IPO has not been set.

Underwriters for the IPO embrace Credit score Suisse, Citigroup, Cowen, and Berenberg.

ATAI, which describes itself as a drug improvement platform, was set as much as purchase, incubate and develop psychedelics and different medicine that can be utilized to deal with despair, nervousness, dependancy and different psychological well being circumstances.

The corporate, which has roughly 50 workers in workplaces throughout Berlin, New York and San Diego, is presently partnered with 14 corporations specializing in drug improvement and different applied sciences. In trade for a majority stake within the medicine and applied sciences they’re growing, ATAI helps the scientists to boost cash, work with the regulators, and conduct scientific trials. None of ATAI’s medicine have been formally authorized by regulators so far.

Thiel made a ten million euro ($12 million) funding in ATAI by way of his enterprise agency, Thiel Capital, in November.

“ATAI’s nice advantage is to take psychological sickness as severely as we should always have been taking all sickness all alongside,” Thiel, who co-founded Palantir and PayPal, mentioned in a press release shared with CNBC on the time. “The corporate’s most beneficial asset is its sense of urgency.”

The corporate was based in 2018 by entrepreneurs Christian Angermayer, Florian Model, Lars Wilde and Srinivas Rao. It has invested in Compass Pathways, which has developed an artificial model of the energetic ingredient in magic mushrooms, psilocybin.

Compass Pathways, which Thiel has additionally invested in, listed on the New York’s NASDAQ inventory trade in September and now has a valuation of round $1.3 billion.

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