The Multidisciplinary Association for Psychedelic Studies Public Benefit Corporation (MAPS PBC) has announced that it has closed an oversubscribed Series A financing for more than $100 million led by Helena and that it is changing its name to Lykos Therapeutics.
The wholly-owned subsidiary of MAPS recently submitted an Investigational New Drug application to the US Food and Drug Administration (FDA) for MDMA-assisted therapy for post-traumatic stress disorder (PTSD) which could be approved as soon as this summer with a launch to follow in late 2024.
The funding raised will be used to support the company’s regulatory and pre-launch activities for MDMA-assisted therapy for PTSD.
“Helena is the right partner to help position Lykos in its transition from a research-focused public benefit company, wholly owned by a nonprofit, to a PBC with mission-aligned investors focused on obtaining FDA approval and insurance coverage for prescription use of MDMA-assisted therapy by appropriate patients with PTSD,” MAPS founder and president Dr. Rick Doblin commented.
“Together, we can uphold our commitment to the trial participants, therapists, scientists, other partners and collaborators, and donors who, over nearly four decades, have dedicated themselves to researching novel investigational therapies for PTSD for public benefit.”
MAPS will retain select governance oversight of Lykos including 10-to-1 voting power in certain shareholder votes and will collaborate on its Impact Advisory Committee.
It will also have the ability to appoint six of the eight Lykos board members, with four required to be independent.