USA – Transcend Therapeutics, a New York-based mental health-focused biotechnology company, raised $40M in Series A funding.
The round was led by Alpha Wave Global and Integrated Investment Partners with participation from Global Founders Capital and Emerald Investment Managers, among others.The company, which has raised nearly $42M to date, intends to use the funds to launch multiple clinical trials, including a phase II study, with its psychoactive compound.Founded in 2021 and incubated by early-stage venture studio AlleyCorp, Blake Mandell, Ben Kelmendi, Amanda Jones, and Martin Stogniew, Transcend Therapeutics develops next-generation psychoactive drugs aiming to benefit the more than 50 million Americans who suffer from neuropsychiatric diseases. Its lead compound, methylone (TSND-201), has short-acting and mild psychological effects, and thus likely requires less clinician time than other psychedelic compounds. Methylone has the potential to be used as an adjunctive treatment to existing pharmacotherapies (e.g. SSRIs), making it better suited to integrate into the existing psychiatric paradigm and healthcare infrastructure.Transcend Therapeutics already has real-world data for its lead compound, TSND-201, demonstrating responses in patients with PTSD.The leadership team includes:23/02/2023
