MAPS Public Benefit Corporation Secures Over $100 Million for Groundbreaking PTSD Therapy

LOS ANGELES- MAPS Public Benefit Corporation a key player in mental healthcare innovation, has announced an oversubscribed Series A financing round, raising over $100 million. This significant funding milestone, which includes conversion of previously issued convertible notes, marks a substantial step forward in the development and potential commercialization of MDMA-assisted therapy for post-traumatic stress disorder (PTSD).

The financing was spearheaded by Helena, a globally recognized problem-solving organization, with contributions from a diverse group of mission-aligned and institutional investors. These include the Steven & Alexandra Cohen Foundation, Eir Therapeutics, Vine Ventures, and several others, each contributing to the ambitious vision of transforming mental healthcare.

Concurrent with the financing, MAPS PBC has rebranded to Lykos Therapeutics, a name derived from the Greek word for wolf, symbolizing the qualities of bravery, courage, loyalty, and intelligence. This rebranding reflects the company’s evolution from a research-focused entity to a public benefit corporation aiming to integrate novel therapies into the healthcare system, pending FDA approval.

Amy Emerson, CEO of Lykos, expressed gratitude for the support and highlighted the company’s readiness to transition from development to commercialization, especially if MDMA-assisted therapy is approved as the first psychedelic-assisted therapy. The Series A funding will primarily support regulatory and pre-launch activities for this investigational treatment.

The newly formed Lykos board of directors comprises six appointees from the Multidisciplinary Association for Psychedelic Studies (MAPS), four independent directors, the CEO of Lykos, and Suprotik Basu from Helena. Basu brings over two decades of public health financing experience, crucial for guiding Lykos in its next phase.

MDMA-assisted therapy represents a groundbreaking approach in mental healthcare, combining MDMA with psychological intervention and supportive services to treat PTSD. Distinguished from classic psychedelics, MDMA is known for enhancing self-awareness, introspection, and personal reflection. Lykos has completed two Phase 3 trials for PTSD and submitted a new drug application to the FDA. The trials met primary and secondary endpoints, with results published in Nature Medicine.

If approved by the FDA, MDMA-assisted therapy could be a first-of-its-kind option for healthcare providers treating individuals with PTSD. In recognition of its potential, the therapy received Breakthrough Therapy designation in 2017, and Lykos has requested Priority Review for its NDA from the FDA.

While MDMA-assisted therapy holds promise, it is important to note that it has not yet received approval from any regulatory agency. Its safety and efficacy for PTSD treatment remain to be established. However, this new funding, combined with positive trial results, positions Lykos to potentially transform the treatment landscape for PTSD in the near future.