Mentioned:
ATAI -12.33% CMPS -7.20%

Billionaire Christian Angermayer is one of the world’s most prolific entrepreneurs and investors in technology and biotech. And his psychedelic drug development company is on a mission to be on the leading edge of the psychedelic medicine revolution in America.

What’s happening:

  • Psychedelic drug development company AtaiBeckley (NASDAQ: ATAI) has officially completed their redomiciliation into the United States of America

Why it matters:‍

  • AtaiBeckley is co-founded by prominent billionaire investor Christian Angermayer and has multiple notable backers including Peter Thiel, Mike Novogratz and Switzerland based pharmaceutical giant Ferring

Going deeper:‍

  • AtaiBeckley has the largest clinical pipeline of psychedelic derived medicines of any publicly listed company globally and recently made major waves when they released patient data from their Phase IIb clinical trial that validated that their lead drug candidate BPL-003 provided clinically meaningful, sustainable antidepressant effects for patients with treatment resistant depression with minimal side effects which many investment banks publicly stated was some of the most compelling clinical data in neuroscience in decades
  • Based on this outstanding Phase IIb data the United States Food and Drug Administration recently granted a Breakthrough Therapy designation to AtaiBeckley’s BPL-003 compound due to its significant potential to improve upon existing therapeutics for treatment resistant depression which is a major unmet medical need
  • AtaiBeckley’s two lead psychedelic derived compounds BPL-003 and VLS-01 are both designed to be short acting psychedelics that complete the entire therapeutic process in roughly two hours, which is a major paradigm shift for psychedelic medicines which typically can take anywhere from six to twelve hours and are a significant cost burden for patients, doctors and insurance companies alike

Market reaction:‍

  • Shares of AtaiBeckley have surged more than +160% since the beginning of last year and has landed institutional analyst coverage from prominent American investment banks including Jefferies, Oppenheimer, Cantor Fitzgerald and TD Cowen with multiple price targets ranging between $7.00 to $16.00 USD per share based on near term drug discovery catalysts

The intrigue:‍

  • AtaiBeckley being domiciled in the United States of America will also now make the company available for being included in multiple larges indices including the State Street SPDR S&P Biotech ETF (NYSE: XBI) and the Russell for the very first time, which could potentially unlock a significant amount of new buying and capital inflows