Berlin-based Atai Life Sciences celebrated its NASDAQ debut this Friday June 18th, successfully raising $225 million at market valuation of $2.3bn (ticker symbol ATAI). The initial public offering was priced at $15, considered the high end of the $13-15 price range, however the shares closed the first trading day at $19.45, nearly 30% up each.
The mental health biotech company, founded by our close investment partner and serial entrepreneur Christian Angermayer, is on a mission to tackle the global mental health crisis. The company is best known for exploring the use of psychedelics in treatment for mental illness, such as the chemical compound psilocybin found in ‘magic mushrooms’.
The company, run by CEO Florian Brand, has been backed by several high-profile investors including PayPal founder Peter Thiel, Woodline Partners, and Pura Vida Investment. Investors are hopeful that FDA approval for such compounds will revolutionize current solutions to mental health care, completely disrupting traditional pharmaceutical markets.
As early-stage investors who participated in atai’s early financing rounds, we are thrilled to see the continued growth and success of atai, and the company’s immense potential for impact in the mental health space.
To learn more about Atai Life Sciences and why we invested, read more here.