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Compass Pathways Seeks to Raise $100 million via Nasdaq IPO

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Last week, we announced Compass Pathway’s IPO which aims to raise approximately $100 million to fund their psilocybin-based depression therapy.

Having successfully raised an $80m series B round in April 2020 from high-profile investors such as Peter Thiel, the Company is now seeking to address the public market via the Nasdaq.

The British firm is looking to harness its psilocybin formulation, dubbed COMP360, as a therapy for treatment-resistant depression. Compass hopes it would be administered alongside psychological support from experienced therapists.

The IPO is set to raise $100 million, which is aimed at funding the Company’s phase 2b clinical trial for COMP360-assisted psychotherapy.

If it gains approval, COMP360 could become a strong competitor to Johnson & Johnson’s Spravato, or esketamine, offering (read our interview with a Spravato-offering psychiatry clinic here).

The psilocybin formulation has already received Breakthrough Therapy designation from the FDA, which would provide for a faster review should trials prove successful.

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Listing Mechanics & Pricing

If listed, the Company’s American Depository Shares will trade under the ticker CMPS on the Nasdaq.

6.7 million shares will be on offer in the IPO, meaning the share price is expected to be between $14 and $16.

Listing at these prices would represent a fully diluted market value of approximately $569 million.

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