Freedom Biosciences obtains financing for psychedelic-based mental health treatments

Freedom Biosciences, a startup biotechnology firm, announced it has secured $10.5 million in seed financing to advance its lead ketamine program as well as additional exploratory programs in psychedelic-based mental health.

MBX Capital led the round and was joined by PsyMed Ventures, Village Global and The Yale Startup, among others, to provide funds to aid Freedom’s future therapeutic efforts, according to a company press release.

The leadership team's research and development experience helped Freedom Biosciences develop FREE001, its ketamine-specific program, the company said in the release. A phase 2 investigational study showed that the combination provided 14 days of antidepressant effects, two to three times longer than the usual 2 to 7 days of effects from ketamine alone. This extended efficacy shows promising implications for the treatment’s accessibility for patients who are unable to make frequent visits to a clinic.

“With the global mental health crisis on the rise, there’s great curiosity and hope about psychedelics and a recognition that we need new therapeutic tools,” Freedom Biosciences CEO Dina Burkitbayeva said in the release.

“While ketamine has been proven as a successful treatment for depression in patients that do not respond to traditional SSRIs and other prescription medication, current first-generation commercial ketamine treatment options are falling short due to cost, access and burdensome time requirements,” Burkitbayeva said.