![]() ![]() ![]() Patrick Trucchio, managing director at New York-based H.C. That doesn’t mean there isn’t reason for optimism, other experts said, despite the sector needing billions in investment dollars. … There’s still an absolute ton of work to do.” “$140 million, that’s only a fraction of what you actually need for one company to get through the entire drug approval process. “We’re in this period of time where the markets have gone down, and these companies still require a lot of funding,” Chomer said. ![]() That means they need even more capital to complete the process, which Chomer said is a “major hurdle” at a time when investor enthusiasm has cooled significantly. Food and Drug Administration to bring their services to market. ![]() But that’s almost all been spent on drug development, with most public companies still awaiting the green light from the U.S. Public psychedelics companies have raised almost $3 billion as a sector, said Andrew Chomer, managing partner at New York-based venture capital fund Integrated. Valuations of publicly traded psychedelics companies have plummeted in the past two years as the long wait for federal approval on more drug treatments has stalled somewhat, and that has in turn thrown the sector into a downward financial spiral that may not be relieved anytime soon, several financial experts said Thursday during the Psychedelic Science 2023 conference in Denver. ![]()
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