[4 October/Business Insider]

A biotech company raised $25 million to finance research of psychedelics and other drugs related to depression and mental illnesses. Atai Life Scientists owned a large stake in Compass Pathways, which was backed by Peter Thiel. Atai was founded by a German entrepreneur, Christian Angermayer. He also planned to invest in research focused on drugs that could fight aging and extend life. The start-up made enough of the active ingredient in magic mushrooms to intoxicate 20,000 people in June. It was part of a test to see how psychedelic drugs could treat depression. Atai wanted to help fund more studies that explored the therapeutic potential of psychedelics. Psilocybin became a promising candidate for anxiety and depression treatment. It disrupted engrained brain activity that that were the hallmark of the diseases.