If you wish to re-publish this story please do so with following accreditation
EDITOR: Heather Allman
PUBLISHER: CANNABIS LAW REPORT
Palo Santo: Leading Investment Fund in the Psychedelics and Mental Health Space Issues Statement on atai Life Sciences IPO Listing
On June 18, 2021, Palo Santo, the leading psychedelic investment fund helping to increase the supply of clinically effective and accessible mental health and addiction treatment solutions, issued the following statement regarding atai Life Sciences’ (“atai” or “Company”) (NASDAQ: ATAI) initial public offering.
Palo Santo has a notable stake in atai, a global biopharmaceutical company developing psychedelic and non-psychedelic compounds for various mental health indications. With a robust, diversified portfolio, the Palo Santo Fund is also invested in more than a dozen other companies across the psychedelic ecosystem which are focused on advancing therapies and technologies to address the growing global mental health crisis. Palo Santo’s portfolio includes: Bionomics (ASX: BNO) (OTCQB: BNOEF), Psy Therapeutics, Tactogen, Eleusis, Bexson Biomedical, Diamond Therapeutics, Gilgamesh, among others.
Statement from Palo Santo Co-Founder Daniel Goldberg:
We congratulate our partners at atai on achieving this major milestone. Through its IPO, atai is not only bringing the general public a compelling investment opportunity, but also the chance to take part in today’s healthcare revolution. Improved health outcomes are the ultimate goal for both atai & Palo Santo, and today is a big step toward that goal.
Currently, we are in the midst of a global mental health crisis, and the problem is only continuing to grow. In 2010, the direct and indirect cost of mental health conditions worldwide was estimated to be $2.5 trillion — numbers which are projected to skyrocket to $6.0 trillion by 2030.
There is an urgent need to address our broken mental healthcare system. We believe psychedelics will expand treatment options and transform the outdated system. The time to invest in healthcare’s future is now because both the need — and upside — are too great.
As research continues and attitudes within regulatory and cultural landscapes rapidly evolve, the adoption of these medicines are being expedited, bringing psychedelic science to an inflection point.
With a track record of success in venture capital, life sciences, healthcare services and years of building relationships in the psychedelic research and business community, the Palo Santo team will continue to focus on identifying new opportunities and expanding our portfolio. Our mission is to improve the standard of care in mental healthcare while producing outsized returns for our investors.
About Palo Santo
Palo Santo’s diversified and robust investment fund is helping to increase the supply of clinically effective and accessible mental health and addiction treatment solutions needed in today’s world. Palo Santo targets a diverse range of companies offering innovative solutions to address the growing global mental health crisis and CNS disorders. From cutting-edge science to commercial application, the firm’s existing portfolio includes more than a dozen companies focused on advancing psychedelic therapies and technologies to address the growing global mental health crisis.