Compass Pathways Plc., a U.K. startup backed by tech billionaire Peter Thiel and lead investor Christian Angermayer, has filed to go public about four years after it was founded to explore the use of a psychedelic compound found in so-called magic mushrooms for treating depression.
The London-based firm filed to raise $100 million, a placeholder amount likely to change, according to a filing Friday with the U.S. Securities and Exchange Commission. It intends to list its American depository shares on the Nasdaq Global Market under the symbol CMPS.
It plans to use proceeds to fund clinical trials for its depression therapy that uses the psychoactive compound psilocybin.
In 2018, the U.S. Food and Drug Administration gave it “breakthrough therapy” status, expediting the development process. Most recent funding rounds suggest a value of more than $500 million, before proceeds from the initial public offering, according to people familiar with the matter, who asked to not be identified because the details aren’t public.