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Compass Pathways isn’t the first company to fashion FDA-regulated therapies out of psilocybin, but it intends to be the first one to go public.

This week, the British company is seeking to raise about $100 million at a $570 million valuation. Compass, which counts Thiel Capital among its private investors, intends to sell 6.7 million shares for between $14 and $16 each. The funds will support an ongoing Phase 2b trial intended to prove that psilocybin-based therapy can help patients with treatment-resistant depression.

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