‘Magic Mushroom’ Company Goes Mainstream, Jumps 38% Post-IPO

Angermayer brought in Thiel as an investor, who owns 7.5% ahead of the IPO, as well as Galaxy Investment Partners’ Michael Novogratz.

(Bloomberg) — Compass Pathways Plc, the U.K. company that has patented a synthetic version of the active ingredient in so-called magic mushrooms for use in treatment-resistant depression, went public on Friday.

Shares jumped 71% to $29 in New York after an initial public offering of 7.5 million shares priced at $17 each. Pricing was increased from 6.7 million shares at an expected value of $14 to $16 each, according to an earlier Securities & Exchange Commission filing. At current prices, Compass Pathways’ 34 million shares outstanding are worth almost $1 billion.

Compass owes its success to psilocybin, a psychedelic compound found in magic mushrooms that has shown promise in treatment for post-traumatic stress disorder and other mental health conditions. Backed by investors include Peter Thiel, co-founder of PayPal and early Facebook Inc. investor, and German entrepreneur Christian Angermayer, the company’s listing on Nasdaq is expected to raise $127.5 million.

Some of the funds will go to research and clinical trials, as well as to develop digital technologies to pair with Compass therapies, according to the SEC filing. It comes at the tail end of a week that has been the busiest for new listings on the U.S. stock exchanges in more than five years, according to data compiled by Bloomberg.

Compass was founded in 2016 by George Goldsmith and Ekaterina Malievskaia. Angermayer’s family office, Apeiron Investment Group, provided the initial funding in 2017. He has a pre-IPO stake of 29% that he controls through the psychedelic medicine company he founded, ATAI Life Sciences AG.

Angermayer brought in Thiel as an investor, who owns 7.5% ahead of the IPO, as well as Galaxy Investment Partners’ Michael Novogratz. Other investors include Founders Fund, Moore Capital Management and Japan’s Otsuka Pharmaceutical Co.

In October, 2018, Compass received “breakthrough therapy” status from the U.S. Food and Drug Administration, which sped up the drug development process. The company is currently running a Phase IIb trial. Approval from the FDA is expected in the next two to three years, according to sources familiar with the company.

Of the more than 322 million people who suffer major depressive disorder worldwide, some 100 million have treatment-resistant depression (TRD), the company said in its regulatory filing. Compass estimates the “economic burden” of major depression in the U.S. at more than $200 billion annually, and that TRD has an even greater cost.

It’s not exactly clear how psilocybin works in alleviating TRD. The treatment Compass envisions would take place in a therapeutic setting, with hours of counseling before and after the six- to eight-hour psilocybin experience.

(Updates share price in second paragraph.)

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Canada: Ecoation wins World in 2050’s Olympics of Innovation

With major category winners including SpaceX, XPrize, Switzerland-based Climeworks, and many more, Ecoation is honoured to be recognized for its …

After receiving 100+ nominations and applications, Diplomatic Courier has officially announced the World in 2050 Olympics of Innovation winners, naming Ecoation Innovative Solutions Inc. as a Society category winner in response to the company’s commitment to supporting growers through AI advancements. Ecoation is honoured to share the stage with 34 prestigious innovators across 7 categories in the first cohort of 2020 challenge winners, including SpaceX, XPrize, and many more.

Looking decades into the future, the Olympics of Innovation is an annual challenge established in Davos, Switzerland, and presented by the Diplomatic Courier’s digital think tank, World in 2050. The challenge aims to champion the best innovative solutions to change our collective future with each award cluster representing a major trend that forecasts the future for our world: Society, Humanity, Energy, Health, Travel, Off-World, and Artistic Visions. With major category winners including SpaceX, XPrize, Switzerland-based Climeworks, and many more, Ecoation is honoured to be recognized for its Human Knowledge + Machine Precision approach to food production.

Founder & CEO, Dr. Saber Miresmailli [Left] and Founder & CTO, Maryam Antikchi [Right]

From Closed Loop Integrated Pest Management (IPM) to tracking greenhouse climate anomalies to the square meter, Ecoation’s technology contributes major strides towards securing more consistent crop yields, eliminating pesticides, and tackling the prevalent horticulture labour shortage. “We are merging human knowledge with machine precision to assist growers with actionable intelligence and expand their presence and influence beyond the boundaries of time and geography,” said Ecoation Founder and CEO, Dr. Saber Miresmailli. As a winner in the Society category, Ecoation is being recognized for the impact of its advancements beyond the technical capabilities and in terms of what this technology means for the future of society. This award champions advancements that allow for the re-engineering of a better future while supporting those who will consume the technology in the process. In Ecoation’s case, this reflects the company’s farmer-first mentality in everything they do.

“The pandemic showed us the fragility of our food systems and vulnerability of farmworkers,” said Ecoation Founder and CEO, Dr. Saber Miresmailli. “We want to democratize access to clean food and enable anyone anywhere to grow nutrition-packed crops and maximize their yield. I am honored that our small company is recognised on the global stage as a contributor to this dream.”

As a family-owned business with deep agricultural roots, Ecoation not only embodies those who create the knowledge, but also those who consume it. “On a personal note, it is both surreal and exciting for me to share a prize with world-class entrepreneurs such as Elon Musk and Anousheh Ansari,” reflected Ecoation Founder and CEO, Dr. Saber Miresmailli. “When I started the Ecoation journey with my co-founder and life partner a decade ago in our living room, I could not imagine this day.”

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5 Things To Know On Thursday, September 17, 2020

SpaceX is set to launch a Falcon 9 rocket at 2:17 p.m. today from Kennedy Space Center. This will be SpaceX’s 13th batch of Starlink communication …

While you were sleeping, we compiled the biggest stories of the day in one place. Each story has a quick and easy summary, so you’re prepared for whatever the day brings. Just click on the links if you want to know more!

1. Should we fall back this year? Florida senators say no.

Florida Senators Marco Rubio and Rick Scott have teamed up to make a push to keep Daylight Saving Time across the country during the pandemic.

The senators say their bill will help provide stability for families dealing with enough change with virtual learning, working from home and other disruptions the COVID-19 pandemic has caused.

In 2018, Florida lawmakers approved a bill to keep Florida on Daylight Saving Time permanently. But it can’t be enacted without congressional approval.

The fight for daylight: Why Florida lawmakers are leading the charge to change federal law

2. Pres. Trump contradicts CDC director on vaccine, masks

Trump said Wednesday that a vaccine will be available as early as October and in mass distribution soon afterward — much sooner than was projected in congressional testimony earlier in the day by Dr. Robert Redfield.

Trump says Redfield “made a mistake” when he told lawmakers that any vaccine available in November or December would be in “very limited supply,” and reserved for first responders and people most vulnerable to COVID-19.

Redfield estimated the shot wouldn’t be broadly available until the spring or summer of 2021.

Pres. Trump contradicts CDC director on vaccine, masks

3. Will he stay or will he go? PBCSD Superintendent embattled

The Palm Beach County teachers union called for Dr. Fennoy’s removal, saying union members “have lost all faith and now have zero confidence that a righting of this rudderless ship is possible without immediate change.”

The Palm Beach County School Board offered their support to embattled superintendent.

District 3 School Board Member Karen Brill spoke about Fennoy’s upcoming review, saying now was not the right time to evaluate his performance given the “heat of the moment” with “heavy emotions.”

Palm Beach County School Board offers support to embattled superintendent following calls for his removal

4. Goodbye Paulette, Sally and Vicky! Keep an eye out for Teddy and possibly Wilfred

A section of the Three Mile Bridge in Pensacola is missing after Hurricane Sally battered the Gulf Coast Wednesday morning.

Paulette is no more. Vicky will die out in the next day or as it gets sheared by moisture coming off of Hurricane Teddy.

Hurricane Teddy could approach Bermuda over the weekend. The low in the Gulf of Mexico could form into a depression in the next day, then move towards the Gulf Coast states sometime next week. A couple of other systems out there, but no threats to Florida.

Tropical Update: Thursday 5 a.m.

5. Ready for blast-off? SpaceX launch this afternoon

SpaceX is set to launch a Falcon 9 rocket at 2:17 p.m. today from Kennedy Space Center. You’ll be able to watch it live on the WPTV Facebook page.

This will be SpaceX’s 13th batch of Starlink communication satellites atop its Falcon 9 rocket.

The ultimate goal is to have tens of thousands of Starlinks providing internet connection to those living in rural, underserved communities around the world, and to also help fund CEO Elon Musk’s dream of sending humans to live on Mars.

SpaceX launch scheduled for Thursday afternoon

Today’s Forecast

Hot and humid conditions over the next few days

Latest Weather Forecast: Thursday 5 a.m.

Get your complete hour-by-hour forecast here.

On This Day In History

On September 17, 1976, NASA publicly unveils its first space shuttle, the Enterprise, during a ceremony. Development of the aircraft-like spacecraft cost almost $10 billion and took nearly a decade. In 1977, the Enterprise became the first space shuttle to fly freely when it was lifted to a height of 25,000 feet by a Boeing 747 airplane and then released, gliding back to Edwards Air Force Base on its own accord.

Remember, you can join Mike Trim and Ashleigh Walters every weekday on WPTV NewsChannel 5 beginning at 4:30 a.m.

Elon Musk Compares Tesla to Fallout Shelter: Is He Getting Ready for the Apocalypse?

Tesla and SpaceX CEO Elon Musk often takes it to social media to express his random thoughts and just recently, the tech CEO tweeted something …

Tesla and SpaceX CEO Elon Musk often takes it to social media to express his random thoughts and just recently, the tech CEO tweeted something hard to miss. Elon Musk recently tweeted that “your Tesla” is the “Fallout Shelter”. He then continues his tweet by urging people to “tap the entertainment button”.

The tweet received many mixed reactions but a particular reaction from @ToniPoney asked the musk if he was getting people “ready for the apocalypse”. The tweet then ended by calling Musk a “sly dog”.

you getting us ready for the apocalypse sly dog pic.twitter.com/7fRJYEzfgB — ꧁ ༒Toni IX༒꧂ | Derek Martin Stan Era (@ToniPoney_) September 16, 2020

Tesla’s take on the future

Elon Musk is designing Tesla cars to become even more self reliant. With the current technology focusing on the installation of solar roofs, it seems like Elon Musk wants to create cars that would be able to run forever.

Although the technology has not been released to the mainstream public, it is very promising. With the use of solar powered cars that generate their energy through the roof, the electric vehicles would be able to run while charging at the same time.

Solar powered Tesla Model 3

Just recently, a particular Tesla Model 3 has actually been modified and had a solar roof installed as part of the company Lightyear’s own solar car development program.

This startup was able to catch public attention due to coming out from the Solar Team Eindhoven, which is a group of engineering students coming from the particular Technical University of Eindhoven located in Netherlands.

These students have been known to be competing in the known World Solar Challenge along with their very own Stella and also the Stella Lux, their take on energy positive solar cars. This means that they are actually capable of producing more energy than they actually consume.

After its previous success in the previous competition, they have actually decided to turn their experience in building solar cars for the competitive race into a startup that is focused on building solar cars for their customers.

Although solar cars are a thing of the future, they currently aren’t being mass produced yet. However, it seems like it is Tesla’s priority to be able to later on focus on the production of solar cars should the technology finally be refined.

Read Also: Tesla is Secretly Building the World’s Largest Electric Car Charging Station That Can Service 56 EVs at a Time

Are solar powered cars efficient enough?

According to an article on Quartz, installing solar panels to cars is currently inefficient. Apparently, the amount of energy that the car is able to generate is not good enough to cover the material costs of installing the solar panels.

In order to make this a viable installation, the price of these solar panels have to be reduced and the amount of electricity that the solar panels generate have to increase as well. This could possibly be the reason why Tesla hasn’t been installing solar panels just yet.

Read Also: Elon Musk’s Favorite Games Include Saints Row 4! What Other Video Games Does He Like?

This article is owned by Tech Times

Written by Urian Buenconsejo

ⓒ 2018 TECHTIMES.com All rights reserved. Do not reproduce without permission.

Crypto Exchanges FOMO into DeFi, Binance Takes on Ethereum

Binance CEO Changpeng Zhao noted that while BNB’s market cap is still 10% of ETH, the transaction volume of BSC is 40% of the Ethereum network.

Everyone wants a piece of decentralized finance (DeFi), which is growing like crazy. Crypto exchanges, especially, are taking a special interest in the sector.

This week, OKEx announced that with the latest upgrade of its OKxChain network, it had become the most decentralized exchange powered public chain. Huobi also jumped in and added ten more members to its DeFi team, which is “a consortium of centralized and decentralized financial services providers.”

Binance has already been going deeper in DeFi, announcing a $100 million fund and launching Binance Smart Chain (BSC).

In this growing competition of CEXs in DeFi, OKEx CEO Jay Hao recently called out Binance Smart Chain for not being decentralized.

“Built on BSC, BakerySwap caused huge losses for many retail investors <12h after mining began, which led to protests against BSC in China & elsewhere,” said Hao adding, “Those financial losses are a result of blind trust in Binance.”

“I strongly condemn Binance’s irresponsible behavior, which damaged the crypto community’s trust and caused DeFi to regress. Trust is hard to build but easy to tear down. For the sake of users’ interests & Crypto development, pls stop these tricks and BUILD the real DeFi,” said Hao.

Binance Marching Ahead

The leading spot exchange ERC20-based stablecoin has been gaining traction lately, seeing its volume surpassing Circle and Coinbase’s USDC Coin (USDC). In the past week, over $100 million worth of Binance USD (BUSD) has flowed into the exchange.

But it was actually USDC whose supply has doubled since the beginning of August. In just two months, USDC’s supply went from 1 billion to 2 billion, while it took two years for its supply to go from zero to 1 billion.

Binance has also taken the road to yield farming, the heart of DeFi mania, which helped its BNB token return to life.

“This is a good way to participate in the yield farming craze in a relatively low risk way,” said a researcher from Crypto fund The Spartan Group. For BNB, it means a constant demand for staking/holding making it an attractive asset to own, he said.

The exchange also introduced Binance Launchpool, which attracted many DeFi projects and away from Ethereum, the center of the DeFi world on which most of the projects are built on.

Binance CEO Changpeng Zhao noted that while BNB’s market cap is still 10% of ETH, the transaction volume of BSC is 40% of the Ethereum network. Recently, he also noted that while BSC is 100% EVM compatible, it also has 20x lower fees and no congestion, to attract more developers and projects.

“Did a quarter of users move already? Or is this just demand that was curbed due to high fees? Looks like the later as ETH tx count didn’t drop much. Growing, not taking, the pie,” he said.