Billionaire hedge fund owner Steve Cohen has made a significant investment of almost $19 million in Cybin Inc, a company engaged in psychedelic research and development (R&D). This new funding adds to Cybin’s credibility and reputation in the field, following their recent acquisition of DMT therapeutics developer Small Pharma. Cohen and his wife Alexandra have been strong supporters of psychedelic projects, donating over $31 million in the past to fund groundbreaking research.
Cohen’s investment was made through his asset management firm, Point72. The purchase of nearly 19 million Cybin shares represents over 8% of stock ownership. This investment not only puts Cybin in the spotlight but also validates the growing institutional interest in the psychedelic sector.
In a separate update, billionaire Blake Mycoskie, founder of Toms Shoes, has provided an update on his pledge to donate $100 million for psychedelic research. He has already donated $11 million, with around $1.5 million invested in for-profit companies such as MindMed, ATAI Life Sciences, and MAPS PBC. The remaining funds have been allocated to nonprofits. Mycoskie plans to continue donating $5 million annually until the $100 million is fully utilized.
Mycoskie’s funding strategy includes giving approximately 70% to nonprofits and 30% to for-profit companies. One of the beneficiaries of his funding will be Fireside Project, a nationwide peer-support line offering free harm reduction services.
Mycoskie’s involvement extends beyond financial contributions, as he plans to establish a “donor-advised” board to help direct more donations to nonprofits in the psychedelics space. He hopes that other high-net-worth donors will step up and make similar pledges to further support the industry.
Both Steve Cohen and Blake Mycoskie’s investments and pledges demonstrate the increasing recognition and support for psychedelic research and development, paving the way for further advancements in this field.
Photo: Benzinga edit with photo by anaterate and sergeitokmakov on Pixabay.
