GH Research Ireland closed a $125 million Series B financing round to fund the advancement of GH001, an inhaled version of 5-Methyoxy-N, N-dimethyltryptamine, or 5-MeO-DMT, the psychedelic ingredient found in the venom of certain toads and some plants or made synthetically. The financing is co-led by RA Capital and RTW Investments, LP, U.S.-based biopharmaceutical investment firms, alongside existing investor BVF Partners.
GH001 is being developed as a medicine for treatment-resistant depression. RH Research’s goal is to “administer GH001 in a single-day individualized dosing regimen that enables patients to achieve a rapid and durable remission with convenient administration.”
RH Research announced in November that it had completed its Phase 1 clinical trial investigating GH001 in healthy volunteers and began recruiting participants with treatment-resistant depression for a Phase 1/2 study. About 10 percent to 30 percent of people with major depression have limited or no response to currently available antidepressant treatment.
“GH001 has the potential to establish a new paradigm in the treatment of a range of mental diseases,” Florian Schönharting, Chairman of the Board of Directors of GH Research said in a statement.
Smoking or vaping 5-MeO-DMT powder is the most common route of administration. The effects usually kick in within the first 30 seconds, peak 1-15 minutes later, and last up to a half hour. The psychedelic effects are strong and intense with auditory hallucinations, time distortion, and a sense of oneness with the universe. Ego death is also commonly reported.
RH Research is also working on an injectable formulation of 5-MeO-DMT under the name GH002, with clinical trials expected to begin sometime this year. The company has yet to reveal what indications the therapy will be tested for.
