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German biotech startup raises $43 million for psychedelic medicines

Dan Primack, author of Pro Rata

Illustration: Lazaro Gamio/Axios

ATAI Life Sciences, a German biotech startup focused on depression and other mental health disorders, raised $43 million in Series B funding. Subversive Capital led, and was joined by return backers like Apeiron Investment Group and Bail Capital.

Why it matters: This is the largest-ever venture round for a developer of psychedelic medicines, and comes after the FDA approved Johnson & Johnson's use of a different psychedelic agent for treating depression.

The bottom line: "After recreational use of psychedelics became popular in the 1960s, the U.S. government classified most of them "drugs of abuse" with no real medical value. However, recent clinical studies show mounting evidence that some psychedelics can help patients with certain mental illnesses." — Christina Farr, CNBC

Go deeper: Marijuana, psychedelics get a second look from Big Pharma

Go deeper

Alayna Treene, author of Sneak Peek
7 hours ago - Politics & Policy

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

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Alayna Treene, author of Sneak Peek
8 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

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Lachlan Markay
8 hours ago - Politics & Policy

Democrats aim to punish House GOP for Capitol riot

Speaker Nancy Pelosi passes through a newly installed metal detector at the House floor entrance Thursday. Photo: Drew Angerer/Getty Images

House Democrats plan to take advantage of corporate efforts to cut funding for Republicans who opposed certifying the 2020 election results, with a plan to target vulnerable members in the pivotal 2022 midterms for their role in the Jan. 6 violence.

Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.

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