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Being Health, a psychiatrist-founded mental health practice, raised $5.4 million in seed funding, co-founder Allie Sharma tells Aaron exclusively.

Why it matters: Mental health resources can be fragmented, with many point solutions. Being Health aims to treat patients with a personalized, holistic approach.

Details: Investors include 18 Park and HDS Capital.

Proceeds will help Being Health open its first clinic in lower Manhattan, Sharma says.

Once the concept is proven as a repeatable model, the company hopes to expand further in New York City and other areas of the U.S.

How it works: Being Health provides psychiatry and psychotherapy, along with alternative treatments like ketamine infusion therapy, acupuncture and nutrition counseling.

The company has a team of 11 providers — spanning psychiatrists, licensed clinical social workers, nurse anesthetists, care advocates, and acupuncturists and nutritionists.

Being Health offers hybrid care — ketamine consultations and preparation sessions, as well as psychiatry services and follow-ups, are available in person and virtually.

Being Health is not in-network with insurers right now but accepts  HSA/FSA coverage, and offers financing to those who qualify.

By the numbers: Being Health's services aren't cheap. A ketamine consultation costs $425 a pop, with each session priced at $225.

The company offers a package of ketamine sessions priced at $4,200, as well as nutrition packages ($450 to $1,500) and "functional medicine" packages priced at $1,480. 

Acupuncture services are priced around $150 to $175 a session, and psychiatry services range from $325 to $550 depending on appointment type.

What's next: Being Health aims to add to its administrative team and hire more clinicians.

Sharma declined to comment on financial runway.

What they're saying: "We are combining the best of what is tried and tested in psychiatry with what is new and novel in our field," Sharma says.

"For certain patients with certain conditions, psychedelics is another tool in the toolkit," she adds.

"Over 90% of mental health is done by individual practitioners and they are not in a position to do holistic approach," says HDS founder Haim Dabah.

Be smart: Patient demand for alternative treatments including psychedelics is robust, but a shortage of clinicians and lack of standardization and general oversight has stymied the market.

In the meantime, investors have pursued companies that provide back-end support for ketamine therapy and track outcomes.

1 big thing: Being Health gets $5M for NYC clinic

Illustration of a therapy couch with a pillow made of money.

Bladder cancer biotech CG Oncology raised $380 million in its IPO, pricing 20 million shares at $19, Axios' Dan Primack writes.

Why it's the BFD: The listing is a lustrous green light for the broader IPO market and a good sign for the future of biotech funding. 

Zoom in: CG originally planned to raise around $200 million before boosting its share count by 44%. Then the company sold even more shares at a price above its anticipated range.

Its initial market value will be around $1.2 billion.

ROI: CG had raised around $317 million in VC funding since its 2010 formation. 

Major backers included ORI Capital (11.3% pre-IPO stake), Decheng Capital (10.4%), Longitude Venture Partners (9.5%), Foresite Capital (6.3%), TCGX (6.3%), and Ally Bridge Group (5.7%).

Be smart: CG's lead candidate is focused on patients with non-muscle invasive bladder cancer (NMIBC) who aren't responsive to the current standard-of-care therapy. 

In 2021, it was estimated that roughly 63,000 new cases of NMIBC would be diagnosed, per a 2022 JAMA paper.

2. The BFD: CG Oncology raises $380M in IPO

Illustration of the Wall Street bull wearing a stethoscope. 

Want more health tech deals? Check out the Axios Pro Deals Tracker.

• Diva'Me, a Dubai-based startup focused on menstruation and women's health, raised $1m in pre-seed funding led by Verde. https://axios.link/47RyGd4

• Isaac Health, a NYC-based provider of virtual and home clinical services for dementia and other brain health conditions, raised $5.7m in seed funding led by Meridian Street Capital and B Capital with participation from Primetime Partners, Co-Found Partners, VU Venture Partners and AirAngels. https://axios.link/47QS9eb

• Yellow Wood Partners-backed Suave Brands Company, a NYC-based beauty company, acquired the ChapStick brand from Haleon in a deal valued at roughly $80m, per Axios Pro.

• Kain Capital completed a follow-on investment in My Dr Now, a Chandler, Ariz.-based provider of primary and specialty care, bringing the total investment to date to $60m. https://axios.link/3vSVGvi

• Cyprium Partners invested in OneroRx, a Des Moines, Iowa-based provider of integrated pharmacy services and medical supplies. https://axios.link/4blYYHE 

• Cross-Border Impact Ventures, a Toronto-based firm focused on health and wellbeing, closed its first fund, the Children's Health Technology Fund, with $90m in commitments. https://axios.link/48YVusI 

3. Deals o' the day

• Jason Rose, former CEO of AdhereHealth, joined Clearsense as CEO. https://clearsense.com/

• Ryan Royal, former CTO of InterviewStream, joined Upfront Healthcare as CTO. https://upfronthealthcare.com/

• Kevin Thilborger, former managing director of VBC at Huron, joined Unlock Health as chief revenue strategy officer. https://www.unlockhealthnow.com/

• Christina Keesecker, former senior director of analytics at Cityblock Health, joined Arkos Health as VP of product. https://arkoshealth.com/

• Robert Langer, co-founder of Moderna, joined Lindus Health's advisory board. https://axios.link/48Jl7xV

4. It's Personnel

⏰ Patients are drowning in appointment reminders — Axios

☑️ SEC puts new rules on SPACs — Bloomberg

✂️ Teladoc makes job cuts, eliminates some roles — Endpoints News

📉 Humana cuts 2024 forecast, pulls 2025 view; insurers tumble — Bloomberg

5. Your daily dose

Illustration of a repeating pill bottle pattern with one rolled up newspaper.

🤷 Situational awareness: Scratching your head about Walgreen's decision to sell Shields? So are we. Drop your thoughts to us via email.

🚴🏻 Erin got back on the bike after a four-week medical hiatus and was beasted by a 40-minute ride.

✅ Thanks for reading, and extra thanks to newsletter editor Claire Rychlewski and copy editor Mickey Meece. Please ask your colleagues, friends, and family to sign up.

January 25, 2024

1 big thing: Being Health gets $5M for NYC clinic