The private British biotech announced positive results from its Phase IIa study of BPL-003, which it said support its Phase IIb study of the same DMT-based drug.

Pipeline is concentrated around Phase II, but sponsors have a few chances to see how FDA handles its ‘foundational constructs’ for psychedelic drugs, led by Lykos’ pending NDA for PTSD and Compass Pathways’ Phase III synthetic psilocybin COMP360 for treatment-resistant depression.

Novel psychiatric drug has missed its Phase III efficacy endpoint in two Phase III trials, posing a potential blow to the Japanese firms' alliance plans in schizophrenia, although development in other CNS indications looks set to continue. 

Public Company Edition: Summit initiated the big rights offering earlier this year as promised in December when it licensed Akeso’s PD-1/VEGF bispecific. Also, Teva sold $2.49bn in sustainability-linked notes to pay down debt, while MorphoSys, Novavax and others restructured and cut jobs.