# Steve Cohen's Millions Propel Psychedelic Research Therapy
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Published: 2023-11-10T00:00:00.000Z
Category: Psychedelics

Steve Cohen's investment boosts psychedelic research in biopharma, with top billionaires reshaping mental health care.

#### Big Idea:

Steve Cohen, the American billionaire and New York Mets owner, is steering the biopharma industry into a new era with his multi-million dollar infusion into psychedelic research. This surge of activity, which parallels the initiatives by Peter Thiel and Blake Mycoskie, gains further validation from the FDA's breakthrough therapy designations. 

#### Why It Matters:

These strategic investments reflect a larger trend of institutional validation for psychedelics as viable therapeutic agents. The involvement of billionaires like Cohen, Thiel, and Mycoskie indicates a growing confidence in psychedelic medicine's potential to effectively treat conditions such as PTSD and depression, potentially reshaping the future of mental healthcare. 

#### Key Details:

- July 2021: The Steven & Alexandra Cohen Foundation grants $2.1 million to Mount Sinai's Psychedelic Research Center for MDMA-assisted therapy studies on combat veterans with PTSD.
- July 2023: The Multidisciplinary Association for Psychedelic Studies (MAPS) receives a $5 million grant from the Steven & Alexandra Cohen Foundation.
- September 2023: Steve Cohen invests $19 million in Cybin Inc., a Canada-based psychedelic company, further demonstrating his support for psychedelics research.
- October 2023: Steve Cohen, through Point72, acquires 119 million (BNOX) shares in Bionomics Limited, providing additional support for the company.

#### What's Next:

Expectations are high for more breakthrough therapy designations from the FDA, as well as a surge in both private and public funding for psychedelic research, setting a fast-tracked pace for the industry's growth.

#### The Bottom Line:

Steve Cohen's push into psychedelic research isn't just an investment—it's a declaration that this field is poised for major league status within biopharma. As these therapies edge closer to regulatory approval and public acceptance, we may be witnessing the dawn of a new era in mental health treatment, backed by the conviction and capital of some of the world's most influential billionaires.

Source: The Money Game (https://themoneygame.zeabur.app/stories/steve-cohens-millions-propel-psychedelic-research-therapy)