Mental health treatment company raises $40M

Transcend Therapeutics, a biotech company focusing on mental health treatment, raised $40 million in series A financing.

The company works to develop psychedelic drugs that could be used in the treatment of PTSD. Transcend will use the funding to launch clinical trials, according to a Feb. 23 Transcend news release.

Alpha Wave Global and Integrated Investment Partners led the financing round, bringing the company's total raised to $42 million.

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