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The CEO of Biopharma says Bitcoin could help the industry overcome 'biotech winter'
Atai Life Sciences founder, Christian Angermayer, said holding Bitcoin could be a way for biotech companies to survive the lengthy approval process to bring their drugs to market.
Biotech pharmaceutical company Atai Life Sciences, listed on NASDAQ, stated that cryptocurrencies like Bitcoin could be key for biotech startups to survive as they endure years of waiting for regulatory approval.
Atai, which is developing mental health treatments using psychedelics like DMT and MDMA, has become the latest public company to announce plans to purchase Bitcoin.
It plans to buy $5 million worth of Bitcoin, founder and chairman Christian Angermayer wrote in a Substack post on March 20.
"Developing drugs is a long-term, expensive project," he said. "The necessary steps to achieve regulatory approval can easily take more than a decade."
In January, TechCrunch reported that, according to multiple datasets, the number of startup closures increased in 2024 compared to 2023 as companies did not receive additional funding to continue operations.
Angermayer noted that the approval process is essential for drug development, but it exposes companies to financial risks while high inflation and high interest rates have caused the current 'biotech winter'. #Atai
Atai Life Sciences founder, Christian Angermayer, said holding Bitcoin could be a way for biotech companies to survive the lengthy approval process to bring their drugs to market.
Biotech pharmaceutical company Atai Life Sciences, listed on NASDAQ, stated that cryptocurrencies like Bitcoin could be key for biotech startups to survive as they endure years of waiting for regulatory approval.
Atai, which is developing mental health treatments using psychedelics like DMT and MDMA, has become the latest public company to announce plans to purchase Bitcoin.
It plans to buy $5 million worth of Bitcoin, founder and chairman Christian Angermayer wrote in a Substack post on March 20.
"Developing drugs is a long-term, expensive project," he said. "The necessary steps to achieve regulatory approval can easily take more than a decade."
In January, TechCrunch reported that, according to multiple datasets, the number of startup closures increased in 2024 compared to 2023 as companies did not receive additional funding to continue operations.
Angermayer noted that the approval process is essential for drug development, but it exposes companies to financial risks while high inflation and high interest rates have caused the current 'biotech winter'. #Atai
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