- Revenue share payments will be based on North America sales of MDMA for use in MDMA-assisted therapy, will terminate after 8 years, and include a reciprocity payment structure that reduces payments once certain financial milestones are met
- The Regenerative Financing Vine ensures that most MDMA-assisted therapy revenues remain available to fund MAPS’ and MAPS PBC’s mission-driven priorities; MAPS remains non-profit with 100% ownership of the public benefit corporation
- Funders are endorsing MAPS’ mission and pursuit of mass mental health backed by 35 years of innovative leadership, governance, programs, and strategies
- Many funders through the Regenerative Financing Vine are, and will remain, long-term MAPS donors (see highlights)
The Multidisciplinary Association for Psychedelic Studies (MAPS) and Vine Ventures have announced the creation of a novel, social impact Special Purpose Vehicle (SPV), called the Regenerative Financing Vine (RFV), that will infuse $70 million into patient access infrastructure and research for MDMA-assisted therapy for PTSD. This model fully maintains both MAPS’ nonprofit mission and governance and MAPS Public Benefit Corporation’s (MAPS PBC) public benefit drug development and post-approval activities.
“MAPS is the most important organization for the success of psychedelic therapies globally,” explained Vine Ventures founder and managing director Ryan Zurrer. “Vine has demonstrated a commitment to rethinking venture capital with our own reciprocity pledge, and we’ve been honored to work with MAPS to create this novel funding structure that empowers them to deliver on their mission of mass mental health. Getting MAPS out ahead of the industry will create a commercial and cultural bar that puts patient access first.”
More than 9 million Americans are living with PTSD annually; many develop chronic PTSD that impairs ability to work, go to school, or maintain social ties. MAPS is currently sponsoring the final of two FDA-required Phase 3 trials of MDMA-assisted therapy for PTSD following the successful completion of the first Phase 3 trial and peer-reviewed publication of results in Nature Medicine earlier this year. The clinical trials have been demonstrating remarkable success, with 88% of participants experiencing a clinically significant reduction in PTSD symptoms and 67% no longer qualifying for a PTSD diagnosis following treatment. No serious safety signals emerged in the trial and, with the anticipated success of the final Phase 3 trial, the FDA is expected to deem this cost-effective treatment safe and efficacious in about two years.
Clinical research has been funded entirely through $130 million in philanthropic donations to MAPS over 35 years. In order to provide adequate access to meet the outstanding need, more funding is needed to research additional conditions and therapy modalities, train therapists, and build the patient access infrastructure to meet the existing need.
Fede Menapace, MAPS’ Director of Strategy and Co-Head of Business Development, celebrated the new partnership with a group aligned with MAPS’ vision and principles. “MAPS has pioneered the approval pathway for psychedelic-assisted therapies alongside a public benefit pharmaceutical business model that unconventionally maximizes patient access over profits. Now, with the support of our partners at Vine Ventures, we are pioneering a unique financing mechanism that allows MAPS to accelerate access within the market once the treatment is approved, yet ensuring our assets remain 100% non-profit owned. We are thrilled that our visionary funders will enable this urgently needed treatment for millions of people while also participating in our commercial success.”
Regenerative Financing Vine Highlights
- Vine is creating a special purpose vehicle (SPV) which is raising the capital to purchase the rights to the revenue share
- In return for the $70M, the SPV receives 6.1% of North America MDMA revenue for 8 years following initial drug sales
- CORRECTION 2/1/22: The SPV will contribute an escalating portion of revenues to MAPS in support of the mission: if twice the original principal has been returned to investors, the SPV gives 20% of subsequent revenue share back to MAPS. If three times the original principal is returned to investors, the SPV gives 30% of subsequent revenue share to MAPS. At four times the original principal, 40% of subsequent revenues are given back, and at five times the original principal, 50% of subsequent revenues are given back.Vine Ventures is not taking any carry or fees on the SPV, and is contributing significant capital to the SPV.
- Interested prospective funders can submit their contact information here
NOTE
The safety and efficacy of MDMA-assisted therapy is currently under investigation. It has not yet been approved by the FDA, does not work for everyone, and carries risks even in therapeutic settings. These statements are no guarantee of future FDA approval or availability of MDMA-assisted therapy. These statements necessarily involve known and unknown risks and uncertainties, which may cause actual outcomes to differ materially from our projections.
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MEDIA CONTACT
maps.org/newsroom or maps@kcsa.com
831-429-6362 ext 303
ABOUT MAPS
Founded in 1986, MAPS is a 501(c)(3) non-profit research and educational organization that develops medical, legal, and cultural contexts for people to benefit from the careful uses of psychedelics and marijuana. MAPS is sponsoring the most advanced psychedelic therapy research in the world: Phase 3 clinical trials of MDMA-assisted therapy for PTSD. Since its founding, MAPS has raised over $130 million for psychedelic and marijuana research and education and has earned both the Guidestar Platinum Seal of Transparency and a 4-Star Rating from Charity Navigator.
ABOUT MAPS PUBLIC BENEFIT CORPORATION (MAPS PBC)
MAPS Public Benefit Corporation (MAPS PBC) catalyzes healing and well-being through psychedelic drug development, therapist training programs, and sales of prescription psychedelics while prioritizing public benefit above profit. Founded in 2014, MAPS PBC is a wholly-owned subsidiary of the Multidisciplinary Association for Psychedelic Studies (MAPS), a 501(c)(3) non-profit organization.
ABOUT VINE VENTURES
Vine Ventures is an early-stage venture capital firm that invests in conscious health and wellness companies, with a focus on psychedelics. Vine commits half of its profits to a reciprocity trust, from which the funds are redistributed back into the psychedelic space – to nonprofits, academic research, public education, and indigenous communities.
