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Investors from the UAE and Singapore decided to invest in the development of psychedelics

Biotech companies developing psychedelic drugs to treat mental disorders are receiving huge amounts of investment, the Financial Times reports. Investor interest in this industry is driven by expectations of approval of similar drugs by regulatory authorities in various countries this year, as well as promising scientific data.

Biotech companies working to develop psychedelic drugs such as MDMA, psilocybin mushrooms and 5-MeO-DMT attracted $163 million in funding in January alone, according to an estimate from venture capital firm PitchBook.

According to FT sources, Singapore’s state investment fund Temasek and a unit of the UAE’s sovereign wealth fund Mubadala are interested in financing the development of such drugs and have already held talks with biotech companies. Both funds have previously invested in biotech despite strict drug laws in their countries. For example, in Singapore alone, at least 15 people have been executed for drug trafficking over the past two years.

It was previously reported that telephone scammers had developed a new fraud scheme. They are asking Russians to update their banking apps, arguing that this is the only way to maintain access to their money. More about this read the material Public News Service.

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