Last month, the psychedelic company MindBloom hired Michael Petegorsky to be one of the company’s initial in-house attorneys. Petegorsky has worked on a variety of high-profile cases, and as an advocate for psychedelic medicine, he is excited to be a part of its expansion.
“Psychedelic medicine is a powerful tool for improving mental health and wellness,” Petegorsky stated in a recent LinkedIn message. “I would love to connect with anyone who shares my excitement and curiosity about the sciences, technology, and law surrounding psychedelics and telemedicine.”
At the height of the psychedelic-assisted therapy era, MindBloom LLC specializes in Ketamine and its use as a therapeutic agent for anxiety and depression. Many investors and entrepreneurs are making haste to be part of this booming industry. Former Sullivan & Cromwell partner turned internet millionaire Peter Thiel is leading the charge to convert psychedelics into a hot enterprise.
German firm Atai Life Sciences AG was appraised at $2 billion in March after obtaining $157 million in Series D funding from investors including PayPal co-founder Peter Thiel. There have been a number of recent IPOs in this industry. On the Nasdaq platform the year before, Compass Pathways PLC, a European pharmaceutical business that harnesses a hallucinogenic drug to treat anxiety and depression acquired more than $145 million. The company’s attorneys from Goodwin Procter earned $1.4 million in attorney costs and expenses as a result of the offering.
As a corporate defense lawyer, Petegorsky specializes in intellectual property (IP). He stated that his move to MindBloom has been an easy one following almost a half-decade at Akin Gump, where he was a partner and lawyer after joining the firm in 2015 from Ropes & Gray. “I’m thrilled to be a part of the team,” he added.
MindBloom’s trademarks and other IP are being managed by Akin Gump. The New York-established business, according to Petegorsky, is also collaborating with Gunderson Dettmer Stough Villeneuve Franklin & Hachigian on business matters and with the law firms Foley & Lardner and McDermott Will & Emery on governing challenges.