Mets owner Steve Cohen donates $5 million to support psychedelics research

The philanthropic group, led by New York Mets owner Steve Cohen and his wife Alexandra, donates millions of dollars to further research into psychedelic drugs.

The Steven & Alexandra Cohen Foundation has offered a $5 million grant to MAPS, the Multidisciplinary Association for Psychedelics Studies, a nonprofit organization dedicated to exploring the potential of psychedelic drugs for medical purposes.

The grant will “help provide critical mission support as we move into the final stages of the drug development process for an MDMA-assisted therapy for the treatment of PTSD,” MAPS said in a news release Wednesday.

“We are extremely grateful to the Steven & Alexandra Cohen Foundation for their unwavering support in helping us move MDMA-assisted therapy into the pipeline and achieve potential FDA approval.” We are deeply touched by their commitment to equal access – a critical element in our attempt to achieve healing for all,” said Rick Doblin, MAPS Founder and President.

MAPS said it “plans to submit a new drug application for MDMA-assisted therapy of PTSD to the FDA later this year.”

“If the treatment is approved by the FDA, advocates and companies will work to integrate the approved therapy into the healthcare system. However, similar to many other psychiatric treatments and therapies, those prescribed the treatment who do not have insurance coverage or the ability to pay the costs out of pocket may face financial strains to access the therapy.” , the organization said in Wednesday’s announcement. “This innovative grant not only supports MAPS’ mission today, but will also lay the foundation for a financial assistance program for patients when MDMA and other psychedelic-assisted therapies are approved by the FDA.”

“Millions of Americans, including our veterans and first responders, suffer from post-traumatic stress disorder and other mental illnesses that affect their quality of life. Psychedelic compounds represent a new way to address these often treatment-resistant disorders and bring hope to patients,” said Alexandra Cohen.

Steve Cohen made his fortune as a hedge fund manager; According to Forbes, he’s worth an estimated $17.5 billion. In 2020, he completed the $2.4 billion purchase of the Mets.

Established in 2001, the Steven & Alexandra Cohen Foundation has “donated $741.7 million to organizations advancing children’s health care and education, serving the underserved, supporting the arts, protecting the environment and research into Lyme disease and promote tick-borne diseases”. the official site.

The Foundation has also shown a strong commitment to the advancement of psychedelic therapy, billing itself as “one of the largest private funders of psychedelic research in the country”.

According to its website, the foundation has donated nearly $19 million to “psychedelic projects.” The foundation states that it has provided “over $10 million in philanthropic support to MAPS’ mission, including MAPS-sponsored clinical research into MDMA-assisted therapy.”

In 2021, the foundation donated $2.1 million to Mount Sinai in New York “to fund a large study comparing two and three sessions of MDMA-assisted psychotherapy in combat veterans who have post-traumatic stress disorder (PTSD). ) was diagnosed.”

“The Steven & Alexandra Cohen Foundation is at the forefront of philanthropic giving to our combat veterans. “This generous donation will allow us to devote our efforts to studying the effects of MDMA-assisted psychotherapy in combat veterans with PTSD,” said Rachel Yehuda, the director of the Mount Sinai Center for Psychedelic Psychotherapy and Trauma Research, at the time. “We are extremely grateful for their support in our mission to revolutionize the treatment of trauma survivors with psychedelic psychotherapy and to better understand the mechanisms of resilience and recovery from trauma.”