, found that 67% of participants who received MDMA combined with psychotherapy no longer qualified for a PTSD diagnosis two months after treatment, compared with 32% in the placebo group. Later this year, MAPS’ commercial entity, a public-benefit corporation, plans to submit a new drug application to the FDA.
Mycoskie, who grew up in Texas and got his start as a public figure in the early 2000s after appearing in the second season of CBS reality show, founded Toms in 2006, inspiring other brands to promote social and ethical causes. In 2014, he sold a 50% stake in the company to Bain Capital, which valued Toms at $625 million. Mycoskie left Toms in 2019 and that same year it was taken over by its creditors, to whom it owed about $300 million, and his remaining stake was wiped out.
This week’s announcement is not the first time Mycoskie has made a bold financial commitment since exiting Toms. In 2016, he announced thatinto companies with a strong social mission. Palmer says his client is “still on this journey” to fund social mission-based companies. Mycoskie says he plans to donate between $5 million and $7 million by the end of this year and estimates his giving and investing will take between 10 to 15 years. And Palmer notes it could take longer. “There’s nothing legally binding him to do it quicker or slower,” he says.