Psylo Secures $8M Series Seed to Develop Neuroplastogens at BIO San Diego

SAN DIEGO, June 3, 2024 — Psylo, a prominent biotech firm, has made a significant stride in the development of its pioneering neuroplastogen, PSYLO-100X. Announced at the BIO Conference in San Diego, Psylo has successfully secured the first segment of an $8 million Series Seed funding round. This financial boost is set to expedite the progress of PSYLO-100X, a non-hallucinogenic 5-HT2A agonist, which holds great promise for revolutionizing treatments for depression and other mental health conditions.

PSYLO-100X stands out in the field of neuroplastogens due to its unique ability to remodel neurons without inducing hallucinations. This innovative compound exhibits antidepressant-like effects in living organisms and promotes neuroplasticity in lab cultures, while importantly avoiding activation of the 5-HT2B receptor. This safety feature is crucial, as activation of the 5-HT2B receptor is linked to cardiotoxicity risks.

"We are delighted to announce this funding achievement at the BIO Conference," commented Joshua Ismin, CEO of Psylo. "This investment highlights the strong confidence in Psylo's distinctive approach and the therapeutic potential of our pipeline. Our platform has produced a non-hallucinogenic candidate that can be safely administered at home, advancing our mission to address the mental health crisis across a wider patient population."

The Series Seed financing was led by Tenmile, a prominent health investor, with contributions from Palo Santo, Focalpoint Ventures (previously Empath Ventures), Mystic Ventures, and Gaingels. Dr. Steve Burnell, Managing Director of Tenmile, shared his optimism regarding the investment: "Psylo's progress and innovative approach to addressing mental health disorders have greatly impressed us. We are excited to invest in Psylo and confident in their ability to advance PSYLO-100X, which we believe could significantly impact the neuro space."

Key Points about PSYLO-100X:
- Non-hallucinogenic: Designed to eliminate hallucinatory effects, making it a safer, more accessible treatment option.
- Selective 5-HT2A agonist: Targets the 5-HT2A receptor without activating the 5-HT2B receptor, reducing cardiotoxicity risks.
- Promotes neuroplasticity: Enhances neuron complexity in cell culture, indicating potential long-term therapeutic benefits.
- Antidepressant effects: Shows pro-cognitive effects in living organisms, offering promise as a treatment for depression, anxiety, and other ruminative disorders.

"After three years of intensive drug discovery, we are encouraged by our progress," stated Dr. Samuel Banister, Chief Scientific Officer at Psylo. "PSYLO-100X, a non-tryptamine, non-phenethylamine compound, has an impressive preclinical profile. This novel approach represents a significant leap in developing safer, more effective treatments."

Psylo intends to use the Series Seed funds to further invest in their drug discovery platform and advance PSYLO-100X through IND enabling studies, aiming to initiate first-in-human clinical trials in 2025.

Originally founded in Australia, Psylo recently restructured as a US Delaware C-corp in conjunction with the fundraising and has established laboratories at the University of Colorado Boulder and the University of New South Wales in Sydney. Psylo remains dedicated to transforming mental health treatment by leveraging next-generation neuroplastogen science.

About Psylo

Psylo is a biotech company committed to developing next-generation neuroplastogens targeting mental health disorders. By harnessing advanced scientific methodologies and innovative therapeutic strategies, Psylo aspires to transform the mental health field and improve the lives of millions globally.

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