Psylo, a San Diego, CA-based biotechnology company, has secured $8 million in seed funding to advance its innovative research and development efforts.
Key Highlights:
- Funding Amount: $8 million in seed funding.
- Lead Investor: Tenmile.
- Other Participants: Palo Santo, Focalpoint Ventures (formerly Empath Ventures), Mystic Ventures, and Gaingels.
- Purpose of Funding: To accelerate the development of PSYLO-100X, a flagship non-hallucinogenic 5-HT2A agonist, aimed at treating depression and other mental health disorders.
Company Overview:
- CEO: Joshua Ismin.
- Chief Scientific Officer: Samuel Banister.
- Location: San Diego, CA.
- Core Focus: Psylo specializes in developing next-generation neuroplastogens for treating mental health disorders. Neuroplastogens are compounds that promote neuroplasticity, the brain’s ability to reorganize itself by forming new neural connections.
Flagship Product:
- PSYLO-100X: A non-hallucinogenic 5-HT2A agonist designed to treat depression and other mental health conditions. The compound is noteworthy for its potential to be safely administered at home without the need for clinical supervision, broadening accessibility for patients.
Statements from Leadership:
- Joshua Ismin, CEO: “This capital raise underscores strong confidence in Psylo’s unique translational approach and the therapeutic potential of our pipeline. Our platform has yielded a non-hallucinogenic candidate designed to be safely administered at home without clinical supervision, and serves to advance our mission to address the mental health crisis for a broader patient population.”
Psylo’s successful seed funding round highlights the strong investor confidence in the company’s innovative approach to developing neuroplastogens. With the new funds, Psylo aims to fast-track the development of PSYLO-100X, potentially providing a groundbreaking treatment option for those suffering from depression and other mental health disorders, and making treatment more accessible by allowing safe at-home administration.
