Psylo is a biotechnology company focused on developing next-generation neuroplastogens, led by CEO Joshua Ismin and CSO Samuel Banister. Its flagship candidate is PSYLO-100X, a non-hallucinogenic 5-HT2A agonist intended to treat depression and other mental health disorders. The company’s platform has produced a candidate designed for safe at-home administration without clinical supervision. Psylo plans to use the newly raised capital to accelerate advancement of PSYLO-100X through development activities. The company raised $8M in Seed funding to support these efforts. Leadership frames the raise as validation of Psylo’s translational approach and the therapeutic potential of its pipeline. Psylo is developing novel mental-health therapeutics inspired by psychedelic compounds such as psilocybin. The company leverages AI and computational chemistry to design and streamline molecules intended to deliver the proposed therapeutic benefits of psychedelics without hallucinogenic effects. Psylo aims to apply these approaches to treat mental illness as an alternative to traditional antidepressants. At the Purpose Conference in Sydney the company noted that Australians are heavy users of traditional antidepressants, which it said are only about 20% more effective than placebo. Psylo has raised $5 million in a seed funding round to advance its therapeutic development and operations. The seed capital is intended to support its drug-design and development efforts.

Total raised

$13M

Funding rounds

2

Latest round

Seed

Latest activity

Jun 2024