Saturday, May 25, 2024

Biotechnology Start-Up Psylo Wins Hello Tomorrow APAC Deep Tech Competition in Singapore

SINGAPORE, Oct. 31, 2023 /PRNewswire/ — Psylo, a biotechnology start-up pioneering the development of next-generation serotonergic agents for the treatment of central nervous system (CNS) disorders, today announced that it won the Hello Tomorrow APAC deep tech competition held in Singapore.

The Hello Tomorrow APAC Challenge is a prestigious annual competition where deep tech startups from the Asia-Pacific region exhibit their innovative solutions, rooted in advanced science and engineering, to address global challenges. Psylo was selected as the winner from over 200 contenders, securing an equity-free grant and sponsored trips to Singapore and Paris to participate in SLINGSHOT 2023 and the Hello Tomorrow Global challenges, respectively.

Leveraging its proprietary platform, Psylo is at the forefront of developing serotonergic agents with enhanced selectivity and efficacy. Their lead 100X series, a class of functionally selective 5-HT2A agonists, has shown promising antidepressant and neuroplasticity-promoting effects in preclinical studies.

“We are immensely honoured to have been selected as the winner of the Hello Tomorrow APAC Challenge,” said Dr William Jorgensen, Psylo’s Director of Medicinal Chemistry and representative at the competition. “This recognition reflects the tireless efforts of our team and the transformative potential of our platform in revolutionising the treatment of CNS disorders.”

Psylo’s Growing Presence in Asia

Psylo, headquartered in Australia with operations in the US, is now expanding its presence in Asia. This strategic growth is underscored by a recent sponsored research agreement with Daiichi Sankyo, one of the largest pharmaceutical companies in Japan and world leader in drug development. Under the terms of the agreement, Psylo will receive funding and support for developing psychiatric therapies based on its proprietary platform.

“We are eager to expand our presence in Asia,” said Joshua Ismin, Psylo’s Chief Executive Officer. “Earlier this year we began building a team in the US to support our partnership with Daiichi Sankyo. This win at the Hello Tomorrow APAC Challenge further validates our global strategy.”

Psylo’s Research Progress

Psylo is currently advancing four lead series of serotonergic agents with reduced side effects and optimised pharmacological profiles. The 100X series is the most advanced series showing substantial promise for clinical translation.

“The 100X series could represent a paradigm shift in psychiatry. This novel class of 5-HT2A agonists, which has shown promising antidepressant effects in preclinical studies and promotion of neuroplasticity, could redefine the treatment of depression and other CNS disorders,” said Dr. Samuel Banister, Psylo’s Chief Scientific Officer. “Aligned with Psylo’s mission, our innovative approach aims to offer a safer and more effective alternative to traditional SSRI antidepressants and reduce suffering from neuropsychiatric and CNS disorders.”

Psylo is planning to initiate the Investigational New Drug (IND)-enabling studies necessary for human clinical trials in early 2024.

About Psylo

Psylo is an Australian biotechnology start-up developing next-generation serotonergic agents for the treatment of central nervous system (CNS) disorders. The company’s proprietary platform enables the discovery and development of serotonergic agents with improved selectivity and efficacy. Psylo is led by a team of experienced scientists and entrepreneurs with a proven track record in the pharmaceutical industry.

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