The agreement has been signed to advance research and development to treat chronic mental illness. Credit: shop_py / Shutterstock.com.

Biotech start-up Psylo and Daiichi Sankyo have signed a sponsored research deal to advance the development of non-hallucinogenic psychiatric therapies.

The therapies will be developed as new antidepressants for patients suffering from chronic mental illness.

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The biotech company will use its knowledge of neuropsychiatric therapies and the experience of Daiichi Sankyo in drug discovery and clinical development to advance the new therapies’ research and development.

Psylo CEO Josh Ismin stated: “We are thrilled to receive support from Daiichi Sankyo in our mission to develop new and effective treatments for chronic mental illness.

“This sponsorship represents a step forward in our efforts to harness the therapeutic potential of compounds to address mental health challenges.”

The company develops next-generation therapeutics inspired by a new class of neuropsychiatric compounds.

It also plans to open a new office at the B+labs incubation space in Philadelphia, Pennsylvania, US.

This will provide Psylo with access to advanced research and development resources.

B+labs director Matthew Burkhardt stated: “We are thrilled to welcome Psylo to our incubation space in Philadelphia and look forward to supporting their research and development efforts.

“This sponsorship exemplifies our commitment to fostering innovation and driving advancements in the life sciences.”

In March 2023, Daiichi Sankyo, the Lung Cancer Research Foundation and AstraZeneca announced a new research partnership to fund three grants focused on antibody-drug conjugates to improve outcomes for lung cancer patients.

Early R&D projects coverage on Pharmaceutical Technology is supported by Mimotopes.

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