Delix Therapeutics has raised $70m in a Series A funding round which is expected to fund its drug discovery platform of novel neuroplasticity-promoting compounds known as psychoplastogens.
Preclinical neuroscience company Delix Therapeutics has developed nearly 1,000 novel compounds, with its most advanced compounds having been profiled in Nature and Cell. These compounds are non-hallucinogenic analogues of clinically validated first-generation psychedelics like psilocybin, LSD, DMT, and MDMA.
Its $70 million Series A financing round was led by ARTIS Ventures, RA Capital Management, and founding investor OMX Ventures, amongst others, with participation from life sciences and psychedelic investment funds.
Delix Therapeutics CEO, Mark Rus, commented: “We appreciate the overwhelming support from new and early investors alike, and continue to attract top neuroscience, chemistry, and biotech talent as we pursue a unique pathway toward treating – and potentially healing – neuropsychiatric conditions in a new way, at scale.
“We’ve made tremendous progress towards developing efficacious and easily manufactured compounds that have the potential to deliver safe, fast-acting, FDA-approved treatments to help patients in need.”
Delix says its orally bioavailable compounds preserve the long-lasting beneficial rewiring of neurons without the risk, safety liabilities, and other patient access barriers inherent to first- and second-generation psychedelics.
Two development candidates, DLX-1 and DLX-7, are currently undergoing pre-IND safety and toxicology studies to enable clinical trials to begin in 2022.
Senior partner of ARTIS Ventures and Delix board member, Vasudev Bailey, said: “Delix is at the forefront of neuroscience with a growing platform of novel compounds, a great team, and a novel approach.
“Delix has the potential to advance our understanding of neuroplasticity, a core component of psychedelics, and its ability to heal. Through its platform, we see a significant opportunity for Delix to develop next-generation therapies, with strong IP protection and the potential to positively impact a range of neuropsychiatric and neurodegenerative conditions.”
Managing director at RA Capital Management, Andrew Levin, added: “The healthcare system is in serious need of new and improved neuropsychiatric treatments that are scalable and more accessible than first- or second-generation psychedelics.
“We have been looking for an optimised scientific approach to achieve this, and believe that Delix’s team, therapeutic strategy, and early lead candidates are on the critical path.”
“This funding is an important step in transforming our years of scientific research and discoveries into innovative treatments for patients in need,” said Professor David E. Olson, co-founder and chief innovation officer of Delix Therapeutics.
“Our preclinical data to-date suggest that our compounds are unlike anything currently in psychiatrists’ arsenals and have the potential to treat a wide range of conditions. Because the Delix platform directly reverses cortical atrophy — the root cause of many brain disorders — we are optimistic that our treasure trove of novel compounds will yield many safe and scalable treatments for improving mental health.”
