PSYLO ANNOUNCES SPONSORED RESEARCH AGREEMENT WITH DAIICHI SANKYO TO DEVELOP NON-HALLUCINOGENIC PSYCHIATRIC THERAPIES

The Sponsored Research Agreement will help advance antidepressant treatments for patients in need

SYDNEY,June 22,2023 -- Biotech start-up,Psylo,announced today that it has entered into a Sponsored Research Agreement with global Japanese pharmaceutical company,Daiichi Sankyo (DSNKY),to support the advancement of psychiatric medicines for patients struggling with chronic mental illness.

As part of the agreement,Psylo will utilize its expertise in neuropsychiatric therapies and leverage Daiichi Sankyo's extensive experience in drug discovery and clinical development to advance research and development of new treatments for chronic mental illness. Psylo will establish an office at the B+labs incubation space in Philadelphia,providing the company with access to cutting-edge research and development resources.

"We are thrilled to receive support from Daiichi Sankyo in our mission to develop new and effective treatments for chronic mental illness," said Josh Ismin,CEO of Psylo. "This sponsorship represents a step forward in our efforts to harness the therapeutic potential of compounds to address mental health challenges."

Matthew Burkhardt,Director of B+labs,added,"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."

Sam Banister,the Chief Scientific Officer of Psylo,concluded,"Daiichi Sankyo is a world leader in pharmaceutical development. To have Daiichi Sankyo's guiding hand as we push through this next critical stage of development will prove invaluable in translating our R&D efforts into early clinical development."

The Sponsored Research Agreement between Psylo and Daiichi Sankyo will help advance the development of non-hallucinogenic psychiatric therapies as novel antidepressants,bringing new hope to patients struggling with chronic mental illness.

About Psylo

Psylo (https://psylo.bio) is a biotech company developing next-generation therapeutics inspired by a novel class of neuropsychiatric compounds. The company's goal is to extend more effective treatment options to the ~970 million patients worldwide living with acute and chronic mental health disorders.