Biotechnology company Gilgamesh Pharmaceuticals has raised $39m in Series B financing round, led by Prime Movers Lab, for advancing treatments for mental health.
The company has also received additional funding from JLS Fund, Gron Ventures, Alumni Ventures, Palo Santo, Satori Capital, Negev Capital, and Route 66.
It intends to use the additional capital, in part, for further advancement of two programmes – GM-1020 and GM-2505 through Phase I/Ib safety and efficacy studies.
GM-1020 is a patented, orally active small molecule N-methyl-D-aspartate (NMDA) receptor antagonist.
In preclinical depression models, the orally bioavailable small molecule antagonist demonstrated quick and robust effects while avoiding side effects that are associated with IV ketamine and IN esketamine.
GM-2505 is a patented, small molecule, short-acting 5-HT2A receptor agonist/5-HT releaser, which is anticipated to have a quick and durable antidepressant effect.
It is expected to create dramatic changes in human emotion, perception, consciousness, and cognition.
Gilgamesh designed GM-2505 to have an ideal PK profile in humans. This will enable sufficient target engagement for providing RAAD effects without the need for an extended-duration in-clinic.
The company will also use the funding to develop new pre-clinical programmes to treat depression as well as other neuropsychiatric disorders.
Gilgamesh CEO and co-founder Dr. Jonathan Sporn said: “More than 280 million people suffer from depression around the world, yet the way we treat depression has remained stagnant for decades. Our mission is to fundamentally reshape the treatment of mental illness.
“Despite a general dip in fundraising in the life sciences sector this year, companies with strong science and strategy, such as Gilgamesh, are still able to raise capital.”