Portfolio Spotlight: Psylo
Psylo founders Dr Sam Banister and Josh Ismin
We’re shining a light on UNSW Founders alumni and portfolio company Psylo. Named one of The Australian’s Top 100 Innovators, the UNSW-based startup is a biotech company developing novel medicines inspired by psychedelics found in nature such as pscilocybin or DMT. Psilocybin is a naturally occurring psychedelic compound found in certain species of mushrooms, known colloquially as “magic mushrooms”. By optimising the pharmacology of natural psychedelics, Psylo are developing next-generation, patent-pending therapeutics which will be accessible to a broad patient population and treat a range of neuropsychiatric conditions.
While participating in UNSW Founders’ SynBio 10x accelerator last year, Psylo founders Josh Ismin (CEO) and Dr Sam Banister (CSO) raised $5 million in Seed funding. The funds are being used to further explore potential drug candidates for clinical trials, which are about 18 months away. And in fortuitous timing, earlier this month, the Australian government legalised the use of psilocybin for medical purposes.
Pssst…In 2023, 15 teams will be accepted into the 4-week Pre-Accelerator and up to 6 teams will be selected to advance to the 10-week 10x Accelerator. You can express your interest in our next cohort here: Accelerator Program Expression of Interest
UNSW Founders SynBio 10x cohort 1
The Therapeutic Goods Administration (TGA) in Australia has recently granted "breakthrough therapy" designation to psilocybin-assisted therapy for treatment-resistant depression. This designation is given to treatments that have shown promising early results in clinical trials and have the potential to offer significant benefits to patients. It allows for expedited development and review of the therapy by the TGA, potentially speeding up the approval process.
Australia became only the second country (the first being Canada) to approve their use to treat depression and PTSD. Under the TGA decision, select psychiatrists can prescribe psilocybin for depression and MDMA for post-traumatic stress disorder if the conditions are long-term and have not responded to other therapies.
While there is still a way to go before Psylo will be permitted to administer their treatment to patients through psychiatrics, CEO Josh told the AFR the TGA approvals are “a step in the right direction.”
CEO Josh Ismin pitching at SynBio 10x Demo Day in 2022
Josh is a former Microsoft employee and repeat founder with extensive fundraising and operational experience across a number of tech start-ups. He holds an MBA and BSBA from Washington University in St Louis.
Meanwhile, Dr Samuel Banister holds a PHD from Sydney University and completed his post-doc at Stanford University, developing a new clinical candidate for ALS leading to the formation of Tranquis Therapeutics.
Psilocybin-based therapies have the potential to revolutionise mental health treatment and Psylo are committed to advancing the field through rigorous scientific research.
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