Angelini Ventures, the corporate venture capital company of Angelini Industries, reports that it has participated in the 11.25 million euro seed funding round of Elkedonia, a Franco-Belgian biotechnology company that is developing an innovative neuroplastogen for the treatment of drug-resistant depression and other neuropsychiatric disorders.
The investment, co-led by Kurma Partners, WE Life Sciences and the French Tech Seed fund, with the participation of Argobio, Angelini Ventures, CARMA Fund, Capital Grand Est and Sambrinvest, is aimed at the development of first-in-class, non-addictive, non-hallucinogenic molecules with a non-synaptic target, which therefore differ from currently used drugs such as ketamine.
The funds raised will help Elkedonia to develop a new neuroplastogenic approach that can identify and improve small drug-like molecules that can act on Elk1, a new intracellular target that until now was thought to be impossible to treat.
The Elk1 protein is a transcription factor that plays a key role in neuroplasticity and reward brain circuits, i.e. the network of neural structures that oversee motivation, pleasure and learning, by activating essential neurotransmitters such as dopamine.
In conditions such as depression, post-traumatic stress disorder (PTSD) and addiction, these mechanisms are often impaired and may contribute to chronicity.
Studies currently in the pre-clinical and clinical phases suggest that Elk1 inhibition represents a promising and innovative modality for the treatment of drug-resistant depression, capable of achieving results more rapidly, without the side effects of sedation, dependence or hallucinations typically observed in currently used antidepressants. Part of the funding will be devoted to research and validation of biomarkers to support the therapeutic strategy.
This scientific potential was identified early on by Argobio, which selected and developed Elkedonia within its venture studio. Founded in Paris and backed by leading investors including Angelini Ventures, Argobio works with European academic institutions to turn early-stage discoveries into biotechnology companies with a focus on rare diseases, neuroscience, oncology and immunology.
Elkedonia is the first of these to reach a major financial milestone, confirming Argobio’s model and approach. This strong consortium of European investors reflects both the confidence of Argobio’s founding investors in its model and Elkedonia’s ability to attract leading life science investors at an early stage. Building on this momentum, Argobio continues to expand its portfolio with the ambition to scale a repeatable model of biotech creation, driven by scientific excellence, entrepreneurial leadership and long-term investor alignment.
“We are excited to support Elkedonia’s innovative work in the field of neuroplastogens, which represents a potential first-in-class approach for the treatment of depression. The innovative nature of Elkedonia’s target, Elk1, which was previously thought to be ‘undruggable’, will allow the company to distinguish itself in the development of therapies for depression and we are proud to be part of this transformational journey. This investment also reflects Angelini Ventures’ commitment to supporting scientific research developed by European academic laboratories from the early stages through Argobio and for subsequent investments, through our corporate venture capital fund, to accelerate the transition from the research phase to the clinical phase, with a specific focus on innovation applied to mental health and central nervous system treatment,’ said Fabrizio Calisti, medical director of Angelini Ventures, (pictured) who will join Elkedonia’s board of directors, in a note.
“I am delighted to welcome our investors and want to thank all my colleagues at Argobio for their support in the creation of Elkedonia. Thanks to our neuroplastogenic approach, supported by cutting-edge neuroscientific research, we are able to have a significant impact on the treatment of major depressive disorders, bringing relief to all patients, including young people, adolescents and the elderly. In addition, the development of specific biomarkers will allow us to focus on precision medicine for patient selection and monitoring of treatment efficacy,’ says Delphine Charvin, CEO and co-founder of Elkedonia, formerly Argobio’s operating partner.
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